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TEXMACO INFRA 2017-18 Annual Report Analysis

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TEXMACO INFRA 2017-18 Annual Report Analysis
Fri, 21 Dec

TEXMACO INFRA 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.

TEXMACO INFRA Income Statement Analysis

  • Operating income during the year fell 23.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 26.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 25.9% in FY18 as against 27.0% in FY17.
  • Depreciation charges increased by 1.2% and finance costs increased by 128.7% YoY, respectively.
  • Other income declined by 13.9% YoY.
  • Net profit for the year declined by 52.5% YoY.
  • Net profit margins during the year declined from 59.8% in FY17 to 35.7% in FY18.

TEXMACO INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 239 183 -23.6%
Other income Rs m 113 97 -13.9%
Total Revenues Rs m 352 280 -20.4%
Gross profit Rs m 65 47 -26.8%
Depreciation Rs m 25 26 1.2%
Interest Rs m 10 23 128.7%
Profit before tax Rs m 142 96 -32.6%
Tax Rs m 15 21 38.5%
Profit after tax Rs m 210 100 -52.5%
Gross profit margin % 27.0 25.9
Effective tax rate % 10.6 21.7
Net profit margin % 59.8 35.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TEXMACO INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 74 million as compared to Rs 47 million in FY17, thereby witnessing an increase of 57.3%.
  • Long-term debt stood at Rs 261 million as compared to Rs 7 million during FY17, a growth of 3627.1%.
  • Current assets fell 2% and stood at Rs 1 billion, while fixed assets rose 0% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 13%.

TEXMACO INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,644 7,201 8.4
 
Current Liabilities Rs m 47 74 57.3
Long-term Debt Rs m 7 261 3,627.1
Total Liabilities Rs m 6,783 7,646 12.7
 
Current assets Rs m 1,093 1,072 -1.9
Fixed Assets Rs m 1,465 1,467 0.1
Total Assets Rs m 6,783 7,646 12.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TEXMACO INFRA Cash Flow Statement Analysis

  • TEXMACO INFRA's cash flow from operating activities (CFO) during FY18 stood at Rs 17 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -260 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 220 million, an improvement of 824% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -22 million from the Rs 11 million net cash flows seen during FY17.

TEXMACO INFRA 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 -10 17 -
Cash Flow from Investing Activities Rs m 51 -260 -
Cash Flow from Financing Activities Rs m -30 220 -
Net Cash Flow Rs m 11 -22 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TEXMACO INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.8, an decline from the EPS of Rs 1.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 59.2, stands at 78.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 41.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 75.1 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 1.9 1.4
TTM Earnings per share Rs 1.7 0.8
Diluted earnings per share Rs 1.7 0.8
Price to Cash Flow x 49.6 75.1
TTM P/E ratio x 78.4 78.4
Price / Book Value ratio x 0.8 1.1
Market Cap Rs m 7,537 7,537
Dividends per share (Unadj.) Rs 0.2 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TEXMACO INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 14.6x during FY18, from 23.3x 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 5.1x during FY18, from 15.0x 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 1.4% during FY18, from 3.2% 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 1.9% during FY18, from 3.5% 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 1.6% during FY18, from 3.2% 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 23.3 14.6
Debtors’ Days Days 32 50
Interest coverage x 15.0 5.1
Debt to equity ratio x 0.0 0.0
Return on assets % 3.2 1.6
Return on equity % 3.2 1.4
Return on capital employed % 3.5 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TEXMACO INFRA has performed over the last 5 years, please visit here.

TEXMACO INFRA Share Price Performance

Over the last one year, TEXMACO INFRA share price has moved up from Rs 70.5 to Rs 59.2, registering a loss of Rs 11.3 or around 16.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,923.4 (up 0.1%). Over the last one year it has moved down from 18,950.5 to 18,923.4, a loss of 27 points (down 0.1%).

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for TEXMACO INFRA and quarterly results for TEXMACO INFRA)

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