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REPCO HOME 2017-18 Annual Report Analysis

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REPCO HOME 2017-18 Annual Report Analysis
Fri, 18 Jan

REPCO HOME 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.

REPCO HOME Income Statement Analysis

  • Operating income during the year rose 5.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 87.2% in FY18 as against 88.9% in FY17.
  • Depreciation charges decreased by 13.2% and finance costs increased by 0.3% YoY, respectively.
  • Other income grew by 34.5% YoY.
  • Net profit for the year grew by 13.1% YoY.
  • Net profit margins during the year grew from 17.4% in FY17 to 18.6% in FY18.

REPCO HOME Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 10,442 11,054 5.9%
Other income Rs m 17 23 34.5%
Total Revenues Rs m 10,459 11,077 5.9%
Gross profit Rs m 9,283 9,634 3.8%
Depreciation Rs m 36 31 -13.2%
Interest Rs m 6,463 6,484 0.3%
Profit before tax Rs m 2,802 3,143 12.2%
Tax Rs m 979 1,082 10.5%
Profit after tax Rs m 1,823 2,061 13.1%
Gross profit margin % 88.9 87.2
Effective tax rate % 34.9 34.4
Net profit margin % 17.4 18.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



REPCO HOME Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 33 billion as compared to Rs 21 billion in FY17, thereby witnessing an increase of 53.8%.
  • Long-term debt down at Rs 51 billion as compared to Rs 55 billion during FY17, a fall of 8.0%.
  • Current assets rose 7% and stood at Rs 7 billion, while fixed assets rose 48% and stood at Rs 135 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 100 billion as against Rs 91 billion during FY17, thereby witnessing a growth of 10%.

REPCO HOME Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 11,372 13,476 18.5
 
Current Liabilities Rs m 21,417 32,950 53.8
Long-term Debt Rs m 55,316 50,901 -8.0
Total Liabilities Rs m 90,553 99,939 10.4
 
Current assets Rs m 6,698 7,154 6.8
Fixed Assets Rs m 91 135 48.0
Total Assets Rs m 90,553 99,939 10.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



REPCO HOME Cash Flow Statement Analysis

  • REPCO HOME's cash flow from operating activities (CFO) during FY18 stood at Rs -6 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 4 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 49 million from the Rs 24 million net cash flows seen during FY17.

REPCO HOME 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 -10,008 -5,571 -
Cash Flow from Investing Activities Rs m -59 4 -
Cash Flow from Financing Activities Rs m 10,091 5,615 -44.4%
Net Cash Flow Rs m 24 49 106.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for REPCO HOME

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 32.9, an improvement from the EPS of Rs 29.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 438.9, stands at 11.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 4.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.1 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 166.9 176.7
TTM Earnings per share Rs 29.1 32.9
Diluted earnings per share Rs 29.2 33.1
Price to Cash Flow x 14.8 13.1
TTM P/E ratio x 11.8 11.8
Price / Book Value ratio x 3.8 3.3
Market Cap Rs m 27,458 27,365
Dividends per share (Unadj.) Rs 2.0 2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for REPCO HOME

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.2x during FY18, from 0.3x 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 1.5x during FY18, from 1.4x 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 15.3% during FY18, from 16.0% 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 improved and stood at 15.0% during FY18, from 13.9% 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 8.5% during FY18, from 9.2% 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 0.3 0.2
Debtors’ Days Days 0 0
Interest coverage x 1.4 1.5
Debt to equity ratio x 4.9 3.8
Return on assets % 9.2 8.5
Return on equity % 16.0 15.3
Return on capital employed % 13.9 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how REPCO HOME has performed over the last 5 years, please visit here.

REPCO HOME Share Price Performance

Over the last one year, REPCO HOME share price has moved up from Rs 666.5 to Rs 438.9, registering a loss of Rs 227.6 or around 34.1%.

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

(To know more, check out historical annual results for REPCO HOME and quarterly results for REPCO HOME)

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