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ZF STEERING 2017-18 Annual Report Analysis

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ZF STEERING 2017-18 Annual Report Analysis
Tue, 1 Jan

ZF STEERING 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.

ZF STEERING Income Statement Analysis

  • Operating income during the year rose 23.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.5% in FY18 as against 18.5% in FY17.
  • Depreciation charges increased by 19.6% and finance costs increased by 29.3% YoY, respectively.
  • Other income declined by 2.0% YoY.
  • Net profit for the year grew by 38.0% YoY.
  • Net profit margins during the year grew from 8.8% in FY17 to 9.9% in FY18.

ZF STEERING Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,432 4,246 23.7%
Other income Rs m 116 114 -2.0%
Total Revenues Rs m 3,548 4,359 22.9%
Gross profit Rs m 635 827 30.2%
Depreciation Rs m 279 333 19.6%
Interest Rs m 25 32 29.3%
Profit before tax Rs m 448 575 28.5%
Tax Rs m 135 143 6.2%
Profit after tax Rs m 313 432 38.0%
Gross profit margin % 18.5 19.5
Effective tax rate % 30.1 24.9
Net profit margin % 8.8 9.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ZF STEERING Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 8.6%.
  • Long-term debt down at Rs 146 million as compared to Rs 158 million during FY17, a fall of 7.2%.
  • Current assets rose 14% and stood at Rs 2 billion, while fixed assets fell 12% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 4 billion as against Rs 4 billion during FY17, thereby witnessing a growth of 11%.

ZF STEERING Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 2,643 3,006 13.7
 
Current Liabilities Rs m 1,048 1,138 8.6
Long-term Debt Rs m 158 146 -7.2
Total Liabilities Rs m 3,906 4,319 10.6
 
Current assets Rs m 1,334 1,520 14.0
Fixed Assets Rs m 1,213 1,067 -12.1
Total Assets Rs m 3,906 4,319 10.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ZF STEERING Cash Flow Statement Analysis

  • ZF STEERING's cash flow from operating activities (CFO) during FY18 stood at Rs 675 million, an improvement of 7.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -546 million, an improvement of 16.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -105 million, an improvement of 33% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 25 million from the Rs -1 million net cash flows seen during FY17.

ZF STEERING 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 626 675 7.9%
Cash Flow from Investing Activities Rs m -470 -546 -
Cash Flow from Financing Activities Rs m -157 -105 -
Net Cash Flow Rs m -1 25 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ZF STEERING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 47.7, an improvement from the EPS of Rs 34.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 842.0, stands at 14.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 2.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.0 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 378.4 468.1
TTM Earnings per share Rs 34.5 47.7
Diluted earnings per share Rs 34.5 47.7
Price to Cash Flow x 12.9 10.0
TTM P/E ratio x 14.3 14.3
Price / Book Value ratio x 5.1 3.8
Market Cap Rs m 7,637 7,637
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 ZF STEERING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.3x 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 18.9x during FY18, from 19.0x 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 14.4% during FY18, from 11.8% 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 19.3% during FY18, from 16.9% 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 10.8% during FY18, from 8.7% 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 1.3 1.3
Debtors’ Days Days 81 79
Interest coverage x 19.0 18.9
Debt to equity ratio x 0.1 0.0
Return on assets % 8.7 10.8
Return on equity % 11.8 14.4
Return on capital employed % 16.9 19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ZF STEERING has performed over the last 5 years, please visit here.

ZF STEERING Share Price Performance

Over the last one year, ZF STEERING share price has moved up from Rs 1,395.7 to Rs 842.0, registering a loss of Rs 553.7 or around 39.7%.

Overall, the S&P BSE SENSEX is up 6.5% over the year.

(To know more, check out historical annual results for ZF STEERING and quarterly results for ZF STEERING)

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For the quarter ended December 2018, ZF STEERING has posted a net profit of Rs 89 m (down 29.3% YoY). Sales on the other hand came in at Rs 1 bn (up 8.2% YoY). Read on for a complete analysis of ZF STEERING's quarterly results.

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