TAMIL NADU NEWSPRINT 2017-18 Annual Report Analysis

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TAMIL NADU NEWSPRINT 2017-18 Annual Report Analysis
Tue, 2 Apr

TAMIL NADU NEWSPRINT 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.

TAMIL NADU NEWSPRINT Income Statement Analysis

  • Operating income during the year rose 4.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 44.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.1% in FY18 as against 24.6% in FY17.
  • Depreciation charges increased by 6.8% and finance costs decreased by 2.9% YoY, respectively.
  • Other income declined by 9.1% YoY.
  • Net profit for the year declined by 115.9% YoY.
  • Net profit margins during the year declined from 8.8% in FY17 to 1.3% in FY18.

TAMIL NADU NEWSPRINT Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 29,576 30,983 4.8%
Other income Rs m 370 336 -9.1%
Total Revenues Rs m 29,945 31,319 4.6%
Gross profit Rs m 7,290 4,049 -44.5%
Depreciation Rs m 2,077 2,218 6.8%
Interest Rs m 2,520 2,446 -2.9%
Profit before tax Rs m 3,062 -280 -109.1%
Tax Rs m 416 142 -66.0%
Profit after tax Rs m 2,646 -422 -115.9%
Gross profit margin % 24.6 13.1
Effective tax rate % 13.6 -50.6
Net profit margin % 8.8 -1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TAMIL NADU NEWSPRINT Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 21 billion as compared to Rs 20 billion in FY17, thereby witnessing an increase of 8.8%.
  • Long-term debt down at Rs 15 billion as compared to Rs 17 billion during FY17, a fall of 12.2%.
  • Current assets fell 1% and stood at Rs 13 billion, while fixed assets fell 1% and stood at Rs 40 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 55 billion as against Rs 56 billion during FY17, thereby witnessing a fall of 2%.

TAMIL NADU NEWSPRINT Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 17,047 16,031 -6.0
 
Current Liabilities Rs m 19,666 21,392 8.8
Long-term Debt Rs m 16,521 14,503 -12.2
Total Liabilities Rs m 56,344 55,247 -1.9
 
Current assets Rs m 13,603 13,491 -0.8
Fixed Assets Rs m 40,726 40,404 -0.8
Total Assets Rs m 56,344 55,247 -1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TAMIL NADU NEWSPRINT Cash Flow Statement Analysis

  • TAMIL NADU NEWSPRINT's cash flow from operating activities (CFO) during FY18 stood at Rs 8 billion, an improvement of 190.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 22.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 billion from the Rs -588 million net cash flows seen during FY17.

TAMIL NADU NEWSPRINT 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 2,840 8,245 190.3%
Cash Flow from Investing Activities Rs m -901 -1,108 -
Cash Flow from Financing Activities Rs m -2,526 -5,696 -
Net Cash Flow Rs m -588 1,442 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TAMIL NADU NEWSPRINT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.1, an decline from the EPS of Rs 38.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 219.1, stands at 13.3 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 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.4 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 427.3 447.7
TTM Earnings per share Rs 38.2 -6.1
Diluted earnings per share Rs 38.2 -6.1
Price to Cash Flow x 3.2 8.4
TTM P/E ratio x 13.3 13.3
Price / Book Value ratio x 1.2 1.7
Market Cap Rs m 15,160 15,160
Dividends per share (Unadj.) Rs 7.5 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TAMIL NADU NEWSPRINT

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.6x during FY18, from 0.7x 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 0.9x during FY18, from 2.2x 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 -2.6% during FY18, from 15.5% 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 7.1% during FY18, from 16.6% 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 3.7% during FY18, from 9.2% 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 0.7 0.6
Debtors’ Days Days 66 71
Interest coverage x 2.2 0.9
Debt to equity ratio x 1.0 0.9
Return on assets % 9.2 3.7
Return on equity % 15.5 -2.6
Return on capital employed % 16.6 7.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TAMIL NADU NEWSPRINT has performed over the last 5 years, please visit here.

TAMIL NADU NEWSPRINT Share Price Performance

Over the last one year, TAMIL NADU NEWSPRINT share price has moved up from Rs 359.8 to Rs 219.1, registering a loss of Rs 140.8 or around 39.1%.

Overall, the S&P BSE SENSEX is up 17.0% over the year.

(To know more, check out historical annual results for TAMIL NADU NEWSPRINT and quarterly results for TAMIL NADU NEWSPRINT)

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Related Views on News

TAMIL NADU NEWSPRINT Announces Quarterly Results (1QFY20); Net Profit Up 212.3% (Quarterly Result Update)

Aug 27, 2019 | Updated on Aug 27, 2019

For the quarter ended June 2019, TAMIL NADU NEWSPRINT has posted a net profit of Rs 771 m (up 212.3% YoY). Sales on the other hand came in at Rs 10 bn (up 2.8% YoY). Read on for a complete analysis of TAMIL NADU NEWSPRINT's quarterly results.

TAMIL NADU NEWSPRINT Announces Quarterly Results (4QFY19); Net Profit Down 59.3% (Quarterly Result Update)

May 30, 2019 | Updated on May 30, 2019

For the quarter ended March 2019, TAMIL NADU NEWSPRINT has posted a net profit of Rs 135 m (down 59.3% YoY). Sales on the other hand came in at Rs 10 bn (down 0.2% YoY). Read on for a complete analysis of TAMIL NADU NEWSPRINT's quarterly results.

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