THOMAS COOK INDIA 2018-19 Annual Report Analysis

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THOMAS COOK INDIA 2018-19 Annual Report Analysis
Fri, 18 Oct

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 74.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.5% in FY19 as against 3.6% in FY18.
  • Depreciation charges decreased by 50.8% and finance costs decreased by 51.0% YoY, respectively.
  • Other income declined by 27.9% YoY.
  • Net profit for the year declined by 98.6% YoY.
  • Net profit margins during the year declined from 53.9% in FY18 to 1.3% 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 1,338 965 -27.9%
Total Revenues Rs m 113,822 66,998 -41.1%
Gross profit Rs m 4,005 1,010 -74.8%
Depreciation Rs m 1,367 672 -50.8%
Interest Rs m 1,490 730 -51.0%
Profit before tax Rs m 2,487 573 -77.0%
Tax Rs m -406 215 -152.9%
Profit after tax Rs m 61,314 888 -98.6%
Gross profit margin % 3.6 1.5
Effective tax rate % -16.3 37.4
Net profit margin % 53.9 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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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 39% and stood at Rs 24 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 131 billion as against Rs 122 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 86,709 88,933 2.6
 
Current Liabilities Rs m 28,153 30,294 7.6
Long-term Debt Rs m 2,310 2,411 4.4
Total Liabilities Rs m 122,042 131,368 7.6
 
Current assets Rs m 28,926 29,656 2.5
Fixed Assets Rs m 17,362 24,144 39.1
Total Assets Rs m 122,042 131,368 7.6
* 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 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: 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 2.4, an decline from the EPS of Rs 165.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 127.0, stands at -376.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 45.6 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 165.6 2.4
Diluted earnings per share Rs 165.5 2.4
Price to Cash Flow x 0.8 45.6
TTM P/E ratio x -376.5 -376.7
Price / Book Value ratio x 1.1 1.0
Market Cap Rs m 47,017 47,042
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 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 2.7x 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 1.0% during FY19, from 70.7% 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 2.0% during FY19, from 70.1% 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 1.2% during FY19, from 51.5% 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 28 46
Interest coverage x 2.7 1.8
Debt to equity ratio x 0.0 0.0
Return on assets % 51.5 1.2
Return on equity % 70.7 1.0
Return on capital employed % 70.1 2.0
* 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 down from Rs 209.2 to Rs 127.0, registering a loss of Rs 82.2 or around 39.3%.

Overall, the S&P BSE SENSEX is up 12.8% over the year.

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

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