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TAKE SOLUTIONS 2017-18 Annual Report Analysis

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TAKE SOLUTIONS 2017-18 Annual Report Analysis
Fri, 15 Mar

TAKE SOLUTIONS 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.

TAKE SOLUTIONS Income Statement Analysis

  • Operating income during the year rose 18.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.3% in FY18 as against 19.5% in FY17.
  • Depreciation charges increased by 19.1% and finance costs decreased by 8.2% YoY, respectively.
  • Other income declined by 50.2% YoY.
  • Net profit for the year grew by 9.4% YoY.
  • Net profit margins during the year declined from 10.8% in FY17 to 10.0% in FY18.

TAKE SOLUTIONS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 13,446 15,872 18.0%
Other income Rs m 129 64 -50.2%
Total Revenues Rs m 13,574 15,937 17.4%
Gross profit Rs m 2,622 3,065 16.9%
Depreciation Rs m 875 1,042 19.1%
Interest Rs m 226 208 -8.2%
Profit before tax Rs m 1,650 1,880 13.9%
Tax Rs m 189 281 49.0%
Profit after tax Rs m 1,462 1,599 9.4%
Gross profit margin % 19.5 19.3
Effective tax rate % 11.4 15.0
Net profit margin % 10.8 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TAKE SOLUTIONS 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 23.6%.
  • Long-term debt stood at Rs 546 million as compared to Rs 488 million during FY17, a growth of 11.8%.
  • Current assets rose 51% and stood at Rs 12 billion, while fixed assets rose 27% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 18 billion as against Rs 14 billion during FY17, thereby witnessing a growth of 34%.

TAKE SOLUTIONS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,109 13,283 45.8
 
Current Liabilities Rs m 3,355 4,147 23.6
Long-term Debt Rs m 488 546 11.8
Total Liabilities Rs m 13,727 18,436 34.3
 
Current assets Rs m 7,791 11,777 51.2
Fixed Assets Rs m 1,685 2,135 26.7
Total Assets Rs m 13,727 18,436 34.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TAKE SOLUTIONS Cash Flow Statement Analysis

  • TAKE SOLUTIONS's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 86.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 38.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 3 billion, an improvement of 470% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs -180 million net cash flows seen during FY17.

TAKE SOLUTIONS 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 559 1,040 86.0%
Cash Flow from Investing Activities Rs m -1,291 -1,788 -
Cash Flow from Financing Activities Rs m 559 3,184 469.7%
Net Cash Flow Rs m -180 2,434 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TAKE SOLUTIONS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.8, an decline from the EPS of Rs 11.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 125.3, stands at 7.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.8 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 100.9 107.3
TTM Earnings per share Rs 11.0 10.8
Diluted earnings per share Rs 11.9 13.1
Price to Cash Flow x 7.1 5.8
TTM P/E ratio x 8.5 7.8
Price / Book Value ratio x 2.3 1.7
Market Cap Rs m 16,688 15,331
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TAKE SOLUTIONS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.8x during FY18, from 2.3x 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 improved and stood at 10.1x during FY18, from 8.3x 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 12.0% during FY18, from 16.0% 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 15.1% during FY18, from 19.6% 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 9.8% during FY18, from 12.3% 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 2.3 2.8
Debtors’ Days Days 118 108
Interest coverage x 8.3 10.1
Debt to equity ratio x 0.1 0.0
Return on assets % 12.3 9.8
Return on equity % 16.0 12.0
Return on capital employed % 19.6 15.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TAKE SOLUTIONS Share Price Performance

Over the last one year, TAKE SOLUTIONS share price has moved up from Rs 164.3 to Rs 125.3, registering a loss of Rs 39.1 or around 23.8%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,996.1 (up 0.7%). Over the last one year it has moved up from 12,411.3 to 14,996.1, a gain of 2,585 points (up 20.8%).

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

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

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