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SANGHVI MOVERS 2017-18 Annual Report Analysis

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SANGHVI MOVERS 2017-18 Annual Report Analysis
Thu, 20 Sep

SANGHVI MOVERS 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.

SANGHVI MOVERS Income Statement Analysis

  • Operating income during the year fell 58.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 77.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 36.6% in FY18 as against 66.3% in FY17.
  • Depreciation charges and finance costs decreased by 8.8% YoY and 15.4% YoY, respectively.
  • Other income grew by 105.6% YoY.
  • Net profit for the year declined by 152.6% YoY.
  • Net profit margins during the year declined from 19.4% in FY17 to 23.1% in FY18.

SANGHVI MOVERS Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m5,5312,284-58.7%
Other incomeRs m98201105.6%
Total RevenuesRs m5,6292,485-55.9%
Gross profitRs m3,665836-77.2%
DepreciationRs m1,5001,367-8.8%
InterestRs m647548-15.4%
Profit before taxRs m1,615-879-154.4%
TaxRs m523-304-158.1%
Profit after taxRs m1,092-575-152.6%
Gross profit margin%66.336.6
Effective tax rate%32.434.6
Net profit margin%19.4-23.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANGHVI MOVERS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 2 billion in FY17, thereby witnessing an decrease of -23.7%.
  • Long-term debt stood at Rs 5 billion as compared to Rs 4 billion during FY17, a growth of 12.0%.
  • Current assets fell 20% and stood at Rs 2 billion, while fixed assets fell 3% and stood at Rs 13 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 14 billion as against Rs 15 billion during FY17, thereby witnessing a fall of 6%.

SANGHVI MOVERS Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m8,6147,890-8.4
 
Current LiabilitiesRs m1,7971,372-23.7
Long-term DebtRs m4,0994,58912.0
Total LiabilitiesRs m15,43114,454-6.3
 
Current assetsRs m2,1771,732-20.5
Fixed AssetsRs m 12,91312,574-2.6
Total AssetsRs m15,43114,454-6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANGHVI MOVERS Cash Flow Statement Analysis

  • SANGHVI MOVERS's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -444 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -819 million, an improvement of 34% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 million from the Rs -10 million net cash flows seen during FY17.

SANGHVI MOVERS Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m3,1131,265-59.4%
Cash Flow from Investing ActivitiesRs m-1,888-444-
Cash Flow from Financing ActivitiesRs m-1,235-819-
Net Cash FlowRs m-101-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SANGHVI MOVERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -13.3, an decline from the EPS of Rs 25.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 132.9, stands at -8.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 3.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs127.852.8
TTM Earnings per shareRs25.2-13.3
Diluted earnings per shareRs25.2-13.3
Price to Cash Flow x2.27.3
TTM P/E ratiox-8.9-8.9
Price / Book Value ratiox1.31.1
Market CapRs m5,7515,751
Dividends per share (Unadj.)Rs4.00.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SANGHVI MOVERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.2x 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 -0.6x during FY18, from 3.5x 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 -7.3% during FY18, from 12.7% 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 declined and down at -2.7% during FY18, from 17.8% 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 -0.2% during FY18, from 11.3% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox1.21.3
Debtors’ DaysDays109215
Interest coveragex3.5-0.6
Debt to equity ratiox0.50.6
Return on assets%11.3-0.2
Return on equity%12.7-7.3
Return on capital employed%17.8-2.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SANGHVI MOVERS has performed over the last 5 years, please visit here.

SANGHVI MOVERS Share Price Performance

Over the last one year, SANGHVI MOVERS share price has moved up from Rs 142.5 to Rs 132.9, registering a loss of Rs 9.7 or around 6.8%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,168.6 (down 0.1%). Over the last one year it has moved down from 18,453.8 to 18,168.6, a loss of 285 points (down 1.5%).

Overall, the S&P BSE SENSEX is up 14.6% over the year.

(To know more, check out historical annual results for SANGHVI MOVERS and quarterly results for SANGHVI MOVERS)

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