SICAL LOGISTICS 2017-18 Annual Report Analysis

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SICAL LOGISTICS 2017-18 Annual Report Analysis
Fri, 21 Dec

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 29.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 15.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.4% in FY18 as against 16.2% in FY17.
  • Depreciation charges increased by 46.7% and finance costs increased by 5.3% YoY, respectively.
  • Other income declined by 66.5% YoY.
  • Net profit for the year declined by 13.3% YoY.
  • Net profit margins during the year declined from 4.2% in FY17 to 2.8% in FY18.

SICAL LOGISTICS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,220 11,942 29.5%
Other income Rs m 150 50 -66.5%
Total Revenues Rs m 9,370 11,993 28.0%
Gross profit Rs m 1,494 1,725 15.5%
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 393 341 -13.3%
Gross profit margin % 16.2 14.4
Effective tax rate % 39.1 42.7
Net profit margin % 4.2 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 8% and stood at Rs 18 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 16,487 17,773 7.8
Total Assets Rs m 22,929 24,511 6.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SICAL LOGISTICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.1, an decline from the EPS of Rs 7.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 160.0, stands at 43.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.5 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 165.8 214.8
TTM Earnings per share Rs 7.1 6.1
Diluted earnings per share Rs 7.1 6.1
Price to Cash Flow x 11.0 9.5
TTM P/E ratio x 43.2 43.2
Price / Book Value ratio x 2.2 2.5
Market Cap Rs m 8,896 8,896
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 SICAL LOGISTICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved 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 6.5% during FY18, from 8.0% 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 improved and stood at 9.2% during FY18, from 9.1% 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 3.9% during FY18, from 4.3% 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 0.7 0.5
Debtors’ Days Days 113 94
Interest coverage x 2.1 1.9
Debt to equity ratio x 1.7 1.5
Return on assets % 4.3 3.9
Return on equity % 8.0 6.5
Return on capital employed % 9.1 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 up from Rs 252.3 to Rs 160.0, registering a loss of Rs 92.3 or around 36.6%.

Overall, the S&P BSE SENSEX is up 7.8% over the year.

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

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Related Views on News

SICAL LOGISTICS Announces Quarterly Results (1QFY20); Net Profit Up 23.5% (Quarterly Result Update)

Aug 5, 2019 | Updated on Aug 5, 2019

For the quarter ended June 2019, SICAL LOGISTICS has posted a net profit of Rs 28 m (up 23.5% YoY). Sales on the other hand came in at Rs 4 bn (up 11.9% YoY). Read on for a complete analysis of SICAL LOGISTICS's quarterly results.

SICAL LOGISTICS Announces Quarterly Results (4QFY19); Net Profit Up 60.7% (Quarterly Result Update)

May 21, 2019 | Updated on May 21, 2019

For the quarter ended March 2019, SICAL LOGISTICS has posted a net profit of Rs 126 m (up 60.7% YoY). Sales on the other hand came in at Rs 4 bn (up 14.6% YoY). Read on for a complete analysis of SICAL LOGISTICS's quarterly results.

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