SML ISUZU 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.
SML ISUZU Income Statement Analysis
- Operating income during the year fell 16.3% on a year-on-year (YoY) basis.
- The company's operating profit decreased by 58.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.0% in FY18 as against 8.1% in FY17.
- Depreciation charges and finance costs increased by 19.2% YoY and 70.2% YoY, respectively.
- Other income declined by 25.1% YoY.
- Net profit for the year declined by 86.5% YoY.
- Net profit margins during the year declined from 4.6% in FY17 to 0.7% in FY18.
SML ISUZU Income Statement 2017-18
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Net Sales | Rs m | 13,562 | 11,351 | -16.3% |
| Other income | Rs m | 42 | 31 | -25.1% |
| Total Revenues | Rs m | 13,603 | 11,382 | -16.3% |
| Gross profit | Rs m | 1,100 | 453 | -58.8% |
| Depreciation | Rs m | 238 | 284 | 19.2% |
| Interest | Rs m | 62 | 105 | 70.2% |
| Profit before tax | Rs m | 841 | 95 | -88.8% |
| Tax | Rs m | 211 | 10 | -95.5% |
| Profit after tax | Rs m | 630 | 85 | -86.5% |
| Gross profit margin | % | 8.1 | 4.0 | |
| Effective tax rate | % | 25.1 | 10.1 | |
| Net profit margin | % | 4.6 | 0.7 | |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
SML ISUZU Balance Sheet Analysis
- The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 45.3%.
- Long-term debt stood at Rs 1 billion as compared to Rs 350 million during FY17, a growth of 238.4%.
- Current assets rose 24% and stood at Rs 6 billion, while fixed assets rose 38% and stood at Rs 4 billion in FY18.
- Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 8 billion during FY17, thereby witnessing a growth of 26%.
SML ISUZU Balance Sheet as on March 2018
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Networth | Rs m | 4,038 | 4,003 | -0.9 |
| Current Liabilities | Rs m | 2,807 | 4,077 | 45.3 |
| Long-term Debt | Rs m | 350 | 1,185 | 238.4 |
| Total Liabilities | Rs m | 7,854 | 9,867 | 25.6 |
| Current assets | Rs m | 4,501 | 5,563 | 23.6 |
| Fixed Assets | Rs m | 2,908 | 3,999 | 37.5 |
| Total Assets | Rs m | 7,854 | 9,867 | 25.6 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
SML ISUZU Cash Flow Statement Analysis
- SML ISUZU's cash flow from operating activities (CFO) during FY18 stood at Rs -328 million on a YoY basis.
- Cash flow from investing activities (CFI) during FY18 stood at Rs -983 million, an improvement of 10.2% on a YoY basis.
- Cash flow from financial activities (CFF) during FY18 stood at Rs 1 billion, an improvement of 532% on a YoY basis.
- Overall, net cash flows for the company during FY18 stood at Rs 146 million from the Rs -23 million net cash flows seen during FY17.
SML ISUZU 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 | 1,206 | -328 | - |
| Cash Flow from Investing Activities | Rs m | -892 | -983 | - |
| Cash Flow from Financing Activities | Rs m | -337 | 1,456 | - |
| Net Cash Flow | Rs m | -23 | 146 | - |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
Current Valuations for SML ISUZU
- The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.9, an decline from the EPS of Rs 43.5 recorded last year.
- The price to earnings (P/E) ratio, at the current price of Rs 870.0, stands at 57.6 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 1.3 times.
- The company's price to cash flow (P/CF) ratio stood at 34.1 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 | 937.2 | 784.4 |
| TTM Earnings per share | Rs | 43.5 | 5.9 |
| Diluted earnings per share | Rs | 43.5 | 5.9 |
| Price to Cash Flow | x | 14.5 | 34.1 |
| TTM P/E ratio | x | 57.6 | 57.6 |
| Price / Book Value ratio | x | 3.9 | 3.8 |
| Market Cap | Rs m | 12,589 | 12,589 |
| Dividends per share (Unadj.) | Rs | 8.0 | 1.5 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
Ratio Analysis for SML ISUZU
Solvency Ratios
Profitability Ratios
Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.6x 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 1.9x during FY18, from 14.6x 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 2.1% during FY18, from 15.6% 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 3.9% during FY18, from 20.6% 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 declined and down at 1.9% during FY18, from 8.8% 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 | 1.6 | 1.4 |
| Debtors’ Days | Days | 31 | 38 |
| Interest coverage | x | 14.6 | 1.9 |
| Debt to equity ratio | x | 0.1 | 0.3 |
| Return on assets | % | 8.8 | 1.9 |
| Return on equity | % | 15.6 | 2.1 |
| Return on capital employed | % | 20.6 | 3.9 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
To see how SML ISUZU has performed over the last 5 years, please visit here.
SML ISUZU Share Price Performance
Over the last one year, SML ISUZU share price has moved up from Rs 950.1 to Rs 870.0, registering a loss of Rs 80.1 or around 8.4%.
Meanwhile, the S&P BSE AUTO Index is trading at Rs 24,433.1 (up 0.7%). Over the last one year it has moved up from 23,814.2 to 24,433.1, a gain of 619 points (up 2.6%).
Overall, the S&P BSE SENSEX is up 19.4% over the year.
(To know more, check out historical annual results for SML ISUZU and quarterly results for SML ISUZU)
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