UNICHEM LAB 2018-19 Annual Report Analysis

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UNICHEM LAB 2018-19 Annual Report Analysis
Thu, 4 Jul

UNICHEM LAB 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.

UNICHEM LAB Income Statement Analysis

  • Operating income during the year rose 44.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 36.7% YoY during the fiscal. Operating profit margins witnessed a growth and down at 7.1% in FY19 as against 16.2% in FY18.
  • Depreciation charges increased by 33.4% and finance costs decreased by 6.1% YoY, respectively.
  • Other income grew by 61.6% YoY.
  • Net profit for the year declined by 80.8% YoY.
  • Net profit margins during the year grew from 15.2% in FY18 to 2.0% in FY19.

UNICHEM LAB Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 8,146 11,801 44.9%
Other income Rs m 609 984 61.6%
Total Revenues Rs m 8,755 12,785 46.0%
Gross profit Rs m -1,319 -835 -36.7%
Depreciation Rs m 505 674 33.4%
Interest Rs m 80 75 -6.1%
Profit before tax Rs m -1,295 -600 -53.7%
Tax Rs m 33 -343 -1,127.7%
Profit after tax Rs m -1,331 -256 -80.8%
Gross profit margin % -16.2 -7.1
Effective tax rate % -2.6 57.3
Net profit margin % -15.2 -2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UNICHEM LAB Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 5 billion as compared to Rs 5 billion in FY18, thereby witnessing an increase of 8.5%.
  • Current assets fell 13% and stood at Rs 20 billion, while fixed assets rose 11% and stood at Rs 9 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 31 billion as against Rs 32 billion during FY18, thereby witnessing a fall of 1%.

UNICHEM LAB Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 26,801 26,199 -2.2
 
Current Liabilities Rs m 4,635 5,029 8.5
Long-term Debt Rs m 3 0 -100.0
Total Liabilities Rs m 31,937 31,496 -1.4
 
Current assets Rs m 23,365 20,384 -12.8
Fixed Assets Rs m 8,163 9,023 10.5
Total Assets Rs m 31,937 31,496 -1.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UNICHEM LAB Cash Flow Statement Analysis

  • UNICHEM LAB's cash flow from operating activities (CFO) during FY19 stood at Rs -3 billion, an improvement of 191.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -24 million, an improvement of 100% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -5 billion from the Rs 7 billion net cash flows seen during FY18.

UNICHEM LAB 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 -1,123 -3,278 -
Cash Flow from Investing Activities Rs m 16,483 -2,860 -
Cash Flow from Financing Activities Rs m -8,811 -24 -
Net Cash Flow Rs m 6,549 -4,690 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for UNICHEM LAB

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.6, an improvement from the EPS of Rs -18.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 175.1, stands at 225.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 38.0 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 115.8 167.7
TTM Earnings per share Rs -18.9 -3.6
Diluted earnings per share Rs -14.7 -2.8
Price to Cash Flow x -15.0 38.0
TTM P/E ratio x 174.9 225.5
Price / Book Value ratio x 0.8 0.6
Market Cap Rs m 12,317 15,882
Dividends per share (Unadj.) Rs 5.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for UNICHEM LAB

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 4.1x during FY19, from 5.0x 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 improved and stood at -7.0x during FY19, from -15.2x 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 -1.0% during FY19, from -5.0% 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 -2.0% during FY19, from -4.5% 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 -0.6% during FY19, from -3.9% 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 5.0 4.1
Debtors’ Days Days 124 135
Interest coverage x -15.2 -7.0
Debt to equity ratio x 0.0 0.0
Return on assets % -3.9 -0.6
Return on equity % -5.0 -1.0
Return on capital employed % -4.5 -2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how UNICHEM LAB has performed over the last 5 years, please visit here.

UNICHEM LAB Share Price Performance

Over the last one year, UNICHEM LAB share price has moved up from Rs 241.6 to Rs 175.1, registering a loss of Rs 66.5 or around 27.5%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 12,944.9 (up 0.1%). Over the last one year it has moved down from 14,326.1 to 12,944.9, a loss of 1,381 points (down 9.6%).

Overall, the S&P BSE SENSEX is up 12.9% over the year.

(To know more, check out historical annual results for UNICHEM LAB and quarterly results for UNICHEM LAB)

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Related Views on News

UNICHEM LAB Announces Quarterly Results (1QFY20); Net Profit Up 102.2% (Quarterly Result Update)

Jul 30, 2019 | Updated on Jul 30, 2019

For the quarter ended June 2019, UNICHEM LAB has posted a net profit of Rs 5 m (up 102.2% YoY). Sales on the other hand came in at Rs 2 bn (up 15.4% YoY). Read on for a complete analysis of UNICHEM LAB's quarterly results.

UNICHEM LAB Announces Quarterly Results (4QFY19); Net Profit Up 31.7% (Quarterly Result Update)

May 29, 2019 | Updated on May 29, 2019

For the quarter ended March 2019, UNICHEM LAB has posted a net profit of Rs 37 m (up 31.7% YoY). Sales on the other hand came in at Rs 3 bn (up 35.1% YoY). Read on for a complete analysis of UNICHEM LAB's quarterly results.

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