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SUBEX LTD 2017-18 Annual Report Analysis

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SUBEX LTD 2017-18 Annual Report Analysis
Fri, 15 Mar

SUBEX LTD 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.

SUBEX LTD Income Statement Analysis

  • Operating income during the year fell 9.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 61.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.6% in FY18 as against 24.9% in FY17.
  • Depreciation charges increased by 4.4% and finance costs decreased by 62.0% YoY, respectively.
  • Other income declined by 87.9% YoY.
  • Net profit for the year declined by 147.8% YoY.
  • Net profit margins during the year grew from 11.7% in FY17 to 6.3% in FY18.

SUBEX LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,573 3,243 -9.2%
Other income Rs m 115 14 -87.9%
Total Revenues Rs m 3,689 3,257 -11.7%
Gross profit Rs m 891 343 -61.5%
Depreciation Rs m 50 52 4.4%
Interest Rs m 204 78 -62.0%
Profit before tax Rs m 753 228 -69.8%
Tax Rs m 96 137 42.9%
Profit after tax Rs m -432 207 -147.8%
Gross profit margin % 24.9 10.6
Effective tax rate % 12.8 60.4
Net profit margin % -11.7 6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUBEX LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -60.3%.
  • Current assets fell 26% and stood at Rs 2 billion, while fixed assets fell 22% and stood at Rs 72 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 9 billion as against Rs 10 billion during FY17, thereby witnessing a fall of 6%.

SUBEX LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,841 7,795 13.9
 
Current Liabilities Rs m 2,696 1,072 -60.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,567 8,977 -6.2
 
Current assets Rs m 2,495 1,852 -25.8
Fixed Assets Rs m 92 72 -22.1
Total Assets Rs m 9,567 8,977 -6.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUBEX LTD Cash Flow Statement Analysis

  • SUBEX LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 537 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -35 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -908 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -438 million from the Rs -121 million net cash flows seen during FY17.

SUBEX LTD 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 539 537 -0.5%
Cash Flow from Investing Activities Rs m -70 -35 -
Cash Flow from Financing Activities Rs m -549 -908 -
Net Cash Flow Rs m -121 -438 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SUBEX LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.4, an improvement from the EPS of Rs -0.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 6.0, stands at 3.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.0 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 7.0 5.8
TTM Earnings per share Rs -0.9 0.4
Diluted earnings per share Rs -2.5 1.2
Price to Cash Flow x -7.9 4.0
TTM P/E ratio x 11.1 3.7
Price / Book Value ratio x 0.8 0.7
Market Cap Rs m 3,036 1,022
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 SUBEX LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 0.9x 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 3.9x during FY18, from 4.7x 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 improved and stood at 2.7% during FY18, from -6.3% 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 5.4% during FY18, from -1.9% 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 improved and stood at 3.2% during FY18, from -2.4% 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 0.9 1.7
Debtors’ Days Days 121 105
Interest coverage x 4.7 3.9
Debt to equity ratio x 0.0 0.0
Return on assets % -2.4 3.2
Return on equity % -6.3 2.7
Return on capital employed % -1.9 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SUBEX LTD Share Price Performance

Over the last one year, SUBEX LTD share price has moved up from Rs 8.4 to Rs 6.0, registering a loss of Rs 2.4 or around 28.9%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,039.7 (up 1.0%). Over the last one year it has moved up from 12,411.3 to 15,039.7, a gain of 2,628 points (up 21.2%).

Overall, the S&P BSE SENSEX is up 12.3% over the year.

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

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For the quarter ended March 2019, SUBEX LTD has posted a net profit of Rs 129 m (down 14.2% YoY). Sales on the other hand came in at Rs 1 bn (up 26.3% YoY). Read on for a complete analysis of SUBEX LTD's quarterly results.

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