Markets will remain closed on April 17, 2024 on account of Ram Navami.

SICAL LOGISTICS 2017-18 Annual Report Analysis

Sat, 31 Mar

SICAL LOGISTICS 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.

SICAL LOGISTICS Income Statement Analysis

• Operating income during the year rose 31.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 9.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.9% in FY18 as against 14.3% in FY17.
• Depreciation charges increased by 46.7% and finance costs increased by 5.3% YoY, respectively.
• Other income declined by 4.7% YoY.
• Net profit for the year declined by 20.7% YoY.
• Net profit margins during the year declined from 3.7% in FY17 to 2.2% in FY18.

SICAL LOGISTICS Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	10,329	13,555	31.2%
Other income	Rs m	172	163	-4.7%
Total Revenues	Rs m	10,501	13,718	30.6%
Gross profit	Rs m	1,473	1,612	9.5%
Depreciation	Rs m	428	628	46.7%
Interest	Rs m	587	617	5.3%
Profit before tax	Rs m	630	531	-15.7%
Tax	Rs m	246	227	-8.0%
Profit after tax	Rs m	383	304	-20.7%
Gross profit margin	%	14.3	11.9
Effective tax rate	%	39.1	42.7
Net profit margin	%	3.7	2.2

For You: Midcap Stocks Research at Less than Its Launch Price

SICAL LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 9 billion as compared to Rs 7 billion in FY17, thereby witnessing an increase of 26.1%.
• Long-term debt down at Rs 8 billion as compared to Rs 9 billion during FY17, a fall of 9.8%.
• Current assets fell 2% and stood at Rs 5 billion, while fixed assets rose 9% and stood at Rs 19 billion in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 25 billion as against Rs 23 billion during FY17, thereby witnessing a growth of 7%.

SICAL LOGISTICS Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	4,941	5,249	6.2
Current Liabilities	Rs m	7,479	9,428	26.1
Long-term Debt	Rs m	8,529	7,694	-9.8
Total Liabilities	Rs m	22,929	24,511	6.9
Current assets	Rs m	5,220	5,121	-1.9
Fixed Assets	Rs m	17,710	19,389	9.5
Total Assets	Rs m	22,929	24,511	6.9

SICAL LOGISTICS Cash Flow Statement Analysis

• SICAL LOGISTICS's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 118.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs 318 million on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -328 million from the Rs 113 million net cash flows seen during FY17.

SICAL LOGISTICS 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	549	1,199	118.5%
Cash Flow from Investing Activities	Rs m	-2,415	-1,845	-
Cash Flow from Financing Activities	Rs m	1,980	318	-84.0%
Net Cash Flow	Rs m	113	-328	-

Current Valuations for SICAL LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.5, an decline from the EPS of Rs 6.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 216.4, stands at 38.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 14.3 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	185.8	243.8
TTM Earnings per share	Rs	6.9	5.5
Diluted earnings per share	Rs	6.5	5.2
Price to Cash Flow	x	18.9	14.3
TTM P/E ratio	x	35.8	38.9
Price / Book Value ratio	x	2.3	2.5
Market Cap	Rs m	11,129	13,317
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SICAL LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.5x during FY18, from 0.7x 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 1.9x during FY18, from 2.1x 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 5.8% during FY18, from 7.8% 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 8.9% during FY18, from 9.0% 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 declined and down at 3.8% during FY18, from 4.2% 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	0.7	0.5
Debtors’ Days	Days	1,011	829
Interest coverage	x	2.1	1.9
Debt to equity ratio	x	1.7	1.5
Return on assets	%	4.2	3.8
Return on equity	%	7.8	5.8
Return on capital employed	%	9.0	8.9

To see how SICAL LOGISTICS has performed over the last 5 years, please visit here.

SICAL LOGISTICS Share Price Performance

Over the last one year, SICAL LOGISTICS share price has moved down from Rs 262.4 to Rs 216.4, registering a loss of Rs 46.0 or around 17.5%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for SICAL LOGISTICS and quarterly results for SICAL LOGISTICS)

Read: Latest Annual Report Analysis of SICAL LOGISTICS