SUPRAJIT ENGINEERING 2018-19 Annual Report Analysis

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SUPRAJIT ENGINEERING 2018-19 Annual Report Analysis
Fri, 19 Jul

SUPRAJIT 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.

SUPRAJIT ENGINEERING Income Statement Analysis

  • Operating income during the year rose 11.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 1.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.6% in FY19 as against 16.5% in FY18.
  • Depreciation charges increased by 10.1% and finance costs decreased by 9.4% YoY, respectively.
  • Other income grew by 79.0% YoY.
  • Net profit for the year declined by 3.4% YoY.
  • Net profit margins during the year declined from 9.5% in FY18 to 8.2% in FY19.

SUPRAJIT ENGINEERING Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 14,311 15,899 11.1%
Other income Rs m 212 380 79.0%
Total Revenues Rs m 14,523 16,279 12.1%
Gross profit Rs m 2,366 2,328 -1.6%
Depreciation Rs m 373 410 10.1%
Interest Rs m 271 246 -9.4%
Profit before tax Rs m 1,934 2,052 6.1%
Tax Rs m 549 714 30.0%
Profit after tax Rs m 1,385 1,338 -3.4%
Gross profit margin % 16.5 14.6
Effective tax rate % 28.4 34.8
Net profit margin % 9.5 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUPRAJIT ENGINEERING Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 5 billion as compared to Rs 5 billion in FY18, thereby witnessing an increase of 5.4%.
  • Long-term debt down at Rs 974 million as compared to Rs 1 billion during FY18, a fall of 9.5%.
  • Current assets rose 14% and stood at Rs 8 billion, while fixed assets rose 6% and stood at Rs 6 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 14 billion as against Rs 13 billion during FY18, thereby witnessing a growth of 11%.

SUPRAJIT ENGINEERING Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,549 7,751 18.3
 
Current Liabilities Rs m 4,754 5,012 5.4
Long-term Debt Rs m 1,076 974 -9.5
Total Liabilities Rs m 13,019 14,472 11.2
 
Current assets Rs m 7,272 8,290 14.0
Fixed Assets Rs m 5,473 5,805 6.1
Total Assets Rs m 13,019 14,472 11.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUPRAJIT ENGINEERING Cash Flow Statement Analysis

  • SUPRAJIT ENGINEERING's cash flow from operating activities (CFO) during FY19 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -890 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -418 million, an improvement of 51% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 141 million from the Rs 96 million net cash flows seen during FY18.

SUPRAJIT 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 2,173 1,448 -33.4%
Cash Flow from Investing Activities Rs m -1,250 -890 -
Cash Flow from Financing Activities Rs m -845 -418 -
Net Cash Flow Rs m 96 141 46.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SUPRAJIT ENGINEERING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.6, an decline from the EPS of Rs 9.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 201.6, stands at 21.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.1 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 102.3 113.7
TTM Earnings per share Rs 9.9 9.6
Diluted earnings per share Rs 9.9 9.6
Price to Cash Flow x 16.0 16.1
TTM P/E ratio x 21.5 21.5
Price / Book Value ratio x 6.1 4.3
Market Cap Rs m 28,191 28,191
Dividends per share (Unadj.) Rs 1.4 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SUPRAJIT ENGINEERING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY19, from 1.5x 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 9.4x during FY19, from 8.1x 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 declined and down at 17.3% during FY19, from 21.1% 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 26.3% during FY19, from 28.9% 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 10.9% during FY19, from 12.7% 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 1.5 1.7
Debtors’ Days Days 74 67
Interest coverage x 8.1 9.4
Debt to equity ratio x 0.2 0.1
Return on assets % 12.7 10.9
Return on equity % 21.1 17.3
Return on capital employed % 28.9 26.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SUPRAJIT ENGINEERING Share Price Performance

Over the last one year, SUPRAJIT ENGINEERING share price has moved down from Rs 242.3 to Rs 201.6, registering a loss of Rs 40.7 or around 16.8%.

Overall, the S&P BSE SENSEX is up 6.3% over the year.

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

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