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THOMAS COOK INDIA 2016-17 Annual Report Analysis

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THOMAS COOK INDIA 2016-17 Annual Report Analysis
Wed, 26 Sep

THOMAS COOK INDIA has announced its results for the year ended March 2017. Let us have a look at the detailed performance review of the company during FY16-17.

THOMAS COOK INDIA Income Statement Analysis

  • Operating income during the year rose 40.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 74.1% YoY during the fiscal. Operating profit margins witnessed a rise and up at 3.9% in FY17 as against 3.1% in FY16.
  • Depreciation charges and finance costs increased by 39.7% YoY and 42.1% YoY, respectively.
  • Other income grew by 31.8% YoY.
  • Net profit for the year declined by 232.7% YoY.
  • Net profit margins during the year grew from 1.0% in FY16 to 0.9% in FY17.

THOMAS COOK INDIA Income Statement 2016-17

No. of Mths Year Ending12 Mar-16*12 Mar-17*% Change
Net SalesRs m60,93985,88040.9%
Other incomeRs m56975031.8%
Total RevenuesRs m61,50986,63040.8%
Gross profitRs m1,9063,31974.1%
DepreciationRs m60684639.7%
InterestRs m9211,30942.1%
Profit before taxRs m9481,914101.9%
TaxRs m5941,13891.5%
Profit after taxRs m-585777-232.7%
Gross profit margin%3.13.9
Effective tax rate%62.759.5
Net profit margin%-1.00.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



THOMAS COOK INDIA Balance Sheet Analysis

  • The company's current liabilities during FY17 stood at Rs 32 billion as compared to Rs 26 billion in FY16, thereby witnessing an increase of 26.2%.
  • Long-term debt stood at Rs 7 billion as compared to Rs 6 billion during FY16, a growth of 29.7%.
  • Current assets rose 30% and stood at Rs 34 billion, while fixed assets rose 36% and stood at Rs 22 billion in FY17.
  • Overall, the total assets and liabilities for FY17 stood at Rs 64 billion as against Rs 50 billion during FY16, thereby witnessing a growth of 30%.

THOMAS COOK INDIA Balance Sheet as on March 2017

No. of Mths Year Ending12 Mar-16*12 Mar-17*% Change
NetworthRs m12,47115,20621.9
 
Current LiabilitiesRs m25,66532,40126.2
Long-term DebtRs m5,6877,37629.7
Total LiabilitiesRs m49,50464,13129.5
 
Current assetsRs m26,55734,45129.7
Fixed AssetsRs m 16,42622,38436.3
Total AssetsRs m49,50464,13129.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



THOMAS COOK INDIA Cash Flow Statement Analysis

  • THOMAS COOK INDIA's cash flow from operating activities (CFO) during FY17 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY17 stood at Rs -3 billion, an improvement of 58.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY17 stood at Rs 2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY17 stood at Rs 2 billion from the Rs 8 billion net cash flows seen during FY16.

THOMAS COOK INDIA Cash Flow Statement 2016-17

ParticularsNo. of months1212% Change
Year EndingMar-16Mar-17
Cash Flow from Operating ActivitiesRs m3,8332,855-25.5%
Cash Flow from Investing ActivitiesRs m-1,683-2,665-
Cash Flow from Financing ActivitiesRs m5,4851,551-71.7%
Net Cash FlowRs m7,6641,779-76.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for THOMAS COOK INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.1, an improvement from the EPS of Rs -1.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 242.3, stands at 33.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.9 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 55.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-16*12 Mar-17*
Sales per share (Unadj.)Rs166.6234.2
TTM Earnings per shareRs-1.62.1
Diluted earnings per shareRs-1.62.1
Price to Cash Flow x4,278.655.3
TTM P/E ratiox32.633.0
Price / Book Value ratiox6.24.9
Market CapRs m88,65389,750
Dividends per share (Unadj.)Rs0.40.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for THOMAS COOK INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY17, from 1.0x during FY16. 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 2.5x during FY17, from 2.0x during FY16. 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 5.1% during FY17, from -4.7% during FY17. 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 14.3% during FY17, from 5.1% during FY16. 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 3.3% during FY17, from 0.7% during FY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-16*12 Mar-17*
Current ratiox1.01.1
Debtors’ DaysDays5040
Interest coveragex2.02.5
Debt to equity ratiox0.50.5
Return on assets%0.73.3
Return on equity%-4.75.1
Return on capital employed%5.114.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how THOMAS COOK INDIA has performed over the last 5 years, please visit here.

THOMAS COOK INDIA Share Price Performance

Over the last one year, THOMAS COOK INDIA share price has moved up from Rs 240.4 to Rs 242.3, registering a gain of Rs 1.9 or around 0.8%.

Overall, the S&P BSE SENSEX is up 15.8% over the year.

(To know more, check out historical annual results for THOMAS COOK INDIA and quarterly results for THOMAS COOK INDIA)

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