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RUPA & CO. 2017-18 Annual Report Analysis

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RUPA & CO. 2017-18 Annual Report Analysis
Tue, 18 Dec

RUPA & CO. 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.

RUPA & CO. Income Statement Analysis

  • Operating income during the year rose 5.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.4% in FY18 as against 12.7% in FY17.
  • Depreciation charges decreased by 2.6% and finance costs decreased by 23.5% YoY, respectively.
  • Other income declined by 3.9% YoY.
  • Net profit for the year grew by 19.3% YoY.
  • Net profit margins during the year grew from 6.6% in FY17 to 7.4% in FY18.

RUPA & CO. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 10,928 11,568 5.8%
Other income Rs m 26 25 -3.9%
Total Revenues Rs m 10,954 11,592 5.8%
Gross profit Rs m 1,389 1,555 11.9%
Depreciation Rs m 162 158 -2.6%
Interest Rs m 106 81 -23.5%
Profit before tax Rs m 1,147 1,340 16.9%
Tax Rs m 424 478 12.8%
Profit after tax Rs m 723 862 19.3%
Gross profit margin % 12.7 13.4
Effective tax rate % 37.0 35.7
Net profit margin % 6.6 7.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



RUPA & CO. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 47.7%.
  • Current assets rose 34% and stood at Rs 7 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 9 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 26%.

RUPA & CO. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,394 4,992 13.6
 
Current Liabilities Rs m 2,604 3,846 47.7
Long-term Debt Rs m 8 0 -100.0
Total Liabilities Rs m 7,158 8,992 25.6
 
Current assets Rs m 5,316 7,135 34.2
Fixed Assets Rs m 1,693 1,755 3.7
Total Assets Rs m 7,158 8,992 25.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



RUPA & CO. Cash Flow Statement Analysis

  • RUPA & CO.'s cash flow from operating activities (CFO) during FY18 stood at Rs 150 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -171 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -29 million, an improvement of 96% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -49 million from the Rs 43 million net cash flows seen during FY17.

RUPA & CO. 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 977 150 -84.6%
Cash Flow from Investing Activities Rs m -187 -171 -
Cash Flow from Financing Activities Rs m -748 -29 -
Net Cash Flow Rs m 43 -49 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for RUPA & CO.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.8, an improvement from the EPS of Rs 9.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 320.2, stands at 24.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.3 times, while the price to sales ratio stands at 3.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 25.0 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 137.3 145.3
TTM Earnings per share Rs 9.1 10.8
Diluted earnings per share Rs 9.1 10.8
Price to Cash Flow x 28.8 25.0
TTM P/E ratio x 25.0 24.9
Price / Book Value ratio x 5.3 7.3
Market Cap Rs m 25,490 25,458
Dividends per share (Unadj.) Rs 2.8 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for RUPA & CO.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY18, from 2.0x 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 17.5x during FY18, from 11.8x 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 improved and stood at 17.3% during FY18, from 16.4% 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 28.5% during FY18, from 28.5% 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 10.5% during FY18, from 11.6% 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 2.0 1.9
Debtors’ Days Days 70 111
Interest coverage x 11.8 17.5
Debt to equity ratio x 0.0 0.0
Return on assets % 11.6 10.5
Return on equity % 16.4 17.3
Return on capital employed % 28.5 28.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how RUPA & CO. has performed over the last 5 years, please visit here.

RUPA & CO. Share Price Performance

Over the last one year, RUPA & CO. share price has moved up from Rs 476.9 to Rs 320.2, registering a loss of Rs 156.8 or around 32.9%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for RUPA & CO. and quarterly results for RUPA & CO.)

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For the quarter ended March 2019, RUPA & CO. has posted a net profit of Rs 325 m (down 18.6% YoY). Sales on the other hand came in at Rs 4 bn (down 6.4% YoY). Read on for a complete analysis of RUPA & CO.'s quarterly results.

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