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TVS SRICHAKRA 2017-18 Annual Report Analysis

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TVS SRICHAKRA 2017-18 Annual Report Analysis
Thu, 20 Dec

TVS SRICHAKRA 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.

TVS SRICHAKRA Income Statement Analysis

  • Operating income during the year rose 9.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 10.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.7% in FY18 as against 14.4% in FY17.
  • Depreciation charges increased by 22.4% and finance costs increased by 47.5% YoY, respectively.
  • Other income grew by 234.9% YoY.
  • Net profit for the year declined by 21.6% YoY.
  • Net profit margins during the year declined from 7.6% in FY17 to 5.4% in FY18.

TVS SRICHAKRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 19,605 21,524 9.8%
Other income Rs m 46 154 234.9%
Total Revenues Rs m 19,651 21,677 10.3%
Gross profit Rs m 2,826 2,519 -10.9%
Depreciation Rs m 560 686 22.4%
Interest Rs m 201 297 47.5%
Profit before tax Rs m 2,111 1,690 -19.9%
Tax Rs m 614 516 -15.9%
Profit after tax Rs m 1,497 1,173 -21.6%
Gross profit margin % 14.4 11.7
Effective tax rate % 29.1 30.6
Net profit margin % 7.6 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TVS SRICHAKRA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 6 billion as compared to Rs 7 billion in FY17, thereby witnessing an decrease of -5.3%.
  • Long-term debt down at Rs 77 million as compared to Rs 238 million during FY17, a fall of 67.8%.
  • Current assets fell 2% and stood at Rs 6 billion, while fixed assets rose 9% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 14 billion as against Rs 14 billion during FY17, thereby witnessing a growth of 2%.

TVS SRICHAKRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,611 6,389 13.9
 
Current Liabilities Rs m 6,738 6,378 -5.3
Long-term Debt Rs m 238 77 -67.8
Total Liabilities Rs m 13,910 14,251 2.5
 
Current assets Rs m 6,316 6,220 -1.5
Fixed Assets Rs m 5,856 6,384 9.0
Total Assets Rs m 13,910 14,251 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TVS SRICHAKRA Cash Flow Statement Analysis

  • TVS SRICHAKRA's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 191.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -786 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 46 million from the Rs -27 million net cash flows seen during FY17.

TVS SRICHAKRA 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 637 1,855 191.1%
Cash Flow from Investing Activities Rs m -2,151 -1,023 -
Cash Flow from Financing Activities Rs m 1,487 -786 -
Net Cash Flow Rs m -27 46 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TVS SRICHAKRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 153.2, an decline from the EPS of Rs 195.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,619.8, stands at 16.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.8 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 2,559.4 2,809.9
TTM Earnings per share Rs 195.4 153.2
Diluted earnings per share Rs 195.5 153.2
Price to Cash Flow x 9.8 10.8
TTM P/E ratio x 16.3 16.3
Price / Book Value ratio x 4.4 4.4
Market Cap Rs m 20,068 20,060
Dividends per share (Unadj.) Rs 50.7 40.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TVS SRICHAKRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 0.9x 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 6.7x during FY18, from 11.5x 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 18.4% during FY18, from 26.7% 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 30.7% during FY18, from 39.5% 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 declined and down at 10.3% during FY18, from 12.2% 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 0.9 1.0
Debtors’ Days Days 38 41
Interest coverage x 11.5 6.7
Debt to equity ratio x 0.0 0.0
Return on assets % 12.2 10.3
Return on equity % 26.7 18.4
Return on capital employed % 39.5 30.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TVS SRICHAKRA has performed over the last 5 years, please visit here.

TVS SRICHAKRA Share Price Performance

Over the last one year, TVS SRICHAKRA share price has moved up from Rs 3,345.4 to Rs 2,619.8, registering a loss of Rs 725.6 or around 21.7%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for TVS SRICHAKRA and quarterly results for TVS SRICHAKRA)

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Related Views on News

TVS SRICHAKRA Announces Quarterly Results (2QFY19); Net Profit Down 26.3% (Quarterly Result Update)

Nov 20, 2018 | Updated on Nov 20, 2018

For the quarter ended September 2018, TVS SRICHAKRA has posted a net profit of Rs 296 m (down 26.3% YoY). Sales on the other hand came in at Rs 6 bn (up 11.3% YoY). Read on for a complete analysis of TVS SRICHAKRA's quarterly results.

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