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TIME TECHNO 2017-18 Annual Report Analysis
Sat, 31 Mar

TIME TECHNO 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.

TIME TECHNO Income Statement Analysis

  • Operating income during the year rose 7.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.4% in FY18 as against 16.0% in FY17.
  • Depreciation charges increased by 18.8% and finance costs decreased by 2.9% YoY, respectively.
  • Other income declined by 3.6% YoY.
  • Net profit for the year grew by 22.3% YoY.
  • Net profit margins during the year grew from 6.0% in FY17 to 6.8% in FY18.

TIME TECHNO Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 25,280 27,242 7.8%
Other income Rs m 22 21 -3.6%
Total Revenues Rs m 25,303 27,263 7.7%
Gross profit Rs m 4,042 4,731 17.0%
Depreciation Rs m 1,155 1,372 18.8%
Interest Rs m 901 875 -2.9%
Profit before tax Rs m 2,009 2,504 24.7%
Tax Rs m 494 652 31.9%
Profit after tax Rs m 1,514 1,853 22.3%
Gross profit margin % 16.0 17.4
Effective tax rate % 24.6 26.0
Net profit margin % 6.0 6.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

TIME TECHNO Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 10 billion as compared to Rs 9 billion in FY17, thereby witnessing an increase of 8.7%.
  • Long-term debt stood at Rs 3 billion as compared to Rs 3 billion during FY17, a growth of 27.9%.
  • Current assets rose 15% and stood at Rs 16 billion, while fixed assets rose 9% and stood at Rs 13 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 29 billion as against Rs 26 billion during FY17, thereby witnessing a growth of 12%.

TIME TECHNO Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 13,265 14,831 11.8
 
Current Liabilities Rs m 9,012 9,800 8.7
Long-term Debt Rs m 2,582 3,302 27.9
Total Liabilities Rs m 25,713 28,919 12.5
 
Current assets Rs m 13,672 15,762 15.3
Fixed Assets Rs m 12,041 13,158 9.3
Total Assets Rs m 25,713 28,919 12.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TIME TECHNO Cash Flow Statement Analysis

  • TIME TECHNO's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion, an improvement of 61.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 15.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -508 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 84 million from the Rs -46 million net cash flows seen during FY17.

TIME TECHNO 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 1,880 3,033 61.3%
Cash Flow from Investing Activities Rs m -2,119 -2,442 -
Cash Flow from Financing Activities Rs m 193 -508 -
Net Cash Flow Rs m -46 84 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TIME TECHNO

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs 6.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 159.6, stands at 20.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.0 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 111.8 120.5
TTM Earnings per share Rs 6.7 8.2
Diluted earnings per share Rs 6.7 8.2
Price to Cash Flow x 10.5 12.0
TTM P/E ratio x 25.5 20.1
Price / Book Value ratio x 1.5 2.6
Market Cap Rs m 19,692 38,852
Dividends per share (Unadj.) Rs 0.7 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TIME TECHNO

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY18, from 1.5x 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 improved and stood at 3.9x during FY18, from 3.2x 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 improved and stood at 12.5% during FY18, from 11.4% 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 18.6% during FY18, from 18.4% 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 9.4% during FY18, from 9.4% 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 1.5 1.6
Debtors’ Days Days 835 898
Interest coverage x 3.2 3.9
Debt to equity ratio x 0.2 0.2
Return on assets % 9.4 9.4
Return on equity % 11.4 12.5
Return on capital employed % 18.4 18.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how TIME TECHNO has performed over the last 5 years, please visit here.

TIME TECHNO Share Price Performance

Over the last one year, TIME TECHNO share price has moved up from Rs 123.8 to Rs 159.6, registering a gain of Rs 35.8 or around 28.9%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for TIME TECHNO and quarterly results for TIME TECHNO)

Annual Report FAQs

What is the current share price of TIME TECHNO?

TIME TECHNO currently trades at Rs 249.4 per share. You can check out the latest share price performance of TIME TECHNO here...

What was the revenue of TIME TECHNO in FY18? How does it compare to earlier years?

The revenues of TIME TECHNO stood at Rs 27,263 m in FY18, which was up 7.7% compared to Rs 25,303 m reported in FY17.

TIME TECHNO's revenue has grown from Rs 22,560 m in FY16 to Rs 27,263 m in FY18.

Over the past 3 years, the revenue of TIME TECHNO has grown at a CAGR of 9.9%.

What was the net profit of TIME TECHNO in FY18? How does it compare to earlier years?

The net profit of TIME TECHNO stood at Rs 1,853 m in FY18, which was up 22.3% compared to Rs 1,514 m reported in FY17.

This compares to a net profit of Rs 1,419 m in FY16.

Over the past 3 years, TIME TECHNO net profit has grown at a CAGR of 14.3%.

What does the cash flow statement of TIME TECHNO 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 TIME TECHNO reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 3,033 m as compared to Rs 1,880 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -2,442 m as compared to Rs -2,119 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -508 m as compared to Rs 193 m in FY17.

Here's the cash flow statement of TIME TECHNO for the past 3 years.

(Rs m)FY16FY17FY18
From Operations2,8861,8803,033
From Investments-1,202-2,119-2,442
From Financial Activity-1,673193-508
Net Cashflow11-4684

What does the Key Ratio analysis of TIME TECHNO 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 TIME TECHNO reveals:

  • Operating profit margins witnessed a fall and down at 17.4% in FY18 as against 16.0% in FY17.
  • Net profit margins grew from 6.0% in FY17 to 6.8% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.2 as compared to 0.2 in FY17.

Here's the ratio/financial analysis of TIME TECHNO for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)16.616.017.4
Net Profit Margin (%)6.36.06.8
Debt to Equity Ratio (x)0.20.20.2

Read: Latest Annual Report Analysis of TIME TECHNO

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