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WEST COAST PAPER MILLS 2017-18 Annual Report Analysis

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WEST COAST PAPER MILLS 2017-18 Annual Report Analysis
Tue, 2 Apr

WEST COAST PAPER MILLS 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.

WEST COAST PAPER MILLS Income Statement Analysis

  • Operating income during the year fell 3.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.2% in FY18 as against 19.1% in FY17.
  • Depreciation charges increased by 4.9% and finance costs decreased by 17.8% YoY, respectively.
  • Other income grew by 671.7% YoY.
  • Net profit for the year grew by 73.7% YoY.
  • Net profit margins during the year grew from 7.3% in FY17 to 12.9% in FY18.

WEST COAST PAPER MILLS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 17,693 17,083 -3.5%
Other income Rs m 24 183 671.7%
Total Revenues Rs m 17,717 17,266 -2.5%
Gross profit Rs m 3,379 3,629 7.4%
Depreciation Rs m 1,108 1,162 4.9%
Interest Rs m 516 424 -17.8%
Profit before tax Rs m 1,779 2,226 25.1%
Tax Rs m 494 -7 -101.4%
Profit after tax Rs m 1,285 2,232 73.7%
Gross profit margin % 19.1 21.2
Effective tax rate % 27.8 -0.3
Net profit margin % 7.3 12.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WEST COAST PAPER MILLS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 5 billion in FY17, thereby witnessing an decrease of -15.1%.
  • Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY17, a fall of 11.4%.
  • Current assets rose 5% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 10 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 16 billion as against Rs 15 billion during FY17, thereby witnessing a growth of 4%.

WEST COAST PAPER MILLS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,392 8,390 31.3
 
Current Liabilities Rs m 4,520 3,835 -15.1
Long-term Debt Rs m 2,374 2,103 -11.4
Total Liabilities Rs m 15,309 15,902 3.9
 
Current assets Rs m 4,810 5,058 5.1
Fixed Assets Rs m 10,303 10,383 0.8
Total Assets Rs m 15,309 15,902 3.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WEST COAST PAPER MILLS Cash Flow Statement Analysis

  • WEST COAST PAPER MILLS's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 257.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion, an improvement of 51% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -67 million from the Rs 13 million net cash flows seen during FY17.

WEST COAST PAPER MILLS 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 4,342 3,262 -24.9%
Cash Flow from Investing Activities Rs m -389 -1,390 -
Cash Flow from Financing Activities Rs m -3,941 -1,939 -
Net Cash Flow Rs m 13 -67 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for WEST COAST PAPER MILLS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 33.8, an improvement from the EPS of Rs 19.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 277.8, stands at 5.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.4 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 267.9 258.6
TTM Earnings per share Rs 19.5 33.8
Diluted earnings per share Rs 19.5 33.8
Price to Cash Flow x 7.7 5.4
TTM P/E ratio x 5.8 5.8
Price / Book Value ratio x 1.3 2.0
Market Cap Rs m 18,345 18,345
Dividends per share (Unadj.) Rs 2.5 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for WEST COAST PAPER MILLS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.1x 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 6.3x during FY18, from 4.4x 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 improved and stood at 26.6% during FY18, from 20.1% 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 declined and down at 25.2% during FY18, from 26.2% 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 16.7% during FY18, from 11.8% 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 1.1 1.3
Debtors’ Days Days 26 25
Interest coverage x 4.4 6.3
Debt to equity ratio x 0.4 0.3
Return on assets % 11.8 16.7
Return on equity % 20.1 26.6
Return on capital employed % 26.2 25.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how WEST COAST PAPER MILLS has performed over the last 5 years, please visit here.

WEST COAST PAPER MILLS Share Price Performance

Over the last one year, WEST COAST PAPER MILLS share price has moved up from Rs 253.4 to Rs 277.8, registering a gain of Rs 24.4 or around 9.6%.

Overall, the S&P BSE SENSEX is up 17.0% over the year.

(To know more, check out historical annual results for WEST COAST PAPER MILLS and quarterly results for WEST COAST PAPER MILLS)

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Related Views on News

WEST COAST PAPER MILLS Announces Quarterly Results (3QFY19); Net Profit Up 57.3% (Quarterly Result Update)

Feb 15, 2019 | Updated on Feb 15, 2019

For the quarter ended December 2018, WEST COAST PAPER MILLS has posted a net profit of Rs 675 m (up 57.3% YoY). Sales on the other hand came in at Rs 4 bn (up 6.6% YoY). Read on for a complete analysis of WEST COAST PAPER MILLS's quarterly results.

WEST COAST PAPER MILLS Announces Quarterly Results (2QFY19); Net Profit Up 85.2% (Quarterly Result Update)

Nov 27, 2018 | Updated on Nov 27, 2018

For the quarter ended September 2018, WEST COAST PAPER MILLS has posted a net profit of Rs 885 m (up 85.2% YoY). Sales on the other hand came in at Rs 5 bn (up 19.8% YoY). Read on for a complete analysis of WEST COAST PAPER MILLS's quarterly results.

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