LEEL Electricals (NSE:LEEL) Operating Income : ₹490 Mil (TTM As of Mar. 2018)

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What is LEEL Electricals Operating Income?

LEEL Electricals's Operating Income for the six months ended in Mar. 2018 was ₹490 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2018 was ₹490 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. LEEL Electricals's Operating Income for the six months ended in Mar. 2018 was ₹490 Mil. LEEL Electricals's Revenue for the six months ended in Mar. 2018 was ₹23,306 Mil. Therefore, LEEL Electricals's Operating Margin % for the quarter that ended in Mar. 2018 was 2.10%.

LEEL Electricals's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. LEEL Electricals's annualized ROC % for the quarter that ended in Mar. 2018 was 1.82%. LEEL Electricals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2018 was 38.20%.

LEEL Electricals Operating Income Historical Data

The historical data trend for LEEL Electricals's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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LEEL Electricals Operating Income Chart

LEEL Electricals Annual Data

Trend

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Operating Income

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1,474.20

1,996.30

2,477.20

2,242.70

490.00

LEEL Electricals Semi-Annual Data
	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Mar13	Mar14	Mar15	Mar16	Mar17	Mar18
Operating Income	Get a 7-Day Free Trial							1,474.20	1,996.30	2,477.20	2,242.70	490.00

LEEL Electricals Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Mar. 2018 was ₹490 Mil.

LEEL Electricals (NSE:LEEL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

LEEL Electricals's annualized ROC % for the quarter that ended in Mar. 2018 is calculated as:

	ROC % (Q: Mar. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2017 )	+	Invested Capital (Q: Mar. 2018 ))	/ count )
=	490 * ( 1 - 24.77% )	/	( (20587.9	+	19915.1)	/ 2 )
=	368.627	/	20251.5
=	1.82 %

where

	Invested Capital		(Q: Mar. 2017 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	24630.8	-	3073.9	-	( 969	-	max(0, 15000.9	-	20408.9	+	969	))
=	20587.9

	Invested Capital		(Q: Mar. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	24880.2	-	4669.4	-	( 295.7	-	max(0, 10322.6	-	17228.4	+	295.7	))
=	19915.1

Note: The Operating Income data used here is one times the annual (Mar. 2018) data.

2. Joel Greenblatt's definition of Return on Capital:

LEEL Electricals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2018 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2018 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2017		Q: Mar. 2018
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	7493.9	/	( ( (4106.7 + max(15539.4, 0))	+	(7487.9 + max(12098.3, 0)) )	/	2 )
=	7493.9	/	( ( 19646.1	+	19586.2 )	/	2 )
=	7493.9	/	19616.15
=	38.20 %

where Working Capital is:

	Working Capital		(Q: Mar. 2017 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(7598.5	+	10486.2	+	1354.9)	-	(3073.9	+	0	+	826.3)
=	15539.4

	Working Capital		(Q: Mar. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(7379	+	8113.1	+	1440.5)	-	(4669.4	+	0	+	164.9)
=	12098.3

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Mar. 2018) EBIT data.

3. Operating Income is also linked to Operating Margin %:

LEEL Electricals's Operating Margin % for the quarter that ended in Mar. 2018 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2018 )	/	Revenue (Q: Mar. 2018 )
	=	490	/	23305.9
	=	2.10 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

LEEL Electricals Operating Income Related Terms

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LEEL Electricals (NSE:LEEL) Business Description

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GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » LEEL Electricals Ltd (NSE:LEEL) » Definitions » Operating Income

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Address

159, Okhla Industrial Estate, Phase - III, New Delhi, Delhi, IND, 110020

Website

http://www.leelelectric.com

LEEL Electricals Ltd is an India-based heat exchangers coils manufacturer. It manufactures air conditioners for various brands including its own brand of LLOYD. The company also manufactures consumer durable business under Lloyd brand which includes product portfolio like Air-Conditioner, LED TV, Washing Machines, Chest Freezers and other small home appliances. Lloyd's segments are OEM and Packaged Air conditioning Segment, and Heat Exchangers and Components Segments but OEM and Packaged Air conditioning Segment generates the majority of the revenue.

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