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WONDERLA HOLIDAYS 2017-18 Annual Report Analysis

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WONDERLA HOLIDAYS 2017-18 Annual Report Analysis
Tue, 9 Apr

WONDERLA HOLIDAYS 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.

WONDERLA HOLIDAYS Income Statement Analysis

  • Operating income during the year rose 2.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 33.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 32.9% in FY18 as against 25.5% in FY17.
  • Depreciation charges increased by 24.7% and finance costs decreased by 9.0% YoY, respectively.
  • Other income declined by 35.4% YoY.
  • Net profit for the year grew by 13.5% YoY.
  • Net profit margins during the year grew from 12.3% in FY17 to 13.8% in FY18.

WONDERLA HOLIDAYS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,628 2,705 2.9%
Other income Rs m 122 79 -35.4%
Total Revenues Rs m 2,750 2,783 1.2%
Gross profit Rs m 670 891 33.0%
Depreciation Rs m 293 365 24.7%
Interest Rs m 13 12 -9.0%
Profit before tax Rs m 485 592 22.1%
Tax Rs m 146 207 41.9%
Profit after tax Rs m 339 385 13.5%
Gross profit margin % 25.5 32.9
Effective tax rate % 30.1 35.0
Net profit margin % 12.3 13.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WONDERLA HOLIDAYS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 839 million as compared to Rs 741 million in FY17, thereby witnessing an increase of 13.3%.
  • Current assets fell 31% and stood at Rs 734 million, while fixed assets rose 11% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 9 billion as against Rs 9 billion during FY17, thereby witnessing a growth of 4%.

WONDERLA HOLIDAYS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 7,407 7,726 4.3
 
Current Liabilities Rs m 741 839 13.3
Long-term Debt Rs m 90 0 -100.0
Total Liabilities Rs m 8,972 9,288 3.5
 
Current assets Rs m 1,062 734 -30.9
Fixed Assets Rs m 7,667 8,492 10.8
Total Assets Rs m 8,972 9,288 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WONDERLA HOLIDAYS Cash Flow Statement Analysis

  • WONDERLA HOLIDAYS's cash flow from operating activities (CFO) during FY18 stood at Rs 841 million, an improvement of 24.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -383 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -238 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 220 million from the Rs -248 million net cash flows seen during FY17.

WONDERLA HOLIDAYS 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 678 841 24.1%
Cash Flow from Investing Activities Rs m -997 -383 -
Cash Flow from Financing Activities Rs m 71 -238 -
Net Cash Flow Rs m -248 220 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for WONDERLA HOLIDAYS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.8, an improvement from the EPS of Rs 6.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 307.5, stands at 33.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 7.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 23.2 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 46.5 47.9
TTM Earnings per share Rs 6.0 6.8
Diluted earnings per share Rs 6.0 6.8
Price to Cash Flow x 27.5 23.2
TTM P/E ratio x 33.3 33.3
Price / Book Value ratio x 2.8 2.7
Market Cap Rs m 17,371 17,373
Dividends per share (Unadj.) Rs 1.0 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for WONDERLA HOLIDAYS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.9x during FY18, from 1.4x 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 improved and stood at 50.0x during FY18, from 37.5x 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 improved and stood at 5.0% during FY18, from 4.6% 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 7.8% during FY18, from 6.7% 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 improved and stood at 4.3% during FY18, from 3.9% 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 1.4 0.9
Debtors’ Days Days 1 2
Interest coverage x 37.5 50.0
Debt to equity ratio x 0.0 0.0
Return on assets % 3.9 4.3
Return on equity % 4.6 5.0
Return on capital employed % 6.7 7.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how WONDERLA HOLIDAYS has performed over the last 5 years, please visit here.

WONDERLA HOLIDAYS Share Price Performance

Over the last one year, WONDERLA HOLIDAYS share price has moved up from Rs 367.5 to Rs 307.5, registering a loss of Rs 60.0 or around 16.3%.

Overall, the S&P BSE SENSEX is up 14.7% over the year.

(To know more, check out historical annual results for WONDERLA HOLIDAYS and quarterly results for WONDERLA HOLIDAYS)

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