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THOMAS COOK INDIA 2018-19 Annual Report Analysis
Sun, 31 Mar

THOMAS COOK INDIA 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.

THOMAS COOK INDIA Income Statement Analysis

  • Operating income during the year fell 41.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 98.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.2% in FY19 as against 55.1% in FY18.
  • Depreciation charges decreased by 50.8% and finance costs decreased by 51.0% YoY, respectively.
  • Other income declined by 29.3% YoY.
  • Net profit for the year declined by 99.4% YoY.
  • Net profit margins during the year declined from 54.4% in FY18 to 0.5% in FY19.

THOMAS COOK INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 112,483 66,033 -41.3%
Other income Rs m 1,632 1,154 -29.3%
Total Revenues Rs m 114,116 67,187 -41.1%
Gross profit Rs m 61,966 821 -98.7%
Depreciation Rs m 1,367 672 -50.8%
Interest Rs m 1,490 730 -51.0%
Profit before tax Rs m 60,741 573 -99.1%
Tax Rs m -406 215 -152.9%
Profit after tax Rs m 61,147 358 -99.4%
Gross profit margin % 55.1 1.2
Effective tax rate % -0.7 37.4
Net profit margin % 54.4 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

THOMAS COOK INDIA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 30 billion as compared to Rs 28 billion in FY18, thereby witnessing an increase of 7.6%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY18, a growth of 4.4%.
  • Current assets rose 3% and stood at Rs 30 billion, while fixed assets rose 8% and stood at Rs 99 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 130 billion as against Rs 121 billion during FY18, thereby witnessing a growth of 8%.

THOMAS COOK INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 86,355 88,653 2.7
 
Current Liabilities Rs m 28,153 30,293 7.6
Long-term Debt Rs m 2,310 2,411 4.4
Total Liabilities Rs m 120,600 129,808 7.6
 
Current assets Rs m 28,926 29,668 2.6
Fixed Assets Rs m 91,675 99,403 8.4
Total Assets Rs m 120,600 129,808 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



THOMAS COOK INDIA Cash Flow Statement Analysis

  • THOMAS COOK INDIA's cash flow from operating activities (CFO) during FY19 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -3 billion, an improvement of 176.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -2 billion from the Rs -2 billion net cash flows seen during FY18.

THOMAS COOK INDIA 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 -2,442 2,528 -
Cash Flow from Investing Activities Rs m -999 -2,760 -
Cash Flow from Financing Activities Rs m 4,767 -1,673 -
Net Cash Flow Rs m -2,254 -1,776 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for THOMAS COOK INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.0, an decline from the EPS of Rs 165.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 252.7, stands at 311.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 89.2 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 303.8 178.1
TTM Earnings per share Rs 165.2 1.0
Diluted earnings per share Rs 138.3 0.8
Price to Cash Flow x 2.0 89.2
TTM P/E ratio x 43.6 311.8
Price / Book Value ratio x 1.1 1.0
Market Cap Rs m 91,423 91,941
Dividends per share (Unadj.) Rs 0.4 0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for THOMAS COOK INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY19, from 1.0x 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 1.8x during FY19, from 41.8x 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 0.4% during FY19, from 70.8% 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 1.4% during FY19, from 70.2% 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 0.8% during FY19, from 51.9% 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 1.0 1.0
Debtors’ Days Days 278 458
Interest coverage x 41.8 1.8
Debt to equity ratio x 0.0 0.0
Return on assets % 51.9 0.8
Return on equity % 70.8 0.4
Return on capital employed % 70.2 1.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 down from Rs 282.8 to Rs 252.7, registering a loss of Rs 30.1 or around 10.6%.

Overall, the S&P BSE SENSEX is up 16.3% over the year.

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

Annual Report FAQs

What is the current share price of THOMAS COOK INDIA?

THOMAS COOK INDIA currently trades at Rs 166.4 per share. You can check out the latest share price performance of THOMAS COOK INDIA here...

What was the revenue of THOMAS COOK INDIA in FY19? How does it compare to earlier years?

The revenues of THOMAS COOK INDIA stood at Rs 67,187 m in FY19, which was down -41.1% compared to Rs 114,116 m reported in FY18.

THOMAS COOK INDIA's revenue has grown from Rs 61,570 m in FY16 to Rs 67,187 m in FY19.

Over the past 4 years, the revenue of THOMAS COOK INDIA has grown at a CAGR of 3.0%.

What was the net profit of THOMAS COOK INDIA in FY19? How does it compare to earlier years?

The net profit of THOMAS COOK INDIA stood at Rs 358 m in FY19, which was down -99.4% compared to Rs 61,147 m reported in FY18.

This compares to a net profit of Rs 860 m in FY17 and a net loss of Rs -585 m in FY16.

Over the past 4 years, THOMAS COOK INDIA net profit has grown at a CAGR of NaN%.

What does the cash flow statement of THOMAS COOK INDIA reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of THOMAS COOK INDIA reveals:

  • Cash flow from operations increased in FY19 and stood at Rs 2,528 m as compared to Rs -2,442 m in FY18.
  • Cash flow from investments decreased in FY19 and stood at Rs -2,760 m as compared to Rs -999 m in FY18.
  • Cash flow from financial activity decreased in FY19 and stood at Rs -1,673 m as compared to Rs 4,767 m in FY18.

Here's the cash flow statement of THOMAS COOK INDIA for the past 4 years.

(Rs m)FY16FY17FY18FY19
From Operations3,8322,727-2,4422,528
From Investments-1,683-2,571-999-2,760
From Financial Activity5,4851,6144,767-1,673
Net Cashflow7,6641,808-2,254-1,776

What does the Key Ratio analysis of THOMAS COOK INDIA reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of THOMAS COOK INDIA reveals:

  • Operating profit margins witnessed a fall and stood at 1.2% in FY19 as against 55.1% in FY18.
  • Net profit margins declined from 54.4% in FY18 to 0.5% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.0 as compared to 0.0 in FY18.

Here's the ratio/financial analysis of THOMAS COOK INDIA for the past 4 years.

 FY16FY17FY18FY19
Operating Profit Margin (%)1.53.955.11.2
Net Profit Margin (%)-1.01.054.40.5
Debt to Equity Ratio (x)0.50.40.00.0

Read: Latest Annual Report Analysis of THOMAS COOK INDIA

Equitymaster requests your view! Post a comment on "THOMAS COOK INDIA 2018-19 Annual Report Analysis". Click here!

3 Responses to "THOMAS COOK INDIA 2018-19 Annual Report Analysis"

siva

Jan 15, 2020

Sir,
Thomas cook india stock is falling.
Kindly advise, what needs to be done now.

Please update periodically on the stocks under coverage.

Look forward to see something soon.

thank you

Like 

Umashankar

Dec 19, 2019

Hi, there seems to be no update on the de-merger of Thomas Cook and updated view of the price movement. Can we expect some?

Like (3)

Anand Iyer

Dec 16, 2019

Thomas cook moved to 65 odd rupees from 100+. The investors should get queda Corp shares . Further you need to advise investors to buy, hold or sell both these shares (quess and Thomas cook)

Like (2)
  
Equitymaster requests your view! Post a comment on "THOMAS COOK INDIA 2018-19 Annual Report Analysis". Click here!