VENKYS (I) LIMITED 2018-19 Annual Report Analysis

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VENKYS (I) LIMITED 2018-19 Annual Report Analysis
Mon, 16 Sep

VENKYS (I) LIMITED 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.

VENKYS (I) LIMITED Income Statement Analysis

  • Operating income during the year rose 13.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 20.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.1% in FY19 as against 14.4% in FY18.
  • Depreciation charges increased by 4.3% and finance costs decreased by 36.7% YoY, respectively.
  • Other income grew by 0.7% YoY.
  • Net profit for the year declined by 12.8% YoY.
  • Net profit margins during the year declined from 7.4% in FY18 to 5.7% in FY19.

VENKYS (I) LIMITED Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 26,862 30,431 13.3%
Other income Rs m 288 290 0.7%
Total Revenues Rs m 27,150 30,721 13.2%
Gross profit Rs m 3,861 3,084 -20.1%
Depreciation Rs m 281 294 4.3%
Interest Rs m 499 316 -36.7%
Profit before tax Rs m 3,370 2,765 -17.9%
Tax Rs m 1,373 1,024 -25.4%
Profit after tax Rs m 1,997 1,741 -12.8%
Gross profit margin % 14.4 10.1
Effective tax rate % 40.7 37.0
Net profit margin % 7.4 5.7
* 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 FY19 down at Rs 6 billion as compared to Rs 6 billion in FY18, thereby witnessing an decrease of -0.4%.
  • Long-term debt down at Rs 399 million as compared to Rs 739 million during FY18, a fall of 45.9%.
  • Current assets rose 12% and stood at Rs 9 billion, while fixed assets rose 16% and stood at Rs 6 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 16 billion as against Rs 14 billion during FY18, thereby witnessing a growth of 9%.

VENKYS (I) LIMITED Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 7,212 8,815 22.2
 
Current Liabilities Rs m 5,900 5,877 -0.4
Long-term Debt Rs m 739 399 -45.9
Total Liabilities Rs m 14,312 15,573 8.8
 
Current assets Rs m 7,938 8,904 12.2
Fixed Assets Rs m 4,893 5,675 16.0
Total Assets Rs m 14,312 15,573 8.8
* 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 FY19 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -383 million, an improvement of 30.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -1 billion, an improvement of 51% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 2 million from the Rs -182 million net cash flows seen during FY18.

VENKYS (I) LIMITED 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 2,559 1,589 -37.9%
Cash Flow from Investing Activities Rs m -293 -383 -
Cash Flow from Financing Activities Rs m -2,448 -1,204 -
Net Cash Flow Rs m -182 2 -
* 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 123.6, an decline from the EPS of Rs 141.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,624.2, stands at 13.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.3 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 1,906.5 2,159.8
TTM Earnings per share Rs 141.7 123.6
Diluted earnings per share Rs 141.6 123.5
Price to Cash Flow x 10.0 11.3
TTM P/E ratio x 13.9 13.9
Price / Book Value ratio x 5.4 5.2
Market Cap Rs m 22,885 22,901
Dividends per share (Unadj.) Rs 8.0 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 1.5x during FY19, from 1.3x 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 9.8x during FY19, from 7.8x 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 declined and down at 19.8% during FY19, from 27.7% 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 declined and down at 33.4% during FY19, from 48.7% 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 declined and down at 13.2% during FY19, from 17.4% 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 1.3 1.5
Debtors’ Days Days 40 37
Interest coverage x 7.8 9.8
Debt to equity ratio x 0.1 0.0
Return on assets % 17.4 13.2
Return on equity % 27.7 19.8
Return on capital employed % 48.7 33.4
* 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 down from Rs 2,549.3 to Rs 1,624.2, registering a loss of Rs 925.1 or around 36.3%.

Overall, the S&P BSE SENSEX is down 2.5% 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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