WONDERLA HOLIDAYS 2018-19 Annual Report Analysis

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WONDERLA HOLIDAYS 2018-19 Annual Report Analysis
Thu, 18 Jul

WONDERLA HOLIDAYS 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.

WONDERLA HOLIDAYS Income Statement Analysis

  • Operating income during the year rose 4.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 40.5% in FY19 as against 33.0% in FY18.
  • Depreciation charges increased by 8.2% and finance costs decreased by 66.1% YoY, respectively.
  • Other income grew by 24.1% YoY.
  • Net profit for the year grew by 43.9% YoY.
  • Net profit margins during the year grew from 13.8% in FY18 to 19.0% in FY19.

WONDERLA HOLIDAYS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 2,706 2,820 4.2%
Other income Rs m 78 96 24.1%
Total Revenues Rs m 2,783 2,917 4.8%
Gross profit Rs m 892 1,143 28.2%
Depreciation Rs m 365 395 8.2%
Interest Rs m 12 4 -66.1%
Profit before tax Rs m 592 840 41.9%
Tax Rs m 207 286 38.0%
Profit after tax Rs m 385 554 43.9%
Gross profit margin % 33.0 40.5
Effective tax rate % 35.0 34.1
Net profit margin % 13.8 19.0
* 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 FY19 stood at Rs 845 million as compared to Rs 839 million in FY18, thereby witnessing an increase of 0.7%.
  • Long-term debt stood at Rs 10 million as compared to Rs 0 million during FY18, a fall of 0.0%.
  • Current assets rose 78% and stood at Rs 1 billion, while fixed assets fell 2% and stood at Rs 8 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 10 billion as against Rs 9 billion during FY18, thereby witnessing a growth of 5%.

WONDERLA HOLIDAYS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 7,726 8,185 5.9
 
Current Liabilities Rs m 839 845 0.7
Long-term Debt Rs m 0 10 0.0
Total Liabilities Rs m 9,288 9,743 4.9
 
Current assets Rs m 733 1,301 77.5
Fixed Assets Rs m 8,492 8,350 -1.7
Total Assets Rs m 9,288 9,743 4.9
* 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 FY19 stood at Rs 512 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -594 million, an improvement of 55.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -134 million, an improvement of 44% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -216 million from the Rs 220 million net cash flows seen during FY18.

WONDERLA HOLIDAYS 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 841 512 -39.2%
Cash Flow from Investing Activities Rs m -383 -594 -
Cash Flow from Financing Activities Rs m -238 -134 -
Net Cash Flow Rs m 220 -216 -
* 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 9.8, an improvement from the EPS of Rs 6.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 255.0, stands at 26.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 6.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.2 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 47.9 49.9
TTM Earnings per share Rs 6.8 9.8
Diluted earnings per share Rs 6.8 9.8
Price to Cash Flow x 19.2 15.2
TTM P/E ratio x 26.0 26.0
Price / Book Value ratio x 2.7 2.2
Market Cap Rs m 14,408 14,410
Dividends per share (Unadj.) Rs 1.5 1.8
* 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 improved and stood at 1.5x during FY19, from 0.9x 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 206.0x during FY19, from 50.0x 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 6.8% during FY19, from 5.0% 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 10.3% during FY19, from 7.8% 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 5.7% during FY19, from 4.3% 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 0.9 1.5
Debtors’ Days Days 2 2
Interest coverage x 50.0 206.0
Debt to equity ratio x 0.0 0.0
Return on assets % 4.3 5.7
Return on equity % 5.0 6.8
Return on capital employed % 7.8 10.3
* 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 down from Rs 328.9 to Rs 255.0, registering a loss of Rs 73.9 or around 22.5%.

Overall, the S&P BSE SENSEX is up 7.2% over the year.

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

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