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SANWARIA AGRO OILS 2017-18 Annual Report Analysis

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SANWARIA AGRO OILS 2017-18 Annual Report Analysis
Tue, 18 Dec

SANWARIA AGRO OILS 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.

SANWARIA AGRO OILS Income Statement Analysis

  • Operating income during the year rose 43.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 69.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 3.7% in FY18 as against 3.1% in FY17.
  • Depreciation charges increased by 10.5% and finance costs increased by 11.2% YoY, respectively.
  • Other income declined by 11.4% YoY.
  • Net profit for the year grew by 93.9% YoY.
  • Net profit margins during the year grew from 1.2% in FY17 to 1.7% in FY18.

SANWARIA AGRO OILS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 35,124 50,547 43.9%
Other income Rs m 134 119 -11.4%
Total Revenues Rs m 35,258 50,666 43.7%
Gross profit Rs m 1,106 1,871 69.2%
Depreciation Rs m 73 80 10.5%
Interest Rs m 669 744 11.2%
Profit before tax Rs m 498 1,165 134.0%
Tax Rs m 61 318 421.7%
Profit after tax Rs m 437 847 93.9%
Gross profit margin % 3.1 3.7
Effective tax rate % 12.3 27.3
Net profit margin % 1.2 1.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANWARIA AGRO OILS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 11 billion as compared to Rs 11 billion in FY17, thereby witnessing an increase of 2.9%.
  • Long-term debt stood at Rs 187 million as compared to Rs 94 million during FY17, a growth of 99.3%.
  • Current assets rose 17% and stood at Rs 16 billion, while fixed assets fell 8% and stood at Rs 989 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 17 billion as against Rs 15 billion during FY17, thereby witnessing a growth of 15%.

SANWARIA AGRO OILS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,143 5,941 43.4
 
Current Liabilities Rs m 10,718 11,031 2.9
Long-term Debt Rs m 94 187 99.3
Total Liabilities Rs m 15,119 17,317 14.5
 
Current assets Rs m 13,516 15,790 16.8
Fixed Assets Rs m 1,070 989 -7.5
Total Assets Rs m 15,119 17,317 14.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANWARIA AGRO OILS Cash Flow Statement Analysis

  • SANWARIA AGRO OILS's cash flow from operating activities (CFO) during FY18 stood at Rs -158 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -141 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 273 million, an improvement of 135% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -25 million from the Rs 100 million net cash flows seen during FY17.

SANWARIA AGRO OILS 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 782 -158 -
Cash Flow from Investing Activities Rs m 91 -141 -
Cash Flow from Financing Activities Rs m -774 273 -
Net Cash Flow Rs m 100 -25 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SANWARIA AGRO OILS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.2, an decline from the EPS of Rs 1.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 9.9, stands at 2.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.7 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 95.4 68.7
TTM Earnings per share Rs 1.2 1.2
Diluted earnings per share Rs 1.3 2.4
Price to Cash Flow x 7.2 3.7
TTM P/E ratio x 3.0 2.9
Price / Book Value ratio x 0.3 2.6
Market Cap Rs m 3,655 3,457
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 SANWARIA AGRO OILS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.3x 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 1.7x 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 14.3% during FY18, from 10.5% 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 31.2% during FY18, from 27.5% 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 9.2% during FY18, from 7.3% 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 1.3 1.4
Debtors’ Days Days 76 66
Interest coverage x 1.7 2.6
Debt to equity ratio x 0.0 0.0
Return on assets % 7.3 9.2
Return on equity % 10.5 14.3
Return on capital employed % 27.5 31.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SANWARIA AGRO OILS has performed over the last 5 years, please visit here.

SANWARIA AGRO OILS Share Price Performance

Over the last one year, SANWARIA AGRO OILS share price has moved up from Rs 20.8 to Rs 9.9, registering a loss of Rs 10.9 or around 52.3%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for SANWARIA AGRO OILS and quarterly results for SANWARIA AGRO OILS)

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