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UCAL FUEL 2017-18 Annual Report Analysis

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UCAL FUEL 2017-18 Annual Report Analysis
Wed, 10 Oct

UCAL FUEL 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.

UCAL FUEL Income Statement Analysis

  • Operating income during the year rose 3.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.4% YoY during the fiscal. Operating profit margins witnessed a rise and up at 15.0% in FY18 as against 12.9% in FY17.
  • Depreciation charges and finance costs decreased by 12.0% YoY and 7.4% YoY, respectively.
  • Other income declined by 39.4% YoY.
  • Net profit for the year grew by 182.3% YoY.
  • Net profit margins during the year grew from 4.5% in FY17 to 12.2% in FY18.

UCAL FUEL Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m7,9118,2043.7%
Other incomeRs m11167-39.4%
Total RevenuesRs m8,0228,2713.1%
Gross profitRs m1,0211,23020.4%
DepreciationRs m337297-12.0%
InterestRs m282261-7.4%
Profit before taxRs m51374044.2%
TaxRs m154-273-276.6%
Profit after taxRs m3591,012182.3%
Gross profit margin%12.915.0
Effective tax rate%30.1-36.9
Net profit margin%4.512.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UCAL FUEL Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 4.2%.
  • Long-term debt down at Rs 736 million as compared to Rs 949 million during FY17, a fall of 22.5%.
  • Current assets rose 9% and stood at Rs 2 billion, while fixed assets rose 3% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 7 billion as against Rs 6 billion during FY17, thereby witnessing a growth of 11%.

UCAL FUEL Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m2,1062,98441.7
 
Current LiabilitiesRs m3,1553,2874.2
Long-term DebtRs m949736-22.5
Total LiabilitiesRs m6,4297,16211.4
 
Current assetsRs m2,1522,3489.1
Fixed AssetsRs m 3,7313,8513.2
Total AssetsRs m6,4297,16211.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UCAL FUEL Cash Flow Statement Analysis

  • UCAL FUEL's cash flow from operating activities (CFO) during FY18 stood at Rs 783 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -449 million, an improvement of 138.8% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -487 million, an improvement of 32% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -159 million from the Rs 24 million net cash flows seen during FY17.

UCAL FUEL Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m980783-20.1%
Cash Flow from Investing ActivitiesRs m-188-449-
Cash Flow from Financing ActivitiesRs m-714-487-
Net Cash FlowRs m24-159-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for UCAL FUEL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 45.8, an improvement from the EPS of Rs 16.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 180.0, stands at -7.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.0 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.)Rs357.8371.0
TTM Earnings per shareRs16.245.8
Diluted earnings per shareRs16.245.8
Price to Cash Flow x5.73.0
TTM P/E ratiox-7.5-7.5
Price / Book Value ratiox1.81.9
Market CapRs m3,9803,980
Dividends per share (Unadj.)Rs5.010.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for UCAL FUEL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 0.7x 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 3.8x during FY18, from 2.8x 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 33.9% during FY18, from 17.0% 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 26.9% during FY18, from 26.0% 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 17.8% during FY18, from 10.0% 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 ratiox0.70.7
Debtors’ DaysDays5354
Interest coveragex2.83.8
Debt to equity ratiox0.50.2
Return on assets%10.017.8
Return on equity%17.033.9
Return on capital employed%26.026.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how UCAL FUEL has performed over the last 5 years, please visit here.

UCAL FUEL Share Price Performance

Over the last one year, UCAL FUEL share price has moved up from Rs 207.9 to Rs 180.0, registering a loss of Rs 27.9 or around 13.4%.

Overall, the S&P BSE SENSEX is up 8.9% over the year.

(To know more, check out historical annual results for UCAL FUEL and quarterly results for UCAL FUEL)

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