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TRANS CORPN 2017-18 Annual Report Analysis

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TRANS CORPN 2017-18 Annual Report Analysis
Wed, 9 Jan

TRANS CORPN 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.

TRANS CORPN Income Statement Analysis

  • Operating income during the year rose 20.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 31.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.1% in FY18 as against 8.3% in FY17.
  • Depreciation charges increased by 16.0% and finance costs increased by 7.0% YoY, respectively.
  • Other income grew by 49.5% YoY.
  • Net profit for the year grew by 52.4% YoY.
  • Net profit margins during the year grew from 4.2% in FY17 to 5.2% in FY18.

TRANS CORPN Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 19,425 23,461 20.8%
Other income Rs m 122 182 49.5%
Total Revenues Rs m 19,547 23,643 21.0%
Gross profit Rs m 1,620 2,127 31.3%
Depreciation Rs m 592 687 16.0%
Interest Rs m 301 322 7.0%
Profit before tax Rs m 849 1,301 53.2%
Tax Rs m 191 287 50.0%
Profit after tax Rs m 813 1,238 52.4%
Gross profit margin % 8.3 9.1
Effective tax rate % 22.5 22.0
Net profit margin % 4.2 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRANS CORPN Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 10.1%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 1 billion during FY17, a growth of 5.8%.
  • Current assets rose 18% and stood at Rs 6 billion, while fixed assets rose 14% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 14 billion as against Rs 12 billion during FY17, thereby witnessing a growth of 14%.

TRANS CORPN Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,466 7,618 17.8
 
Current Liabilities Rs m 3,940 4,336 10.1
Long-term Debt Rs m 1,432 1,514 5.8
Total Liabilities Rs m 12,294 13,978 13.7
 
Current assets Rs m 4,749 5,622 18.4
Fixed Assets Rs m 5,985 6,821 14.0
Total Assets Rs m 12,294 13,978 13.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRANS CORPN Cash Flow Statement Analysis

  • TRANS CORPN's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 82.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 26.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -303 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -44 million from the Rs 81 million net cash flows seen during FY17.

TRANS CORPN 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 988 1,801 82.3%
Cash Flow from Investing Activities Rs m -1,223 -1,543 -
Cash Flow from Financing Activities Rs m 316 -303 -
Net Cash Flow Rs m 81 -44 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TRANS CORPN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.2, an improvement from the EPS of Rs 10.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 284.5, stands at 18.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.3 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 253.7 306.4
TTM Earnings per share Rs 10.6 16.2
Diluted earnings per share Rs 11.1 16.9
Price to Cash Flow x 17.4 12.3
TTM P/E ratio x 19.0 18.2
Price / Book Value ratio x 3.2 2.9
Market Cap Rs m 21,787 20,845
Dividends per share (Unadj.) Rs 1.1 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TRANS CORPN

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.2x 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 5.0x during FY18, from 3.8x 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 16.3% during FY18, from 12.6% 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 20.2% during FY18, from 16.5% 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 11.2% during FY18, from 9.1% 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 1.2 1.3
Debtors’ Days Days 67 66
Interest coverage x 3.8 5.0
Debt to equity ratio x 0.2 0.2
Return on assets % 9.1 11.2
Return on equity % 12.6 16.3
Return on capital employed % 16.5 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TRANS CORPN has performed over the last 5 years, please visit here.

TRANS CORPN Share Price Performance

Over the last one year, TRANS CORPN share price has moved up from Rs 293.6 to Rs 284.5, registering a loss of Rs 9.1 or around 3.1%.

Overall, the S&P BSE SENSEX is up 5.4% over the year.

(To know more, check out historical annual results for TRANS CORPN and quarterly results for TRANS CORPN)

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