SYMPHONY LTD 2017-18 Annual Report Analysis

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SYMPHONY LTD 2017-18 Annual Report Analysis
Thu, 20 Dec

SYMPHONY 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.

SYMPHONY LTD Income Statement Analysis

  • Operating income during the year rose 4.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.5% in FY18 as against 26.0% in FY17.
  • Depreciation charges decreased by 1.0% and finance costs increased by 5866.7% YoY, respectively.
  • Other income grew by 25.3% YoY.
  • Net profit for the year grew by 15.8% YoY.
  • Net profit margins during the year grew from 20.6% in FY17 to 22.6% in FY18.

SYMPHONY LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 7,648 7,983 4.4%
Other income Rs m 432 541 25.3%
Total Revenues Rs m 8,080 8,524 5.5%
Gross profit Rs m 1,986 2,193 10.4%
Depreciation Rs m 69 68 -1.0%
Interest Rs m 0 18 5,866.7%
Profit before tax Rs m 2,349 2,648 12.7%
Tax Rs m 687 723 5.2%
Profit after tax Rs m 1,663 1,926 15.8%
Gross profit margin % 26.0 27.5
Effective tax rate % 29.2 27.3
Net profit margin % 20.6 22.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SYMPHONY LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 0.9%.
  • Current assets rose 20% and stood at Rs 5 billion, while fixed assets rose 6% and stood at Rs 818 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 6 billion during FY17, thereby witnessing a growth of 25%.

SYMPHONY LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,651 6,116 31.5
 
Current Liabilities Rs m 1,326 1,337 0.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,052 7,566 25.0
 
Current assets Rs m 4,150 4,969 19.7
Fixed Assets Rs m 771 818 6.0
Total Assets Rs m 6,052 7,566 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SYMPHONY LTD Cash Flow Statement Analysis

  • SYMPHONY LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 12.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 57.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -291 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -246 million from the Rs 249 million net cash flows seen during FY17.

SYMPHONY 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 947 1,069 12.9%
Cash Flow from Investing Activities Rs m -651 -1,024 -
Cash Flow from Financing Activities Rs m -47 -291 -
Net Cash Flow Rs m 249 -246 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SYMPHONY LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.5, an improvement from the EPS of Rs 23.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,202.6, stands at 52.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 19.3 times, while the price to sales ratio stands at 14.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 42.2 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 109.3 114.1
TTM Earnings per share Rs 23.8 27.5
Diluted earnings per share Rs 23.8 27.5
Price to Cash Flow x 48.6 42.2
TTM P/E ratio x 52.8 52.8
Price / Book Value ratio x 19.9 19.3
Market Cap Rs m 84,130 84,126
Dividends per share (Unadj.) Rs 4.5 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SYMPHONY LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.7x during FY18, from 3.1x 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 148.9x during FY18, from 7,832.3x 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 31.5% during FY18, from 35.8% 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 43.6% during FY18, from 50.5% 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 declined and down at 25.7% during FY18, from 27.5% 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 3.1 3.7
Debtors’ Days Days 25 28
Interest coverage x 7,832.3 148.9
Debt to equity ratio x 0.0 0.0
Return on assets % 27.5 25.7
Return on equity % 35.8 31.5
Return on capital employed % 50.5 43.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SYMPHONY LTD Share Price Performance

Over the last one year, SYMPHONY LTD share price has moved up from Rs 1,819.5 to Rs 1,202.6, registering a loss of Rs 617.0 or around 33.9%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 20,930.9 (up 0.2%). Over the last one year it has moved down from 22,691.0 to 20,930.9, a loss of 1,760 points (down 7.8%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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