ASTRAL POLY 2017-18 Annual Report Analysis
Wed, 6 Mar

ASTRAL POLY 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.

ASTRAL POLY Income Statement Analysis

  • Operating income during the year rose 11.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.0% in FY18 as against 13.9% in FY17.
  • Depreciation charges increased by 13.8% and finance costs increased by 17.3% YoY, respectively.
  • Other income grew by 39.0% YoY.
  • Net profit for the year grew by 21.5% YoY.
  • Net profit margins during the year grew from 7.6% in FY17 to 8.3% in FY18.

ASTRAL POLY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 18,947 21,060 11.2%
Other income Rs m 91 127 39.0%
Total Revenues Rs m 19,038 21,187 11.3%
Gross profit Rs m 2,638 3,168 20.1%
Depreciation Rs m 502 571 13.8%
Interest Rs m 184 216 17.3%
Profit before tax Rs m 2,043 2,508 22.7%
Tax Rs m 562 725 29.0%
Profit after tax Rs m 1,446 1,757 21.5%
Gross profit margin % 13.9 15.0
Effective tax rate % 27.5 28.9
Net profit margin % 7.6 8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASTRAL POLY Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 5 billion in FY17, thereby witnessing an increase of 8.4%.
  • Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY17, a fall of 3.7%.
  • Current assets rose 11% and stood at Rs 7 billion, while fixed assets rose 28% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 17 billion as against Rs 15 billion during FY17, thereby witnessing a growth of 15%.

ASTRAL POLY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,468 10,182 20.2
 
Current Liabilities Rs m 4,532 4,912 8.4
Long-term Debt Rs m 1,219 1,174 -3.7
Total Liabilities Rs m 14,618 16,751 14.6
 
Current assets Rs m 6,718 7,430 10.6
Fixed Assets Rs m 5,320 6,786 27.6
Total Assets Rs m 14,618 16,751 14.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASTRAL POLY Cash Flow Statement Analysis

  • ASTRAL POLY's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion, an improvement of 146.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 17.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -711 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 255 million from the Rs -317 million net cash flows seen during FY17.

ASTRAL POLY 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 1,142 2,819 146.8%
Cash Flow from Investing Activities Rs m -1,580 -1,853 -
Cash Flow from Financing Activities Rs m 121 -711 -
Net Cash Flow Rs m -317 255 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ASTRAL POLY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.7, an improvement from the EPS of Rs 12.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,160.0, stands at 67.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 4.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 58.3 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 158.2 175.9
TTM Earnings per share Rs 12.1 14.7
Diluted earnings per share Rs 12.2 14.8
Price to Cash Flow x 70.4 58.3
TTM P/E ratio x 68.5 67.7
Price / Book Value ratio x 7.3 8.7
Market Cap Rs m 138,910 137,309
Dividends per share (Unadj.) Rs 0.5 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ASTRAL POLY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.5x 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 12.6x during FY18, from 12.1x 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 17.3% during FY18, from 17.1% 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 improved and stood at 23.7% during FY18, from 22.6% 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 11.8% during FY18, from 11.1% 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 1.5 1.5
Debtors’ Days Days 65 53
Interest coverage x 12.1 12.6
Debt to equity ratio x 0.1 0.1
Return on assets % 11.1 11.8
Return on equity % 17.1 17.3
Return on capital employed % 22.6 23.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ASTRAL POLY has performed over the last 5 years, please visit here.

ASTRAL POLY Share Price Performance

Over the last one year, ASTRAL POLY share price has moved up from Rs 851.5 to Rs 1,160.0, registering a gain of Rs 308.5 or around 36.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,660.5 (up 0.7%). Over the last one year it has moved down from 18,592.8 to 17,660.5, a loss of 932 points (down 5.0%).

Overall, the S&P BSE SENSEX is up 8.6% over the year.

(To know more, check out historical annual results for ASTRAL POLY and quarterly results for ASTRAL POLY)