TIME TECHNO 2017-18 Annual Report Analysis

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TIME TECHNO 2017-18 Annual Report Analysis
Wed, 27 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 12.6% 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 15.2% in FY18 as against 14.7% in FY17.
  • Depreciation charges increased by 18.8% and finance costs decreased by 2.9% YoY, respectively.
  • Other income declined by 3.5% YoY.
  • Net profit for the year grew by 22.3% YoY.
  • Net profit margins during the year grew from 5.5% in FY17 to 6.0% in FY18.

TIME TECHNO Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m27,54631,02712.6%
Other incomeRs m2221-3.5%
Total RevenuesRs m27,56831,04912.6%
Gross profitRs m4,0424,73117.0%
DepreciationRs m1,1551,37318.8%
InterestRs m901875-2.9%
Profit before taxRs m2,0092,50424.7%
TaxRs m49465231.9%
Profit after taxRs m1,5141,85322.3%
Gross profit margin%14.715.2
Effective tax rate%24.626.0
Net profit margin%5.56.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m13,26514,83111.8
 
Current LiabilitiesRs m9,0129,8008.7
Long-term DebtRs m2,5823,30227.9
Total LiabilitiesRs m25,71328,91912.5
 
Current assetsRs m13,67215,76215.3
Fixed AssetsRs m 11,87412,9389.0
Total AssetsRs m25,71328,91912.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m1,8803,03361.3%
Cash Flow from Investing ActivitiesRs m-2,119-2,442-
Cash Flow from Financing ActivitiesRs m193-508-
Net Cash FlowRs m-4684-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 101.3, stands at 19.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs121.8137.2
TTM Earnings per shareRs6.78.2
Diluted earnings per shareRs7.28.8
Price to Cash Flow x8.66.6
TTM P/E ratiox20.919.4
Price / Book Value ratiox1.52.6
Market CapRs m22,90921,285
Dividends per share (Unadj.)Rs0.70.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 Ending12 Mar-17*12 Mar-18*
Current ratiox1.51.6
Debtors’ DaysDays7779
Interest coveragex3.23.9
Debt to equity ratiox0.20.2
Return on assets%9.49.4
Return on equity%11.412.5
Return on capital employed%18.418.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 160.9 to Rs 101.3, registering a loss of Rs 59.6 or around 37.0%.

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

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