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VENKYS (I) LIMITED 2016-17 Annual Report Analysis

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VENKYS (I) LIMITED 2016-17 Annual Report Analysis
Tue, 18 Sep

VENKYS (I) LIMITED has announced its results for the year ended March 2017. Let us have a look at the detailed performance review of the company during FY16-17.

VENKYS (I) LIMITED Income Statement Analysis

  • Operating income during the year rose 16.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 102.8% YoY during the fiscal. Operating profit margins witnessed a rise and up at 11.2% in FY17 as against 6.4% in FY16.
  • Depreciation charges and finance costs decreased by 4.6% YoY and 9.8% YoY, respectively.
  • Other income grew by 4.5% YoY.
  • Net profit for the year grew by 226.3% YoY.
  • Net profit margins during the year grew from 1.8% in FY16 to 5.0% in FY17.

VENKYS (I) LIMITED Income Statement 2016-17

No. of Mths Year Ending12 Mar-16*12 Mar-17*% Change
Net SalesRs m21,25024,75616.5%
Other incomeRs m3263414.5%
Total RevenuesRs m21,57625,09716.3%
Gross profitRs m1,3682,774102.8%
DepreciationRs m299285-4.6%
InterestRs m855771-9.8%
Profit before taxRs m5412,059280.7%
TaxRs m158812413.0%
Profit after taxRs m3821,248226.3%
Gross profit margin%6.411.2
Effective tax rate%29.239.4
Net profit margin%1.85.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VENKYS (I) LIMITED Balance Sheet Analysis

  • The company's current liabilities during FY17 down at Rs 6 billion as compared to Rs 8 billion in FY16, thereby witnessing an decrease of -22.2%.
  • Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY16, a fall of 33.4%.
  • Current assets fell 16% and stood at Rs 7 billion, while fixed assets fell 3% and stood at Rs 5 billion in FY17.
  • Overall, the total assets and liabilities for FY17 stood at Rs 14 billion as against Rs 15 billion during FY16, thereby witnessing a fall of 10%.

VENKYS (I) LIMITED Balance Sheet as on March 2017

No. of Mths Year Ending12 Mar-16*12 Mar-17*% Change
NetworthRs m4,1905,31026.7
 
Current LiabilitiesRs m7,9706,202-22.2
Long-term DebtRs m2,5381,691-33.4
Total LiabilitiesRs m15,04113,604-9.6
 
Current assetsRs m8,5727,235-15.6
Fixed AssetsRs m 4,7754,636-2.9
Total AssetsRs m15,04113,604-9.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



VENKYS (I) LIMITED Cash Flow Statement Analysis

  • VENKYS (I) LIMITED's cash flow from operating activities (CFO) during FY17 stood at Rs 2 billion, an improvement of 170.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY17 stood at Rs 570 million, an improvement of 11.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY17 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY17 stood at Rs -120 million from the Rs 176 million net cash flows seen during FY16.

VENKYS (I) LIMITED Cash Flow Statement 2016-17

ParticularsNo. of months1212% Change
Year EndingMar-16Mar-17
Cash Flow from Operating ActivitiesRs m7822,114170.4%
Cash Flow from Investing ActivitiesRs m51257011.4%
Cash Flow from Financing ActivitiesRs m-1,118-2,804-
Net Cash FlowRs m176-120-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for VENKYS (I) LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 88.5, an improvement from the EPS of Rs 27.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,701.2, stands at 17.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-16*12 Mar-17*
Sales per share (Unadj.)Rs1,508.11,757.0
TTM Earnings per shareRs27.188.5
Diluted earnings per shareRs27.188.5
Price to Cash Flow x55.824.9
TTM P/E ratiox17.417.4
Price / Book Value ratiox1.51.9
Market CapRs m38,05938,086
Dividends per share (Unadj.)Rs5.06.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for VENKYS (I) LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY17, from 1.1x during FY16. 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 3.7x during FY17, from 1.6x during FY16. 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 23.5% during FY17, from 9.1% during FY17. 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 40.4% during FY17, from 20.7% during FY16. 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 14.8% during FY17, from 8.2% during FY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-16*12 Mar-17*
Current ratiox1.11.2
Debtors’ DaysDays5339
Interest coveragex1.63.7
Debt to equity ratiox0.60.3
Return on assets%8.214.8
Return on equity%9.123.5
Return on capital employed%20.740.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how VENKYS (I) LIMITED has performed over the last 5 years, please visit here.

VENKYS (I) LIMITED Share Price Performance

Over the last one year, VENKYS (I) LIMITED share price has moved up from Rs 2,179.5 to Rs 2,701.2, registering a gain of Rs 521.7 or around 23.9%.

Overall, the S&P BSE SENSEX is up 15.4% over the year.

(To know more, check out historical annual results for VENKYS (I) LIMITED and quarterly results for VENKYS (I) LIMITED)

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