SJVN 2017-18 Annual Report Analysis

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SJVN 2017-18 Annual Report Analysis
Mon, 25 Mar

SJVN 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.

SJVN Income Statement Analysis

  • Operating income during the year fell 16.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 26.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 71.6% in FY18 as against 80.7% in FY17.
  • Depreciation charges decreased by 46.4% and finance costs increased by 82.1% YoY, respectively.
  • Other income declined by 18.9% YoY.
  • Net profit for the year declined by 20.8% YoY.
  • Net profit margins during the year declined from 49.6% in FY17 to 47.4% in FY18.

SJVN Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 26,791 22,285 -16.8%
Other income Rs m 4,383 3,555 -18.9%
Total Revenues Rs m 31,174 25,840 -17.1%
Gross profit Rs m 21,625 15,963 -26.2%
Depreciation Rs m 6,800 3,645 -46.4%
Interest Rs m 457 832 82.1%
Profit before tax Rs m 18,751 15,040 -19.8%
Tax Rs m 3,298 2,794 -15.3%
Profit after tax Rs m 15,453 12,246 -20.8%
Gross profit margin % 80.7 71.6
Effective tax rate % 17.6 18.6
Net profit margin % 49.6 47.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SJVN Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 5 billion in FY17, thereby witnessing an increase of 3.3%.
  • Long-term debt down at Rs 20 billion as compared to Rs 22 billion during FY17, a fall of 8.7%.
  • Current assets fell 19% and stood at Rs 42 billion, while fixed assets fell 0% and stood at Rs 92 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 144 billion as against Rs 154 billion during FY17, thereby witnessing a fall of 7%.

SJVN Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 114,896 107,002 -6.9
 
Current Liabilities Rs m 5,307 5,484 3.3
Long-term Debt Rs m 22,295 20,353 -8.7
Total Liabilities Rs m 153,918 143,905 -6.5
 
Current assets Rs m 52,364 42,496 -18.8
Fixed Assets Rs m 91,759 91,511 -0.3
Total Assets Rs m 153,918 143,905 -6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SJVN Cash Flow Statement Analysis

  • SJVN's cash flow from operating activities (CFO) during FY18 stood at Rs 16 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 151 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -23 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -6 billion from the Rs -4 billion net cash flows seen during FY17.

SJVN 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 23,764 16,414 -30.9%
Cash Flow from Investing Activities Rs m -11,992 151 -
Cash Flow from Financing Activities Rs m -16,213 -22,723 -
Net Cash Flow Rs m -4,441 -6,158 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SJVN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.8, an decline from the EPS of Rs 3.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 24.0, stands at 10.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 6.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.2 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 6.1 5.1
TTM Earnings per share Rs 3.5 2.8
Diluted earnings per share Rs 3.7 3.0
Price to Cash Flow x 4.7 6.2
TTM P/E ratio x 10.7 10.1
Price / Book Value ratio x 1.2 1.4
Market Cap Rs m 104,803 99,279
Dividends per share (Unadj.) Rs 2.8 2.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SJVN

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 7.7x during FY18, from 9.9x 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 19.1x during FY18, from 42.0x 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 11.4% during FY18, from 13.4% 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 12.5% during FY18, from 14.0% 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 9.1% during FY18, from 10.3% 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 9.9 7.7
Debtors’ Days Days 83 47
Interest coverage x 42.0 19.1
Debt to equity ratio x 0.2 0.2
Return on assets % 10.3 9.1
Return on equity % 13.4 11.4
Return on capital employed % 14.0 12.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SJVN Share Price Performance

Over the last one year, SJVN share price has moved up from Rs 33.1 to Rs 24.0, registering a loss of Rs 9.1 or around 27.5%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 2,011.5 (up 0.5%). Over the last one year it has moved down from 2,116.9 to 2,011.5, a loss of 105 points (down 5.0%).

Overall, the S&P BSE SENSEX is up 14.2% over the year.

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

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SJVN Announces Quarterly Results (2QFY20); Net Profit Up 85.5% (Quarterly Result Update)

Nov 12, 2019 | Updated on Nov 12, 2019

For the quarter ended September 2019, SJVN has posted a net profit of Rs 6 bn (up 85.5% YoY). Sales on the other hand came in at Rs 9 bn (up 25.9% YoY). Read on for a complete analysis of SJVN's quarterly results.

SJVN Announces Quarterly Results (1QFY20); Net Profit Up 44.0% (Quarterly Result Update)

Aug 19, 2019 | Updated on Aug 19, 2019

For the quarter ended June 2019, SJVN has posted a net profit of Rs 4 bn (up 44.0% YoY). Sales on the other hand came in at Rs 7 bn (up 18.0% YoY). Read on for a complete analysis of SJVN's quarterly results.

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