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THOMAS COOK INDIA 2017-18 Annual Report Analysis

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THOMAS COOK INDIA 2017-18 Annual Report Analysis
Wed, 26 Sep

THOMAS COOK INDIA 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.

THOMAS COOK INDIA Income Statement Analysis

  • Operating income during the year rose 28.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 12.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 3.6% in FY18 as against 4.1% in FY17.
  • Depreciation charges and finance costs increased by 49.4% YoY and 12.7% YoY, respectively.
  • Other income grew by 105.8% YoY.
  • Net profit for the year grew by 7020.4% YoY.
  • Net profit margins during the year grew from 1.0% in FY17 to 53.9% in FY18.

THOMAS COOK INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 87,624 112,483 28.4%
Other income Rs m 650 1,338 105.8%
Total Revenues Rs m 88,274 113,822 28.9%
Gross profit Rs m 3,572 4,005 12.1%
Depreciation Rs m 915 1,367 49.4%
Interest Rs m 1,322 1,490 12.7%
Profit before tax Rs m 1,985 2,487 25.3%
Tax Rs m 1,125 -406 -136.0%
Profit after tax Rs m 861 61,314 7,020.4%
Gross profit margin % 4.1 3.6
Effective tax rate % 56.7 -16.3
Net profit margin % 1.0 53.9
* 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 FY18 down at Rs 28 billion as compared to Rs 33 billion in FY17, thereby witnessing an decrease of -15.3%.
  • Long-term debt down at Rs 2 billion as compared to Rs 7 billion during FY17, a fall of 68.7%.
  • Current assets fell 18% and stood at Rs 29 billion, while fixed assets fell 20% and stood at Rs 17 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 122 billion as against Rs 70 billion during FY17, thereby witnessing a growth of 74%.

THOMAS COOK INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 15,258 86,709 468.3
 
Current Liabilities Rs m 33,240 28,153 -15.3
Long-term Debt Rs m 7,376 2,310 -68.7
Total Liabilities Rs m 69,962 122,042 74.4
 
Current assets Rs m 35,147 28,926 -17.7
Fixed Assets Rs m 21,699 17,362 -20.0
Total Assets Rs m 69,962 122,042 74.4
* 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 FY18 stood at Rs -2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -999 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 5 billion, an improvement of 195% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -2 billion from the Rs 2 billion net cash flows seen during FY17.

THOMAS COOK INDIA 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 2,727 -2,442 -
Cash Flow from Investing Activities Rs m -2,571 -999 -
Cash Flow from Financing Activities Rs m 1,615 4,767 195.3%
Net Cash Flow Rs m 1,808 -2,254 -
* 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 165.6, an improvement from the EPS of Rs 2.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 242.1, stands at 33.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.4 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 238.9 303.8
TTM Earnings per share Rs 2.3 165.6
Diluted earnings per share Rs 2.3 165.5
Price to Cash Flow x 50.0 1.4
TTM P/E ratio x 32.7 33.0
Price / Book Value ratio x 4.9 1.1
Market Cap Rs m 88,793 89,676
Dividends per share (Unadj.) Rs 0.4 0.4
* 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 1.0x during FY18, from 1.1x 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 2.7x during FY18, from 2.5x 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 improved and stood at 70.7% during FY18, from 5.6% 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 improved and stood at 70.1% during FY18, from 14.6% 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 improved and stood at 51.5% during FY18, from 3.1% 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 1.1 1.0
Debtors’ Days Days 42 28
Interest coverage x 2.5 2.7
Debt to equity ratio x 0.5 0.0
Return on assets % 3.1 51.5
Return on equity % 5.6 70.7
Return on capital employed % 14.6 70.1
* 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 242.1, registering a gain of Rs 1.7 or around 0.7%.

Overall, the S&P BSE SENSEX is up 15.6% 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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