VENUS REMEDIES 2017-18 Annual Report Analysis

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VENUS REMEDIES 2017-18 Annual Report Analysis
Fri, 21 Dec

VENUS REMEDIES 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.

VENUS REMEDIES Income Statement Analysis

  • Operating income during the year fell 6.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 22.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.6% in FY18 as against 12.7% in FY17.
  • Depreciation charges decreased by 16.0% and finance costs increased by 3.1% YoY, respectively.
  • Other income declined by 0.9% YoY.
  • Net profit for the year grew by 79.7% YoY.
  • Net profit margins during the year declined from 4.2% in FY17 to 8.2% in FY18.

VENUS REMEDIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,000 3,724 -6.9%
Other income Rs m 23 23 -0.9%
Total Revenues Rs m 4,023 3,747 -6.9%
Gross profit Rs m 507 395 -22.2%
Depreciation Rs m 403 338 -16.0%
Interest Rs m 344 354 3.1%
Profit before tax Rs m -216 -275 27.2%
Tax Rs m -46 32 -169.3%
Profit after tax Rs m -171 -307 79.7%
Gross profit margin % 12.7 10.6
Effective tax rate % 21.1 -11.5
Net profit margin % -4.2 -8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VENUS REMEDIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 17.1%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY17, a fall of 15.1%.
  • Current assets rose 2% and stood at Rs 3 billion, while fixed assets fell 4% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 8 billion during FY17, thereby witnessing a fall of 2%.

VENUS REMEDIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,887 3,619 -6.9
 
Current Liabilities Rs m 1,968 2,305 17.1
Long-term Debt Rs m 1,618 1,374 -15.1
Total Liabilities Rs m 7,650 7,509 -1.8
 
Current assets Rs m 2,594 2,638 1.7
Fixed Assets Rs m 5,056 4,871 -3.7
Total Assets Rs m 7,650 7,509 -1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VENUS REMEDIES Cash Flow Statement Analysis

  • VENUS REMEDIES's cash flow from operating activities (CFO) during FY18 stood at Rs 514 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -123 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -387 million, an improvement of 12% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 4 million from the Rs -35 million net cash flows seen during FY17.

VENUS REMEDIES 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 589 514 -12.7%
Cash Flow from Investing Activities Rs m -183 -123 -
Cash Flow from Financing Activities Rs m -441 -387 -
Net Cash Flow Rs m -35 4 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for VENUS REMEDIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -24.9, an decline from the EPS of Rs -13.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 45.4, stands at -3.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.5 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 324.2 301.8
TTM Earnings per share Rs -13.8 -24.9
Diluted earnings per share Rs -14.9 -26.8
Price to Cash Flow x 2.4 16.5
TTM P/E ratio x -4.1 -3.8
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 560 519
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for VENUS REMEDIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.3x 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 0.2x during FY18, from 0.4x 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 declined and down at -8.5% during FY18, from -4.4% 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 declined and down at 1.6% during FY18, from 2.3% 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 declined and down at 0.6% during FY18, from 2.3% 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 1.3 1.1
Debtors’ Days Days 43 46
Interest coverage x 0.4 0.2
Debt to equity ratio x 0.4 0.4
Return on assets % 2.3 0.6
Return on equity % -4.4 -8.5
Return on capital employed % 2.3 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how VENUS REMEDIES has performed over the last 5 years, please visit here.

VENUS REMEDIES Share Price Performance

Over the last one year, VENUS REMEDIES share price has moved up from Rs 103.6 to Rs 45.4, registering a loss of Rs 58.2 or around 56.2%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 13,922.3 (up 0.1%). Over the last one year it has moved down from 14,407.3 to 13,922.3, a loss of 485 points (down 3.4%).

Overall, the S&P BSE SENSEX is up 7.7% over the year.

(To know more, check out historical annual results for VENUS REMEDIES and quarterly results for VENUS REMEDIES)

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Related Views on News

VENUS REMEDIES Announces Quarterly Results (4QFY19); Net Profit Down 11.1% (Quarterly Result Update)

Jun 12, 2019 | Updated on Jun 12, 2019

For the quarter ended March 2019, VENUS REMEDIES has posted a net profit of Rs 104 m (down 11.1% YoY). Sales on the other hand came in at Rs 864 m (down 7.3% YoY). Read on for a complete analysis of VENUS REMEDIES's quarterly results.

VENUS REMEDIES Announces Quarterly Results (3QFY19); Net Profit Down 2301.8% (Quarterly Result Update)

Feb 22, 2019 | Updated on Feb 22, 2019

For the quarter ended December 2018, VENUS REMEDIES has posted a net profit of Rs 119 m (down 2301.8% YoY). Sales on the other hand came in at Rs 691 m (down 25.8% YoY). Read on for a complete analysis of VENUS REMEDIES's quarterly results.

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