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SINTEX IND. 2017-18 Annual Report Analysis

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SINTEX IND. 2017-18 Annual Report Analysis
Thu, 3 Jan

SINTEX IND. 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.

SINTEX IND. Income Statement Analysis

  • Operating income during the year rose 49.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.0% in FY18 as against 14.0% in FY17.
  • Depreciation charges increased by 7.5% and finance costs increased by 22.2% YoY, respectively.
  • Other income grew by 53.3% YoY.
  • Net profit for the year grew by 5.7% YoY.
  • Net profit margins during the year declined from 6.7% in FY17 to 4.7% in FY18.

SINTEX IND. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 19,213 28,727 49.5%
Other income Rs m 972 1,489 53.3%
Total Revenues Rs m 20,185 30,216 49.7%
Gross profit Rs m 2,699 2,876 6.5%
Depreciation Rs m 1,322 1,422 7.5%
Interest Rs m 933 1,140 22.2%
Profit before tax Rs m 1,416 1,803 27.4%
Tax Rs m 73 384 426.4%
Profit after tax Rs m 1,343 1,418 5.7%
Gross profit margin % 14.0 10.0
Effective tax rate % 5.2 21.3
Net profit margin % 6.7 4.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SINTEX IND. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 20 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 101.4%.
  • Long-term debt stood at Rs 42 billion as compared to Rs 36 billion during FY17, a growth of 16.4%.
  • Current assets rose 2% and stood at Rs 22 billion, while fixed assets rose 32% and stood at Rs 82 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 107 billion as against Rs 86 billion during FY17, thereby witnessing a growth of 24%.

SINTEX IND. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 39,129 44,102 12.7
 
Current Liabilities Rs m 9,689 19,515 101.4
Long-term Debt Rs m 36,376 42,336 16.4
Total Liabilities Rs m 86,190 106,865 24.0
 
Current assets Rs m 21,187 21,528 1.6
Fixed Assets Rs m 62,550 82,297 31.6
Total Assets Rs m 86,190 106,865 24.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SINTEX IND. Cash Flow Statement Analysis

  • SINTEX IND.'s cash flow from operating activities (CFO) during FY18 stood at Rs 182 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -21 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 16 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -5 billion from the Rs -654 million net cash flows seen during FY17.

SINTEX IND. 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 5,628 182 -96.8%
Cash Flow from Investing Activities Rs m -27,312 -21,230 -
Cash Flow from Financing Activities Rs m 23,384 15,682 -32.9%
Net Cash Flow Rs m -654 -5,367 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SINTEX IND.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.4, an decline from the EPS of Rs 2.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 11.8, stands at 3.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.8 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 35.3 48.4
TTM Earnings per share Rs 2.5 2.4
Diluted earnings per share Rs 3.1 3.3
Price to Cash Flow x 2.4 1.8
TTM P/E ratio x 3.9 3.0
Price / Book Value ratio x 1.2 0.9
Market Cap Rs m 6,400 5,010
Dividends per share (Unadj.) Rs 0.3 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SINTEX IND.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 2.2x 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 2.6x during FY18, from 2.5x 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 3.2% during FY18, from 3.4% 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 improved and stood at 3.4% during FY18, from 3.1% 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 2.4% during FY18, from 2.6% 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 2.2 1.1
Debtors’ Days Days 119 85
Interest coverage x 2.5 2.6
Debt to equity ratio x 0.9 1.0
Return on assets % 2.6 2.4
Return on equity % 3.4 3.2
Return on capital employed % 3.1 3.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SINTEX IND. Share Price Performance

Over the last one year, SINTEX IND. share price has moved up from Rs 26.7 to Rs 11.8, registering a loss of Rs 15.0 or around 56.0%.

Overall, the S&P BSE SENSEX is up 6.0% over the year.

(To know more, check out historical annual results for SINTEX IND. and quarterly results for SINTEX IND.)

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