UCAL FUEL 2017-18 Annual Report Analysis

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UCAL FUEL 2017-18 Annual Report Analysis
Wed, 19 Dec

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 fall and down at 15.0% in FY18 as against 12.9% in FY17.
  • Depreciation charges decreased by 12.0% and finance costs decreased by 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 Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 7,911 8,204 3.7%
Other income Rs m 111 67 -39.4%
Total Revenues Rs m 8,022 8,271 3.1%
Gross profit Rs m 1,021 1,230 20.4%
Depreciation Rs m 337 297 -12.0%
Interest Rs m 282 261 -7.4%
Profit before tax Rs m 513 740 44.2%
Tax Rs m 154 -273 -276.6%
Profit after tax Rs m 359 1,012 182.3%
Gross profit margin % 12.9 15.0
Effective tax rate % 30.1 -36.9
Net profit margin % 4.5 12.2
* 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 Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 2,106 2,984 41.7
 
Current Liabilities Rs m 3,155 3,287 4.2
Long-term Debt Rs m 949 736 -22.5
Total Liabilities Rs m 6,429 7,162 11.4
 
Current assets Rs m 2,152 2,348 9.1
Fixed Assets Rs m 3,731 3,851 3.2
Total Assets Rs m 6,429 7,162 11.4
* 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

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 980 783 -20.1%
Cash Flow from Investing Activities Rs m -188 -449 -
Cash Flow from Financing Activities Rs m -714 -487 -
Net Cash Flow Rs m 24 -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 181.0, stands at -6.9 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 3.1 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 357.8 371.0
TTM Earnings per share Rs 16.2 45.8
Diluted earnings per share Rs 16.2 45.8
Price to Cash Flow x 5.8 3.1
TTM P/E ratio x -6.9 -6.9
Price / Book Value ratio x 1.8 1.9
Market Cap Rs m 4,001 4,001
Dividends per share (Unadj.) Rs 5.0 10.0
* 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 Ending 12 Mar-17* 12 Mar-18*
Current ratio x 0.7 0.7
Debtors’ Days Days 53 54
Interest coverage x 2.8 3.8
Debt to equity ratio x 0.5 0.2
Return on assets % 10.0 17.8
Return on equity % 17.0 33.9
Return on capital employed % 26.0 26.9
* 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 289.8 to Rs 181.0, registering a loss of Rs 108.8 or around 37.5%.

Overall, the S&P BSE SENSEX is up 8.6% over the year.

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

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For the quarter ended June 2019, UCAL FUEL has posted a net profit of Rs 141 m (up 42.0% YoY). Sales on the other hand came in at Rs 1 bn (down 6.3% YoY). Read on for a complete analysis of UCAL FUEL's quarterly results.

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