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VENKYS (I) LIMITED 2017-18 Annual Report Analysis

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VENKYS (I) LIMITED 2017-18 Annual Report Analysis
Thu, 20 Dec

VENKYS (I) LIMITED 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.

VENKYS (I) LIMITED Income Statement Analysis

  • Operating income during the year rose 8.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 40.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.5% in FY18 as against 11.2% in FY17.
  • Depreciation charges decreased by 1.3% and finance costs decreased by 35.3% YoY, respectively.
  • Other income declined by 23.1% YoY.
  • Net profit for the year grew by 60.1% YoY.
  • Net profit margins during the year grew from 5.0% in FY17 to 7.4% in FY18.

VENKYS (I) LIMITED Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 24,756 26,888 8.6%
Other income Rs m 341 262 -23.1%
Total Revenues Rs m 25,097 27,150 8.2%
Gross profit Rs m 2,774 3,887 40.2%
Depreciation Rs m 285 281 -1.3%
Interest Rs m 771 499 -35.3%
Profit before tax Rs m 2,059 3,370 63.7%
Tax Rs m 812 1,373 69.1%
Profit after tax Rs m 1,248 1,997 60.1%
Gross profit margin % 11.2 14.5
Effective tax rate % 39.4 40.7
Net profit margin % 5.0 7.4
* 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 FY18 down at Rs 6 billion as compared to Rs 6 billion in FY17, thereby witnessing an decrease of -4.9%.
  • Long-term debt down at Rs 739 million as compared to Rs 2 billion during FY17, a fall of 56.3%.
  • Current assets rose 10% and stood at Rs 8 billion, while fixed assets rose 3% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 14 billion as against Rs 14 billion during FY17, thereby witnessing a growth of 5%.

VENKYS (I) LIMITED Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,310 7,212 35.8
 
Current Liabilities Rs m 6,202 5,900 -4.9
Long-term Debt Rs m 1,691 739 -56.3
Total Liabilities Rs m 13,604 14,312 5.2
 
Current assets Rs m 7,235 7,938 9.7
Fixed Assets Rs m 4,636 4,764 2.8
Total Assets Rs m 13,604 14,312 5.2
* 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 FY18 stood at Rs 3 billion, an improvement of 21.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -293 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion, an improvement of 13% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -182 million from the Rs -120 million net cash flows seen during FY17.

VENKYS (I) LIMITED 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 2,113 2,559 21.1%
Cash Flow from Investing Activities Rs m 571 -293 -
Cash Flow from Financing Activities Rs m -2,804 -2,448 -
Net Cash Flow Rs m -120 -182 -
* 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 141.7, an improvement from the EPS of Rs 88.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,510.0, stands at 18.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.5 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 1,757.0 1,908.3
TTM Earnings per share Rs 88.5 141.7
Diluted earnings per share Rs 88.5 141.6
Price to Cash Flow x 23.1 15.5
TTM P/E ratio x 17.9 18.0
Price / Book Value ratio x 1.9 5.4
Market Cap Rs m 35,365 35,390
Dividends per share (Unadj.) Rs 6.0 8.0
* 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 1.3x during FY18, from 1.2x 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 deteriorated and stood at 7.8x during FY18, from 3.7x 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 27.7% during FY18, from 23.5% 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 48.7% during FY18, from 40.4% 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 17.4% during FY18, from 14.8% 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 1.2 1.3
Debtors’ Days Days 39 40
Interest coverage x 3.7 7.8
Debt to equity ratio x 0.3 0.1
Return on assets % 14.8 17.4
Return on equity % 23.5 27.7
Return on capital employed % 40.4 48.7
* 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 2,828.9 to Rs 2,510.0, registering a loss of Rs 319.0 or around 11.3%.

Overall, the S&P BSE SENSEX is up 7.4% 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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Here's an analysis of the annual report of VENKYS (I) LIMITED for 2016-17. It includes a full income statement, balance sheet and cash flow analysis of VENKYS (I) LIMITED. Also includes updates on the valuation of VENKYS (I) LIMITED.

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