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VST INDUSTRIES 2017-18 Annual Report Analysis

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VST INDUSTRIES 2017-18 Annual Report Analysis
Tue, 18 Sep

VST INDUSTRIES 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.

VST INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 2.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 19.0% YoY during the fiscal. Operating profit margins witnessed a rise and up at 31.1% in FY18 as against 26.9% in FY17.
  • Depreciation charges increased by 6.1% YoY.
  • Other income grew by 18.6% YoY.
  • Net profit for the year grew by 20.0% YoY.
  • Net profit margins during the year grew from 16.1% in FY17 to 18.7% in FY18.

VST INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m9,2249,4762.7%
Other incomeRs m20123818.6%
Total RevenuesRs m9,4259,7143.1%
Gross profitRs m2,4772,94819.0%
DepreciationRs m3693926.1%
InterestRs m000.0%
Profit before taxRs m2,3092,79521.0%
TaxRs m79497622.9%
Profit after taxRs m1,5151,81920.0%
Gross profit margin%26.931.1
Effective tax rate%34.434.9
Net profit margin%16.118.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VST INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 86.3%.
  • Current assets rose 37% and stood at Rs 7 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 11 billion as against Rs 8 billion during FY17, thereby witnessing a growth of 33%.

VST INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m5,3905,8218.0
 
Current LiabilitiesRs m2,5874,82086.3
Long-term DebtRs m000.0
Total LiabilitiesRs m7,97710,64133.4
 
Current assetsRs m5,3337,31937.2
Fixed AssetsRs m 2,2082,2933.8
Total AssetsRs m7,97710,64133.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VST INDUSTRIES Cash Flow Statement Analysis

  • VST INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion, an improvement of 188.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion, an improvement of 1,387.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 166 million from the Rs -22 million net cash flows seen during FY17.

VST INDUSTRIES Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m1,4574,201188.4%
Cash Flow from Investing ActivitiesRs m-178-2,641-
Cash Flow from Financing ActivitiesRs m-1,301-1,394-
Net Cash FlowRs m-22166-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for VST INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 117.8, an improvement from the EPS of Rs 98.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,132.0, stands at 23.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.5 times, while the price to sales ratio stands at 5.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs597.4613.7
TTM Earnings per shareRs98.1117.8
Diluted earnings per shareRs98.1117.8
Price to Cash Flow x25.721.9
TTM P/E ratiox23.823.8
Price / Book Value ratiox6.78.5
Market CapRs m48,35848,358
Dividends per share (Unadj.)Rs75.077.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for VST INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 2.1x during FY17. 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 31.2% during FY18, from 28.1% 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 48.0% during FY18, from 42.8% 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 17.1% during FY18, from 19.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox2.11.5
Debtors’ DaysDays511
Interest coveragex0.00.0
Debt to equity ratiox0.00.0
Return on assets%19.017.1
Return on equity%28.131.2
Return on capital employed%42.848.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

VST INDUSTRIES Share Price Performance

Over the last one year, VST INDUSTRIES share price has moved up from Rs 2,833.0 to Rs 3,132.0, registering a gain of Rs 299.1 or around 10.6%.

Overall, the S&P BSE SENSEX is up 15.8% over the year.

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

Equitymaster requests your view! Post a comment on "VST INDUSTRIES 2017-18 Annual Report Analysis". Click here!

1 Responses to "VST INDUSTRIES 2017-18 Annual Report Analysis"

Gururaj

Jul 9, 2018

Need results as of 09-07-18

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Equitymaster requests your view! Post a comment on "VST INDUSTRIES 2017-18 Annual Report Analysis". Click here!

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For the quarter ended December 2018, VST INDUSTRIES has posted a net profit of Rs 554 m (up 11.4% YoY). Sales on the other hand came in at Rs 3 bn (up 22.9% YoY). Read on for a complete analysis of VST INDUSTRIES's quarterly results.

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