TVS SRICHAKRA 2018-19 Annual Report Analysis

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TVS SRICHAKRA 2018-19 Annual Report Analysis
Mon, 19 Aug

TVS SRICHAKRA has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

TVS SRICHAKRA Income Statement Analysis

  • Operating income during the year rose 12.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.8% in FY19 as against 11.7% in FY18.
  • Depreciation charges increased by 23.6% and finance costs increased by 20.2% YoY, respectively.
  • Other income declined by 21.9% YoY.
  • Net profit for the year declined by 12.0% YoY.
  • Net profit margins during the year declined from 5.4% in FY18 to 4.2% in FY19.

TVS SRICHAKRA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 21,524 24,310 12.9%
Other income Rs m 154 120 -21.9%
Total Revenues Rs m 21,677 24,430 12.7%
Gross profit Rs m 2,519 2,618 3.9%
Depreciation Rs m 686 848 23.6%
Interest Rs m 297 357 20.2%
Profit before tax Rs m 1,690 1,533 -9.3%
Tax Rs m 516 500 -3.1%
Profit after tax Rs m 1,173 1,033 -12.0%
Gross profit margin % 11.7 10.8
Effective tax rate % 30.6 32.6
Net profit margin % 5.4 4.2
* 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 FY19 stood at Rs 9 billion as compared to Rs 6 billion in FY18, thereby witnessing an increase of 38.2%.
  • Long-term debt stood at Rs 469 million as compared to Rs 77 million during FY18, a growth of 512.8%.
  • Current assets rose 49% and stood at Rs 9 billion, while fixed assets rose 8% and stood at Rs 7 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 18 billion as against Rs 14 billion during FY18, thereby witnessing a growth of 27%.

TVS SRICHAKRA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,389 7,283 14.0
 
Current Liabilities Rs m 6,378 8,815 38.2
Long-term Debt Rs m 77 469 512.8
Total Liabilities Rs m 14,251 18,093 27.0
 
Current assets Rs m 6,220 9,258 48.8
Fixed Assets Rs m 6,384 6,902 8.1
Total Assets Rs m 14,251 18,093 27.0
* 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 FY19 stood at Rs 640 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion, an improvement of 17.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 524 million, an improvement of 167% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -40 million from the Rs 46 million net cash flows seen during FY18.

TVS SRICHAKRA Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 1,855 640 -65.5%
Cash Flow from Investing Activities Rs m -1,023 -1,204 -
Cash Flow from Financing Activities Rs m -786 524 -
Net Cash Flow Rs m 46 -40 -
* 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 134.8, an decline from the EPS of Rs 153.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,668.0, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 2,809.9 3,173.6
TTM Earnings per share Rs 153.2 134.8
Diluted earnings per share Rs 153.2 134.9
Price to Cash Flow x 6.9 6.8
TTM P/E ratio x 10.4 10.4
Price / Book Value ratio x 4.4 3.1
Market Cap Rs m 12,777 12,772
Dividends per share (Unadj.) Rs 40.0 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 1.1x during FY19, from 1.0x during FY18. 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 5.3x during FY19, from 6.7x during FY18. 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 14.2% during FY19, from 18.4% during FY19. 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 24.4% during FY19, from 30.7% during FY18. 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 7.7% during FY19, from 10.3% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.0 1.1
Debtors’ Days Days 41 51
Interest coverage x 6.7 5.3
Debt to equity ratio x 0.0 0.1
Return on assets % 10.3 7.7
Return on equity % 18.4 14.2
Return on capital employed % 30.7 24.4
* 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 down from Rs 2,899.0 to Rs 1,668.0, registering a loss of Rs 1,231.0 or around 42.5%.

Overall, the S&P BSE SENSEX is down 0.2% over the year.

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

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TVS SRICHAKRA 2017-18 Annual Report Analysis (Annual Result Update)

Dec 20, 2018 | Updated on Dec 20, 2018

Here's an analysis of the annual report of TVS SRICHAKRA for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of TVS SRICHAKRA. Also includes updates on the valuation of TVS SRICHAKRA.

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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