SHALIMAR PAINTS 2017-18 Annual Report Analysis

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SHALIMAR PAINTS 2017-18 Annual Report Analysis
Wed, 3 Apr

SHALIMAR PAINTS 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.

SHALIMAR PAINTS Income Statement Analysis

  • Operating income during the year fell 22.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 353.0% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 12.6% in FY18 as against 3.9% in FY17.
  • Depreciation charges decreased by 3.2% and finance costs increased by 14.8% YoY, respectively.
  • Other income declined by 67.7% YoY.
  • Net profit for the year grew by 370.2% YoY.
  • Net profit margins during the year declined from 2.8% in FY17 to 16.8% in FY18.

SHALIMAR PAINTS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,498 2,712 -22.5%
Other income Rs m 20 6 -67.7%
Total Revenues Rs m 3,518 2,718 -22.7%
Gross profit Rs m 135 -342 -353.0%
Depreciation Rs m 81 79 -3.2%
Interest Rs m 226 259 14.8%
Profit before tax Rs m -152 -674 342.9%
Tax Rs m -55 -218 295.1%
Profit after tax Rs m -97 -456 370.2%
Gross profit margin % 3.9 -12.6
Effective tax rate % 36.3 32.4
Net profit margin % -2.8 -16.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SHALIMAR PAINTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 8.6%.
  • Long-term debt stood at Rs 249 million as compared to Rs 237 million during FY17, a growth of 5.4%.
  • Current assets fell 17% and stood at Rs 2 billion, while fixed assets rose 6% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 5 billion as against Rs 5 billion during FY17, thereby witnessing a fall of 8%.

SHALIMAR PAINTS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,838 1,380 -24.9
 
Current Liabilities Rs m 2,985 3,243 8.6
Long-term Debt Rs m 237 249 5.4
Total Liabilities Rs m 5,346 4,942 -7.5
 
Current assets Rs m 2,892 2,409 -16.7
Fixed Assets Rs m 2,355 2,503 6.3
Total Assets Rs m 5,346 4,942 -7.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SHALIMAR PAINTS Cash Flow Statement Analysis

  • SHALIMAR PAINTS's cash flow from operating activities (CFO) during FY18 stood at Rs 357 million, an improvement of 4.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -105 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -178 million, an improvement of 6% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 74 million from the Rs -5 million net cash flows seen during FY17.

SHALIMAR PAINTS 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 344 357 4.0%
Cash Flow from Investing Activities Rs m -160 -105 -
Cash Flow from Financing Activities Rs m -189 -178 -
Net Cash Flow Rs m -5 74 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SHALIMAR PAINTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -24.0, an decline from the EPS of Rs -5.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 83.1, stands at -2.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at -4.2 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 184.6 143.1
TTM Earnings per share Rs -5.1 -24.0
Diluted earnings per share Rs -5.1 -24.1
Price to Cash Flow x -101.6 -4.2
TTM P/E ratio x -2.9 -2.9
Price / Book Value ratio x 1.7 3.1
Market Cap Rs m 1,575 1,573
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SHALIMAR PAINTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY18, from 1.0x 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 -1.6x during FY18, from 0.3x 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 -33.0% during FY18, from -5.3% 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 declined and down at -25.4% during FY18, from 3.5% 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 -4.0% during FY18, from 2.4% 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 1.0 0.7
Debtors’ Days Days 130 142
Interest coverage x 0.3 -1.6
Debt to equity ratio x 0.1 0.2
Return on assets % 2.4 -4.0
Return on equity % -5.3 -33.0
Return on capital employed % 3.5 -25.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SHALIMAR PAINTS has performed over the last 5 years, please visit here.

SHALIMAR PAINTS Share Price Performance

Over the last one year, SHALIMAR PAINTS share price has moved up from Rs 155.6 to Rs 83.1, registering a loss of Rs 72.5 or around 46.6%.

Overall, the S&P BSE SENSEX is up 17.9% over the year.

(To know more, check out historical annual results for SHALIMAR PAINTS and quarterly results for SHALIMAR PAINTS)

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Related Views on News

SHALIMAR PAINTS Announces Quarterly Results (1QFY20); Net Profit Up 64.0% (Quarterly Result Update)

Aug 16, 2019 | Updated on Aug 16, 2019

For the quarter ended June 2019, SHALIMAR PAINTS has posted a net profit of Rs 53 m (up 64.0% YoY). Sales on the other hand came in at Rs 851 m (up 65.3% YoY). Read on for a complete analysis of SHALIMAR PAINTS's quarterly results.

SHALIMAR PAINTS Announces Quarterly Results (4QFY19); Net Profit Down 169.3% (Quarterly Result Update)

Jun 7, 2019 | Updated on Jun 7, 2019

For the quarter ended March 2019, SHALIMAR PAINTS has posted a net profit of Rs 433 m (down 169.3% YoY). Sales on the other hand came in at Rs 895 m (up 48.6% YoY). Read on for a complete analysis of SHALIMAR PAINTS's quarterly results.

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