SML ISUZU 2017-18 Annual Report Analysis

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SML ISUZU 2017-18 Annual Report Analysis
Fri, 17 Aug

SML ISUZU 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.

SML ISUZU Income Statement Analysis

  • Operating income during the year fell 16.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 58.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.0% in FY18 as against 8.1% in FY17.
  • Depreciation charges and finance costs increased by 19.2% YoY and 70.2% YoY, respectively.
  • Other income declined by 25.1% YoY.
  • Net profit for the year declined by 86.5% YoY.
  • Net profit margins during the year declined from 4.6% in FY17 to 0.7% in FY18.

SML ISUZU Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 13,562 11,351 -16.3%
Other income Rs m 42 31 -25.1%
Total Revenues Rs m 13,603 11,382 -16.3%
Gross profit Rs m 1,100 453 -58.8%
Depreciation Rs m 238 284 19.2%
Interest Rs m 62 105 70.2%
Profit before tax Rs m 841 95 -88.8%
Tax Rs m 211 10 -95.5%
Profit after tax Rs m 630 85 -86.5%
Gross profit margin % 8.1 4.0
Effective tax rate % 25.1 10.1
Net profit margin % 4.6 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SML ISUZU Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 45.3%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 350 million during FY17, a growth of 238.4%.
  • Current assets rose 24% and stood at Rs 6 billion, while fixed assets rose 38% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 8 billion during FY17, thereby witnessing a growth of 26%.

SML ISUZU Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,038 4,003 -0.9
 
Current Liabilities Rs m 2,807 4,077 45.3
Long-term Debt Rs m 350 1,185 238.4
Total Liabilities Rs m 7,854 9,867 25.6
 
Current assets Rs m 4,501 5,563 23.6
Fixed Assets Rs m 2,908 3,999 37.5
Total Assets Rs m 7,854 9,867 25.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SML ISUZU Cash Flow Statement Analysis

  • SML ISUZU's cash flow from operating activities (CFO) during FY18 stood at Rs -328 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -983 million, an improvement of 10.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 1 billion, an improvement of 532% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 146 million from the Rs -23 million net cash flows seen during FY17.

SML ISUZU 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 1,206 -328 -
Cash Flow from Investing Activities Rs m -892 -983 -
Cash Flow from Financing Activities Rs m -337 1,456 -
Net Cash Flow Rs m -23 146 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SML ISUZU

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.9, an decline from the EPS of Rs 43.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 870.0, stands at 57.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 34.1 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 937.2 784.4
TTM Earnings per share Rs 43.5 5.9
Diluted earnings per share Rs 43.5 5.9
Price to Cash Flow x 14.5 34.1
TTM P/E ratio x 57.6 57.6
Price / Book Value ratio x 3.9 3.8
Market Cap Rs m 12,589 12,589
Dividends per share (Unadj.) Rs 8.0 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SML ISUZU

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.6x 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 14.6x 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 2.1% during FY18, from 15.6% 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 3.9% during FY18, from 20.6% 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 1.9% during FY18, from 8.8% 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 1.6 1.4
Debtors’ Days Days 31 38
Interest coverage x 14.6 1.9
Debt to equity ratio x 0.1 0.3
Return on assets % 8.8 1.9
Return on equity % 15.6 2.1
Return on capital employed % 20.6 3.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SML ISUZU Share Price Performance

Over the last one year, SML ISUZU share price has moved up from Rs 950.1 to Rs 870.0, registering a loss of Rs 80.1 or around 8.4%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 24,433.1 (up 0.7%). Over the last one year it has moved up from 23,814.2 to 24,433.1, a gain of 619 points (up 2.6%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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

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Related Views on News

SML ISUZU Announces Quarterly Results (1QFY20); Net Profit Down 17.2% (Quarterly Result Update)

Aug 20, 2019 | Updated on Aug 20, 2019

For the quarter ended June 2019, SML ISUZU has posted a net profit of Rs 167 m (down 17.2% YoY). Sales on the other hand came in at Rs 5 bn (up 4.2% YoY). Read on for a complete analysis of SML ISUZU's quarterly results.

SML ISUZU Announces Quarterly Results (3QFY19); Net Profit Down 51.6% (Quarterly Result Update)

Feb 15, 2019 | Updated on Feb 15, 2019

For the quarter ended December 2018, SML ISUZU has posted a net profit of Rs 148 m (down 51.6% YoY). Sales on the other hand came in at Rs 2 bn (up 4.6% YoY). Read on for a complete analysis of SML ISUZU's quarterly results.

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