SADBHAV ENGINEERING 2018-19 Annual Report Analysis

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SADBHAV ENGINEERING 2018-19 Annual Report Analysis
Thu, 19 Sep

SADBHAV ENGINEERING has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

SADBHAV ENGINEERING Income Statement Analysis

  • Operating income during the year rose 5.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 0.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 28.3% in FY19 as against 29.7% in FY18.
  • Depreciation charges increased by 9.4% and finance costs increased by 1.2% YoY, respectively.
  • Other income grew by 123.0% YoY.
  • Net profit for the year declined by 52.6% YoY.
  • Net profit margins during the year grew from 2.2% in FY18 to 1.0% in FY19.

SADBHAV ENGINEERING Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 49,747 52,401 5.3%
Other income Rs m 1,186 2,646 123.0%
Total Revenues Rs m 50,934 55,046 8.1%
Gross profit Rs m 14,767 14,810 0.3%
Depreciation Rs m 3,584 3,921 9.4%
Interest Rs m 13,129 13,286 1.2%
Profit before tax Rs m -760 249 -132.7%
Tax Rs m 380 1,332 250.5%
Profit after tax Rs m -1,140 -541 -52.6%
Gross profit margin % 29.7 28.3
Effective tax rate % -50.0 535.8
Net profit margin % -2.2 -1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SADBHAV ENGINEERING Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 34 billion as compared to Rs 36 billion in FY18, thereby witnessing an decrease of -3.5%.
  • Long-term debt stood at Rs 97 billion as compared to Rs 84 billion during FY18, a growth of 14.8%.
  • Current assets fell 13% and stood at Rs 35 billion, while fixed assets fell 3% and stood at Rs 98 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 161 billion as against Rs 149 billion during FY18, thereby witnessing a growth of 8%.

SADBHAV ENGINEERING Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 8,913 818,016 9,077.7
 
Current Liabilities Rs m 35,633 34,382 -3.5
Long-term Debt Rs m 84,357 96,827 14.8
Total Liabilities Rs m 149,271 160,961 7.8
 
Current assets Rs m 40,886 35,459 -13.3
Fixed Assets Rs m 100,838 98,236 -2.6
Total Assets Rs m 149,271 160,961 7.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SADBHAV ENGINEERING Cash Flow Statement Analysis

  • SADBHAV ENGINEERING's cash flow from operating activities (CFO) during FY19 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -37 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion, an improvement of 80% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 151 million from the Rs 533 million net cash flows seen during FY18.

SADBHAV ENGINEERING Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 12,735 2,448 -80.8%
Cash Flow from Investing Activities Rs m -942 -37 -
Cash Flow from Financing Activities Rs m -11,260 -2,260 -
Net Cash Flow Rs m 533 151 -71.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SADBHAV ENGINEERING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.2, an improvement from the EPS of Rs -6.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 135.6, stands at 14.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.1 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 290.0 305.4
TTM Earnings per share Rs -6.6 -3.2
Diluted earnings per share Rs -6.6 -3.2
Price to Cash Flow x 9.5 6.9
TTM P/E ratio x 14.3 14.3
Price / Book Value ratio x 6.7 0.1
Market Cap Rs m 23,265 23,253
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SADBHAV ENGINEERING

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY19, from 1.1x during FY18. 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 improved and stood at 1.0x during FY19, from 0.9x during FY18. 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 -0.1% during FY19, from -12.8% during FY19. 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 1.5% during FY19, from 13.3% during FY18. 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 7.9% during FY19, from 8.0% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.1 1.0
Debtors’ Days Days 102 77
Interest coverage x 0.9 1.0
Debt to equity ratio x 9.5 0.1
Return on assets % 8.0 7.9
Return on equity % -12.8 -0.1
Return on capital employed % 13.3 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SADBHAV ENGINEERING has performed over the last 5 years, please visit here.

SADBHAV ENGINEERING Share Price Performance

Over the last one year, SADBHAV ENGINEERING share price has moved down from Rs 265.1 to Rs 135.6, registering a loss of Rs 129.5 or around 48.8%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,779.3 (down 1.1%). Over the last one year it has moved down from 18,168.6 to 16,779.3, a loss of 1,389 points (down 7.6%).

Overall, the S&P BSE SENSEX is down 2.8% over the year.

(To know more, check out historical annual results for SADBHAV ENGINEERING and quarterly results for SADBHAV ENGINEERING)

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