SUPRAJIT ENGG 2017-18 Annual Report Analysis

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SUPRAJIT ENGG 2017-18 Annual Report Analysis
Tue, 18 Dec

SUPRAJIT ENGG 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.

SUPRAJIT ENGG Income Statement Analysis

  • Operating income during the year rose 19.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.5% in FY18 as against 16.8% in FY17.
  • Depreciation charges increased by 35.8% and finance costs decreased by 6.8% YoY, respectively.
  • Other income grew by 5.2% YoY.
  • Net profit for the year grew by 21.7% YoY.
  • Net profit margins during the year grew from 9.3% in FY17 to 9.5% in FY18.

SUPRAJIT ENGG Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 12,028 14,311 19.0%
Other income Rs m 202 212 5.2%
Total Revenues Rs m 12,230 14,523 18.7%
Gross profit Rs m 2,020 2,366 17.1%
Depreciation Rs m 274 373 35.8%
Interest Rs m 291 271 -6.8%
Profit before tax Rs m 1,657 1,934 16.8%
Tax Rs m 504 549 8.9%
Profit after tax Rs m 1,138 1,385 21.7%
Gross profit margin % 16.8 16.5
Effective tax rate % 30.4 28.4
Net profit margin % 9.3 9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUPRAJIT ENGG Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 39.7%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY17, a fall of 44.2%.
  • Current assets rose 32% and stood at Rs 7 billion, while fixed assets fell 2% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 13 billion as against Rs 11 billion during FY17, thereby witnessing a growth of 15%.

SUPRAJIT ENGG Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,242 6,549 24.9
 
Current Liabilities Rs m 3,404 4,754 39.7
Long-term Debt Rs m 1,927 1,076 -44.2
Total Liabilities Rs m 11,352 13,019 14.7
 
Current assets Rs m 5,514 7,272 31.9
Fixed Assets Rs m 5,589 5,473 -2.1
Total Assets Rs m 11,352 13,019 14.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUPRAJIT ENGG Cash Flow Statement Analysis

  • SUPRAJIT ENGG's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 72.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -845 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 96 million from the Rs 33 million net cash flows seen during FY17.

SUPRAJIT ENGG 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 1,258 2,173 72.7%
Cash Flow from Investing Activities Rs m -1,687 -1,250 -
Cash Flow from Financing Activities Rs m 467 -845 -
Net Cash Flow Rs m 33 96 189.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SUPRAJIT ENGG

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.9, an improvement from the EPS of Rs 8.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 228.0, stands at 30.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 18.1 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 86.0 102.3
TTM Earnings per share Rs 8.1 9.9
Diluted earnings per share Rs 8.1 9.9
Price to Cash Flow x 22.6 18.1
TTM P/E ratio x 30.1 30.1
Price / Book Value ratio x 5.0 6.1
Market Cap Rs m 31,890 31,890
Dividends per share (Unadj.) Rs 1.1 1.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SUPRAJIT ENGG

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.6x 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 8.1x during FY18, from 6.7x 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 21.1% during FY18, from 21.7% 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 28.9% during FY18, from 27.0% 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 improved and stood at 12.7% during FY18, from 12.6% 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 1.6 1.5
Debtors’ Days Days 74 74
Interest coverage x 6.7 8.1
Debt to equity ratio x 0.4 0.2
Return on assets % 12.6 12.7
Return on equity % 21.7 21.1
Return on capital employed % 27.0 28.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SUPRAJIT ENGG has performed over the last 5 years, please visit here.

SUPRAJIT ENGG Share Price Performance

Over the last one year, SUPRAJIT ENGG share price has moved up from Rs 311.5 to Rs 228.0, registering a loss of Rs 83.5 or around 26.8%.

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

(To know more, check out historical annual results for SUPRAJIT ENGG and quarterly results for SUPRAJIT ENGG)

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