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SANGHVI MOVERS 2017-18 Annual Report Analysis

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

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 decreased by 8.8% and finance costs decreased by 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 Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 5,531 2,284 -58.7%
Other income Rs m 98 201 105.6%
Total Revenues Rs m 5,629 2,485 -55.9%
Gross profit Rs m 3,665 836 -77.2%
Depreciation Rs m 1,500 1,367 -8.8%
Interest Rs m 647 548 -15.4%
Profit before tax Rs m 1,615 -879 -154.4%
Tax Rs m 523 -304 -158.1%
Profit after tax Rs m 1,092 -575 -152.6%
Gross profit margin % 66.3 36.6
Effective tax rate % 32.4 34.6
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 Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,614 7,890 -8.4
 
Current Liabilities Rs m 1,797 1,372 -23.7
Long-term Debt Rs m 4,099 4,589 12.0
Total Liabilities Rs m 15,431 14,454 -6.3
 
Current assets Rs m 2,177 1,732 -20.5
Fixed Assets Rs m 12,913 12,574 -2.6
Total Assets Rs m 15,431 14,454 -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

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 3,113 1,265 -59.4%
Cash Flow from Investing Activities Rs m -1,888 -444 -
Cash Flow from Financing Activities Rs m -1,235 -819 -
Net Cash Flow Rs m -10 1 -
* 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 112.0, stands at -8.8 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 6.1 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 127.8 52.8
TTM Earnings per share Rs 25.2 -13.3
Diluted earnings per share Rs 25.2 -13.3
Price to Cash Flow x 1.9 6.1
TTM P/E ratio x -8.8 -8.8
Price / Book Value ratio x 1.3 1.1
Market Cap Rs m 4,848 4,848
Dividends per share (Unadj.) Rs 4.0 0.0
* 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 Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.2 1.3
Debtors’ Days Days 109 215
Interest coverage x 3.5 -0.6
Debt to equity ratio x 0.5 0.6
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 181.6 to Rs 112.0, registering a loss of Rs 69.6 or around 38.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,832.0 (up 0.2%). Over the last one year it has moved up from 18,684.3 to 18,832.0, a gain of 148 points (up 0.8%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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For the quarter ended March 2019, SANGHVI MOVERS has posted a net profit of Rs 241 m (down 347.0% YoY). Sales on the other hand came in at Rs 868 m (up 2.8% YoY). Read on for a complete analysis of SANGHVI MOVERS's quarterly results.

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