VOLTAMP TRANSFORMERS 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.
VOLTAMP TRANSFORMERS Income Statement Analysis
- Operating income during the year rose 4.6% on a year-on-year (YoY) basis.
- The company's operating profit increased by 9.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.3% in FY18 as against 9.9% in FY17.
- Depreciation charges and finance costs increased by 3.1% YoY and 9.8% YoY, respectively.
- Other income grew by 4.3% YoY.
- Net profit for the year grew by 1.8% YoY.
- Net profit margins during the year declined from 11.1% in FY17 to 10.8% in FY18.
VOLTAMP TRANSFORMERS Income Statement 2017-18
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Net Sales | Rs m | 6,109 | 6,390 | 4.6% |
| Other income | Rs m | 390 | 407 | 4.3% |
| Total Revenues | Rs m | 6,499 | 6,797 | 4.6% |
| Gross profit | Rs m | 602 | 660 | 9.7% |
| Depreciation | Rs m | 58 | 60 | 3.1% |
| Interest | Rs m | 5 | 6 | 9.8% |
| Profit before tax | Rs m | 928 | 1,001 | 7.9% |
| Tax | Rs m | 206 | 267 | 29.3% |
| Profit after tax | Rs m | 722 | 735 | 1.8% |
| Gross profit margin | % | 9.9 | 10.3 | |
| Effective tax rate | % | 22.2 | 26.6 | |
| Net profit margin | % | 11.1 | 10.8 | |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
VOLTAMP TRANSFORMERS Balance Sheet Analysis
- The company's current liabilities during FY18 stood at Rs 437 million as compared to Rs 430 million in FY17, thereby witnessing an increase of 1.6%.
- Current assets rose 6% and stood at Rs 3 billion, while fixed assets rose 17% and stood at Rs 459 million in FY18.
- Overall, the total assets and liabilities for FY18 stood at Rs 7 billion as against Rs 6 billion during FY17, thereby witnessing a growth of 9%.
VOLTAMP TRANSFORMERS Balance Sheet as on March 2018
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Networth | Rs m | 5,375 | 6,201 | 15.4 |
| Current Liabilities | Rs m | 430 | 437 | 1.6 |
| Long-term Debt | Rs m | 0 | 0 | 0.0 |
| Total Liabilities | Rs m | 6,127 | 6,700 | 9.4 |
| Current assets | Rs m | 2,600 | 2,747 | 5.6 |
| Fixed Assets | Rs m | 394 | 459 | 16.5 |
| Total Assets | Rs m | 6,127 | 6,700 | 9.4 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
VOLTAMP TRANSFORMERS Cash Flow Statement Analysis
- VOLTAMP TRANSFORMERS's cash flow from operating activities (CFO) during FY18 stood at Rs 431 million on a YoY basis.
- Cash flow from investing activities (CFI) during FY18 stood at Rs -202 million on a YoY basis.
- Cash flow from financial activities (CFF) during FY18 stood at Rs -188 million on a YoY basis.
- Overall, net cash flows for the company during FY18 stood at Rs 41 million from the Rs 24 million net cash flows seen during FY17.
VOLTAMP TRANSFORMERS 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 | 781 | 431 | -44.8% |
| Cash Flow from Investing Activities | Rs m | -600 | -202 | - |
| Cash Flow from Financing Activities | Rs m | -158 | -188 | - |
| Net Cash Flow | Rs m | 24 | 41 | 73.4% |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
Current Valuations for VOLTAMP TRANSFORMERS
- The trailing twelve-month earnings per share (EPS) of the company stands at Rs 72.3, an improvement from the EPS of Rs 71.0 recorded last year.
- The price to earnings (P/E) ratio, at the current price of Rs 938.0, stands at 12.9 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 1.8 times.
- The company's price to cash flow (P/CF) ratio stood at 11.9 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 | 600.7 | 628.3 |
| TTM Earnings per share | Rs | 71.0 | 72.3 |
| Diluted earnings per share | Rs | 71.4 | 72.6 |
| Price to Cash Flow | x | 12.2 | 11.9 |
| TTM P/E ratio | x | 13.0 | 12.9 |
| Price / Book Value ratio | x | 1.7 | 1.9 |
| Market Cap | Rs m | 9,539 | 9,493 |
| Dividends per share (Unadj.) | Rs | 15.0 | 15.0 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
Ratio Analysis for VOLTAMP TRANSFORMERS
Solvency Ratios
Profitability Ratios
Current Ratio: The company's current ratio improved and stood at 6.3x during FY18, from 6.0x 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 179.8x during FY18, from 183.0x 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.
Return on Equity (ROE): The ROE for the company declined and down at 11.8% during FY18, from 13.4% 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 declined and down at 16.2% during FY18, from 17.4% 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 declined and down at 11.1% during FY18, from 11.9% 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 | 6.0 | 6.3 |
| Debtors’ Days | Days | 92 | 83 |
| Interest coverage | x | 183.0 | 179.8 |
| Debt to equity ratio | x | 0.0 | 0.0 |
| Return on assets | % | 11.9 | 11.1 |
| Return on equity | % | 13.4 | 11.8 |
| Return on capital employed | % | 17.4 | 16.2 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
To see how VOLTAMP TRANSFORMERS has performed over the last 5 years, please visit here.
VOLTAMP TRANSFORMERS Share Price Performance
Over the last one year, VOLTAMP TRANSFORMERS share price has moved up from Rs 1,087.1 to Rs 938.0, registering a loss of Rs 149.1 or around 13.7%.
Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,915.6 (down 0.1%). Over the last one year it has moved up from 17,255.5 to 17,915.6, a gain of 660 points (up 3.8%).
Overall, the S&P BSE SENSEX is up 20.2% over the year.
(To know more, check out historical annual results for VOLTAMP TRANSFORMERS and quarterly results for VOLTAMP TRANSFORMERS)
This article was originally published in English at www.equitymaster.com
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