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REDINGTON (INDIA) 2017-18 Annual Report Analysis

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REDINGTON (INDIA) 2017-18 Annual Report Analysis
Fri, 18 Jan

REDINGTON (INDIA) has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

REDINGTON (INDIA) Income Statement Analysis

  • Operating income during the year rose 5.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 1.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.9% in FY18 as against 2.0% in FY17.
  • Depreciation charges increased by 4.1% and finance costs increased by 7.0% YoY, respectively.
  • Other income declined by 5.6% YoY.
  • Net profit for the year grew by 1.6% YoY.
  • Net profit margins during the year declined from 1.2% in FY17 to 1.1% in FY18.

REDINGTON (INDIA) Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 411,147 434,594 5.7%
Other income Rs m 414 391 -5.6%
Total Revenues Rs m 411,560 434,985 5.7%
Gross profit Rs m 8,248 8,165 -1.0%
Depreciation Rs m 547 569 4.1%
Interest Rs m 1,570 1,680 7.0%
Profit before tax Rs m 6,545 6,306 -3.7%
Tax Rs m 1,778 1,462 -17.8%
Profit after tax Rs m 4,767 4,844 1.6%
Gross profit margin % 2.0 1.9
Effective tax rate % 27.2 23.2
Net profit margin % 1.2 1.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



REDINGTON (INDIA) Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 69 billion as compared to Rs 66 billion in FY17, thereby witnessing an increase of 4.8%.
  • Long-term debt stood at Rs 42 million as compared to Rs 0 million during FY17, a fall of 0.0%.
  • Current assets rose 7% and stood at Rs 102 billion, while fixed assets rose 3% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 109 billion as against Rs 102 billion during FY17, thereby witnessing a growth of 7%.

REDINGTON (INDIA) Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 31,479 35,306 12.2
 
Current Liabilities Rs m 65,716 68,879 4.8
Long-term Debt Rs m 0 42 0.0
Total Liabilities Rs m 101,502 108,648 7.0
 
Current assets Rs m 95,353 102,254 7.2
Fixed Assets Rs m 4,765 4,905 2.9
Total Assets Rs m 101,502 108,648 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



REDINGTON (INDIA) Cash Flow Statement Analysis

  • REDINGTON (INDIA)'s cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -191 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion, an improvement of 82% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -380 million from the Rs 1 billion net cash flows seen during FY17.

REDINGTON (INDIA) Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 13,605 1,856 -86.4%
Cash Flow from Investing Activities Rs m -753 -191 -
Cash Flow from Financing Activities Rs m -11,307 -1,990 -
Net Cash Flow Rs m 1,440 -380 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for REDINGTON (INDIA)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.1, an improvement from the EPS of Rs 11.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 80.8, stands at 8.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 1,028.6 1,086.0
TTM Earnings per share Rs 11.9 12.1
Diluted earnings per share Rs 11.9 12.1
Price to Cash Flow x 6.1 6.0
TTM P/E ratio x 8.2 8.2
Price / Book Value ratio x 1.4 1.8
Market Cap Rs m 32,276 32,276
Dividends per share (Unadj.) Rs 2.0 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for REDINGTON (INDIA)

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.5x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 4.8x during FY18, from 5.2x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 13.7% during FY18, from 15.1% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 22.6% during FY18, from 25.8% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 6.0% during FY18, from 6.2% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.5 1.5
Debtors’ Days Days 45 51
Interest coverage x 5.2 4.8
Debt to equity ratio x 0.0 0.0
Return on assets % 6.2 6.0
Return on equity % 15.1 13.7
Return on capital employed % 25.8 22.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how REDINGTON (INDIA) has performed over the last 5 years, please visit here.

REDINGTON (INDIA) Share Price Performance

Over the last one year, REDINGTON (INDIA) share price has moved up from Rs 188.5 to Rs 80.8, registering a loss of Rs 107.7 or around 57.2%.

Overall, the S&P BSE SENSEX is up 3.3% over the year.

(To know more, check out historical annual results for REDINGTON (INDIA) and quarterly results for REDINGTON (INDIA))

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