SYMPHONY 2018-19 Annual Report Analysis

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SYMPHONY 2018-19 Annual Report Analysis
Tue, 9 Jul

SYMPHONY has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

SYMPHONY Income Statement Analysis

  • Operating income during the year rose 5.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 50.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.8% in FY19 as against 27.5% in FY18.
  • Depreciation charges increased by 44.8% and finance costs increased by 286.0% YoY, respectively.
  • Other income declined by 28.1% YoY.
  • Net profit for the year declined by 52.5% YoY.
  • Net profit margins during the year declined from 22.6% in FY18 to 10.4% in FY19.

SYMPHONY Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 7,983 8,436 5.7%
Other income Rs m 541 389 -28.1%
Total Revenues Rs m 8,524 8,825 3.5%
Gross profit Rs m 2,193 1,080 -50.7%
Depreciation Rs m 68 99 44.8%
Interest Rs m 18 69 286.0%
Profit before tax Rs m 2,648 1,302 -50.8%
Tax Rs m 723 386 -46.6%
Profit after tax Rs m 1,926 916 -52.5%
Gross profit margin % 27.5 12.8
Effective tax rate % 27.3 29.7
Net profit margin % 22.6 10.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SYMPHONY Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 3 billion as compared to Rs 1 billion in FY18, thereby witnessing an increase of 98.0%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 0 million during FY18, a fall of 0.0%.
  • Current assets rose 24% and stood at Rs 6 billion, while fixed assets rose 197% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 11 billion as against Rs 8 billion during FY18, thereby witnessing a growth of 42%.

SYMPHONY Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,116 6,661 8.9
 
Current Liabilities Rs m 1,337 2,648 98.0
Long-term Debt Rs m 0 1,236 0.0
Total Liabilities Rs m 7,566 10,706 41.5
 
Current assets Rs m 4,969 6,140 23.6
Fixed Assets Rs m 818 2,432 197.4
Total Assets Rs m 7,566 10,706 41.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SYMPHONY Cash Flow Statement Analysis

  • SYMPHONY's cash flow from operating activities (CFO) during FY19 stood at Rs 1 billion, an improvement of 30.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -3 billion, an improvement of 144.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 1 billion, an improvement of 505% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 73 million from the Rs -246 million net cash flows seen during FY18.

SYMPHONY Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 1,069 1,396 30.6%
Cash Flow from Investing Activities Rs m -1,024 -2,500 -
Cash Flow from Financing Activities Rs m -291 1,178 -
Net Cash Flow Rs m -246 73 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SYMPHONY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an decline from the EPS of Rs 27.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,242.0, stands at 95.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 14.5 times, while the price to sales ratio stands at 11.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 85.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 114.1 120.6
TTM Earnings per share Rs 27.5 13.1
Diluted earnings per share Rs 27.5 13.1
Price to Cash Flow x 43.6 85.7
TTM P/E ratio x 95.5 95.5
Price / Book Value ratio x 19.3 14.5
Market Cap Rs m 86,890 86,885
Dividends per share (Unadj.) Rs 3.0 4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SYMPHONY

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY19, from 3.7x during FY18. 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 19.8x during FY19, from 148.9x during FY18. 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 13.7% during FY19, from 31.5% during FY19. 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 17.4% during FY19, from 43.6% during FY18. 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 9.2% during FY19, from 25.7% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 3.7 2.3
Debtors’ Days Days 28 45
Interest coverage x 148.9 19.8
Debt to equity ratio x 0.0 0.2
Return on assets % 25.7 9.2
Return on equity % 31.5 13.7
Return on capital employed % 43.6 17.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SYMPHONY Share Price Performance

Over the last one year, SYMPHONY share price has moved up from Rs 1,400.2 to Rs 1,242.0, registering a loss of Rs 158.2 or around 11.3%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 23,256.1 (down 6.7%). Over the last one year it has moved up from 19,635.0 to 23,256.1, a gain of 3,621 points (up 18.4%).

Overall, the S&P BSE SENSEX is up 7.2% over the year.

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

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