VADILAL INDUSTRIES 2018-19 Annual Report Analysis

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VADILAL INDUSTRIES 2018-19 Annual Report Analysis
Mon, 16 Sep

VADILAL INDUSTRIES 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.

VADILAL INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 3.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 49.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.7% in FY19 as against 8.8% in FY18.
  • Depreciation charges increased by 4.8% and finance costs decreased by 8.1% YoY, respectively.
  • Other income grew by 72.6% YoY.
  • Net profit for the year grew by 113.0% YoY.
  • Net profit margins during the year grew from 2.8% in FY18 to 5.8% in FY19.

VADILAL INDUSTRIES Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 5,474 5,671 3.6%
Other income Rs m 63 108 72.6%
Total Revenues Rs m 5,537 5,779 4.4%
Gross profit Rs m 481 720 49.7%
Depreciation Rs m 161 169 4.8%
Interest Rs m 153 141 -8.1%
Profit before tax Rs m 229 519 126.1%
Tax Rs m 73 185 154.1%
Profit after tax Rs m 157 334 113.0%
Gross profit margin % 8.8 12.7
Effective tax rate % 31.7 35.7
Net profit margin % 2.8 5.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VADILAL INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 2 billion as compared to Rs 2 billion in FY18, thereby witnessing an increase of 9.8%.
  • Long-term debt down at Rs 580 million as compared to Rs 710 million during FY18, a fall of 18.3%.
  • Current assets rose 11% and stood at Rs 2 billion, while fixed assets rose 6% and stood at Rs 3 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 5 billion as against Rs 4 billion during FY18, thereby witnessing a growth of 8%.

VADILAL INDUSTRIES Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 1,753 2,074 18.3
 
Current Liabilities Rs m 1,634 1,794 9.8
Long-term Debt Rs m 710 580 -18.3
Total Liabilities Rs m 4,394 4,761 8.3
 
Current assets Rs m 1,621 1,807 11.4
Fixed Assets Rs m 2,640 2,805 6.3
Total Assets Rs m 4,394 4,761 8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VADILAL INDUSTRIES Cash Flow Statement Analysis

  • VADILAL INDUSTRIES's cash flow from operating activities (CFO) during FY19 stood at Rs 460 million, an improvement of 177.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -328 million, an improvement of 36.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -96 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 36 million from the Rs -13 million net cash flows seen during FY18.

VADILAL INDUSTRIES 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 166 460 177.0%
Cash Flow from Investing Activities Rs m -240 -328 -
Cash Flow from Financing Activities Rs m 61 -96 -
Net Cash Flow Rs m -13 36 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for VADILAL INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 46.3, an improvement from the EPS of Rs 21.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 778.0, stands at 14.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.1 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 760.3 787.7
TTM Earnings per share Rs 21.8 46.3
Diluted earnings per share Rs 21.8 46.3
Price to Cash Flow x 17.6 11.1
TTM P/E ratio x 14.5 14.5
Price / Book Value ratio x 4.0 2.3
Market Cap Rs m 5,602 5,602
Dividends per share (Unadj.) Rs 1.3 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for VADILAL INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY19, from 1.0x 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 4.7x during FY19, from 2.5x 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 16.1% during FY19, from 8.9% 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 24.8% during FY19, from 15.5% 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 10.0% during FY19, from 7.0% 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 1.0 1.0
Debtors’ Days Days 28 20
Interest coverage x 2.5 4.7
Debt to equity ratio x 0.4 0.3
Return on assets % 7.0 10.0
Return on equity % 8.9 16.1
Return on capital employed % 15.5 24.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how VADILAL INDUSTRIES has performed over the last 5 years, please visit here.

VADILAL INDUSTRIES Share Price Performance

Over the last one year, VADILAL INDUSTRIES share price has moved up from Rs 547.0 to Rs 778.0, registering a gain of Rs 231.1 or around 42.2%.

Overall, the S&P BSE SENSEX is down 2.5% over the year.

(To know more, check out historical annual results for VADILAL INDUSTRIES and quarterly results for VADILAL INDUSTRIES)

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1 Responses to "VADILAL INDUSTRIES 2018-19 Annual Report Analysis"

mahesh seth

Dec 31, 2019

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For the quarter ended June 2019, VADILAL INDUSTRIES has posted a net profit of Rs 377 m (up 16.5% YoY). Sales on the other hand came in at Rs 3 bn (up 12.7% YoY). Read on for a complete analysis of VADILAL INDUSTRIES's quarterly results.

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Here's an analysis of the annual report of VADILAL INDUSTRIES for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of VADILAL INDUSTRIES. Also includes updates on the valuation of VADILAL INDUSTRIES.

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