VOLTAMP TRANSFORMERS 2018-19 Annual Report Analysis

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VOLTAMP TRANSFORMERS 2018-19 Annual Report Analysis
Mon, 22 Jul

VOLTAMP TRANSFORMERS 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.

VOLTAMP TRANSFORMERS Income Statement Analysis

  • Operating income during the year rose 29.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 40.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.3% in FY19 as against 10.4% in FY18.
  • Depreciation charges increased by 19.2% increased by 0.0% YoY, respectively.
  • Other income declined by 7.9% YoY.
  • Net profit for the year grew by 15.5% YoY.
  • Net profit margins during the year declined from 10.8% in FY18 to 9.8% in FY19.

VOLTAMP TRANSFORMERS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 6,390 8,288 29.7%
Other income Rs m 394 363 -7.9%
Total Revenues Rs m 6,784 8,651 27.5%
Gross profit Rs m 668 936 40.2%
Depreciation Rs m 60 72 19.2%
Interest Rs m 0 0 0.0%
Profit before tax Rs m 1,001 1,227 22.5%
Tax Rs m 267 378 41.9%
Profit after tax Rs m 735 848 15.5%
Gross profit margin % 10.4 11.3
Effective tax rate % 26.6 30.8
Net profit margin % 10.8 9.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VOLTAMP TRANSFORMERS Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 536 million as compared to Rs 437 million in FY18, thereby witnessing an increase of 22.6%.
  • Current assets rose 18% and stood at Rs 3 billion, while fixed assets rose 5% and stood at Rs 484 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 8 billion as against Rs 7 billion during FY18, thereby witnessing a growth of 12%.

VOLTAMP TRANSFORMERS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,201 6,867 10.7
 
Current Liabilities Rs m 437 536 22.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,700 7,506 12.0
 
Current assets Rs m 2,747 3,250 18.3
Fixed Assets Rs m 459 484 5.3
Total Assets Rs m 6,700 7,506 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VOLTAMP TRANSFORMERS Cash Flow Statement Analysis

  • VOLTAMP TRANSFORMERS's cash flow from operating activities (CFO) during FY19 stood at Rs 325 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -109 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -183 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 33 million from the Rs 41 million net cash flows seen during FY18.

VOLTAMP TRANSFORMERS 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 426 325 -23.7%
Cash Flow from Investing Activities Rs m -202 -109 -
Cash Flow from Financing Activities Rs m -182 -183 -
Net Cash Flow Rs m 41 33 -20.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for VOLTAMP TRANSFORMERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 83.4, an improvement from the EPS of Rs 72.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,072.6, stands at 12.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.8 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 628.3 815.0
TTM Earnings per share Rs 72.3 83.4
Diluted earnings per share Rs 72.6 83.8
Price to Cash Flow x 13.7 11.8
TTM P/E ratio x 12.9 12.8
Price / Book Value ratio x 1.9 1.5
Market Cap Rs m 10,908 10,855
Dividends per share (Unadj.) Rs 15.0 22.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for VOLTAMP TRANSFORMERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 6.1x during FY19, from 6.3x during FY18. The current ratio measures the company's ability to pay short-term and long-term obligations.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 12.4% during FY19, from 11.8% 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 17.9% during FY19, from 16.1% 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 11.3% during FY19, from 11.0% 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 6.3 6.1
Debtors’ Days Days 83 78
Interest coverage x 0.0 0.0
Debt to equity ratio x 0.0 0.0
Return on assets % 11.0 11.3
Return on equity % 11.8 12.4
Return on capital employed % 16.1 17.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how VOLTAMP TRANSFORMERS has performed over the last 5 years, please visit here.

VOLTAMP TRANSFORMERS Share Price Performance

Over the last one year, VOLTAMP TRANSFORMERS share price has moved up from Rs 888.8 to Rs 1,072.6, registering a gain of Rs 183.9 or around 20.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,885.4 (down 0.8%). Over the last one year it has moved up from 17,494.6 to 17,885.4, a gain of 391 points (up 2.2%).

Overall, the S&P BSE SENSEX is up 4.4% over the year.

(To know more, check out historical annual results for VOLTAMP TRANSFORMERS and quarterly results for VOLTAMP TRANSFORMERS)

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