TITAGARH WAGONS 2018-19 Annual Report Analysis

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TITAGARH WAGONS 2018-19 Annual Report Analysis
Thu, 19 Sep

TITAGARH WAGONS 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.

TITAGARH WAGONS Income Statement Analysis

  • Operating income during the year rose 34.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 135.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 2.0% in FY19 as against 7.6% in FY18.
  • Depreciation charges decreased by 28.9% and finance costs increased by 55.2% YoY, respectively.
  • Other income grew by 78.5% YoY.
  • Net profit for the year declined by 84.7% YoY.
  • Net profit margins during the year grew from 11.3% in FY18 to 1.3% in FY19.

TITAGARH WAGONS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 12,682 17,108 34.9%
Other income Rs m 299 533 78.5%
Total Revenues Rs m 12,981 17,641 35.9%
Gross profit Rs m -967 341 -135.2%
Depreciation Rs m 508 362 -28.9%
Interest Rs m 441 684 55.2%
Profit before tax Rs m -1,618 -171 -89.4%
Tax Rs m -199 -330 65.3%
Profit after tax Rs m -1,472 -225 -84.7%
Gross profit margin % -7.6 2.0
Effective tax rate % 12.3 192.5
Net profit margin % -11.3 -1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TITAGARH WAGONS Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 12 billion as compared to Rs 15 billion in FY18, thereby witnessing an decrease of -20.0%.
  • Long-term debt stood at Rs 6 billion as compared to Rs 2 billion during FY18, a growth of 207.4%.
  • Current assets fell 0% and stood at Rs 16 billion, while fixed assets fell 1% and stood at Rs 10 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 27 billion as against Rs 27 billion during FY18, thereby witnessing a fall of 0%.

TITAGARH WAGONS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 8,547 8,162 -4.5
 
Current Liabilities Rs m 15,017 12,019 -20.0
Long-term Debt Rs m 1,873 5,756 207.4
Total Liabilities Rs m 27,196 27,163 -0.1
 
Current assets Rs m 15,850 15,849 0.0
Fixed Assets Rs m 9,850 9,710 -1.4
Total Assets Rs m 27,196 27,163 -0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TITAGARH WAGONS Cash Flow Statement Analysis

  • TITAGARH WAGONS's cash flow from operating activities (CFO) during FY19 stood at Rs -1 billion, an improvement of 2.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -484 million, an improvement of 89.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 2 billion, an improvement of 12% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 403 million from the Rs 246 million net cash flows seen during FY18.

TITAGARH WAGONS 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 -1,211 -1,244 -
Cash Flow from Investing Activities Rs m -256 -484 -
Cash Flow from Financing Activities Rs m 1,905 2,137 12.1%
Net Cash Flow Rs m 246 403 63.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TITAGARH WAGONS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.0, an improvement from the EPS of Rs -12.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 41.3, stands at -5.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 30.3 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 109.8 148.1
TTM Earnings per share Rs -12.7 -2.0
Diluted earnings per share Rs -14.7 -2.2
Price to Cash Flow x -5.0 30.3
TTM P/E ratio x -6.7 -5.8
Price / Book Value ratio x 2.0 1.3
Market Cap Rs m 4,770 4,142
Dividends per share (Unadj.) Rs 0.3 0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TITAGARH WAGONS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY19, from 1.1x 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 improved and stood at 0.7x during FY19, from -2.7x 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 improved and stood at -2.8% during FY19, from -17.2% 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 improved and stood at 0.9% during FY19, from -11.8% 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 improved and stood at 1.7% during FY19, from -3.8% 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 1.1 1.3
Debtors’ Days Days 79 73
Interest coverage x -2.7 0.7
Debt to equity ratio x 0.2 0.7
Return on assets % -3.8 1.7
Return on equity % -17.2 -2.8
Return on capital employed % -11.8 0.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TITAGARH WAGONS has performed over the last 5 years, please visit here.

TITAGARH WAGONS Share Price Performance

Over the last one year, TITAGARH WAGONS share price has moved down from Rs 84.5 to Rs 41.3, registering a loss of Rs 43.2 or around 51.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,780.7 (down 1.1%). Over the last one year it has moved down from 18,168.6 to 16,780.7, a loss of 1,388 points (down 7.6%).

Overall, the S&P BSE SENSEX is down 2.8% over the year.

(To know more, check out historical annual results for TITAGARH WAGONS and quarterly results for TITAGARH WAGONS)

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