BLACK ROSE IND 2020-21 Annual Report Analysis

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BLACK ROSE IND 2020-21 Annual Report Analysis
Thu, 28 Oct

BLACK ROSE IND has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BLACK ROSE IND Income Statement Analysis

  • Operating income during the year rose 1.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 26.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.6% in FY21 as against 8.5% in FY20.
  • Depreciation charges increased by 10.5% and finance costs decreased by 44.6% YoY, respectively.
  • Other income declined by 16.3% YoY.
  • Net profit for the year grew by 32.8% YoY.
  • Net profit margins during the year grew from 5.5% in FY20 to 7.2% in FY21.

BLACK ROSE IND Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,726 3,798 1.9%
Other income Rs m 9 7 -16.3%
Total Revenues Rs m 3,735 3,805 1.9%
Gross profit Rs m 318 403 26.7%
Depreciation Rs m 23 26 10.5%
Interest Rs m 31 17 -44.6%
Profit before tax Rs m 273 368 34.7%
Tax Rs m 66 93 40.7%
Profit after tax Rs m 207 274 32.8%
Gross profit margin % 8.5 10.6
Effective tax rate % 24.3 25.4
Net profit margin % 5.5 7.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BLACK ROSE IND Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 661 million as compared to Rs 762 million in FY20, thereby witnessing an decrease of -13.2%.
  • Long-term debt down at Rs 29 million as compared to Rs 45 million during FY20, a fall of 35.6%.
  • Current assets rose 9% and stood at Rs 1 billion, while fixed assets rose 8% and stood at Rs 426 million in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 2 billion as against Rs 2 billion during FY20, thereby witnessing a growth of 9%.

BLACK ROSE IND Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 675 930 37.8
 
Current Liabilities Rs m 762 661 -13.2
Long-term Debt Rs m 45 29 -35.6
Total Liabilities Rs m 1,528 1,664 8.9
 
Current assets Rs m 1,135 1,239 9.2
Fixed Assets Rs m 394 426 8.1
Total Assets Rs m 1,528 1,664 8.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BLACK ROSE IND Cash Flow Statement Analysis

  • BLACK ROSE IND's cash flow from operating activities (CFO) during FY21 stood at Rs 103 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -53 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -51 million, an improvement of 41% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -1 million from the Rs 17 million net cash flows seen during FY20.

BLACK ROSE IND Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 174 103 -40.5%
Cash Flow from Investing Activities Rs m -71 -53 -
Cash Flow from Financing Activities Rs m -86 -51 -
Net Cash Flow Rs m 17 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BLACK ROSE IND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an improvement from the EPS of Rs 4.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 199.7, stands at 31.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.0 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 33.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 73.1 74.5
TTM Earnings per share Rs 4.1 5.4
Diluted earnings per share Rs 4.1 5.4
Price to Cash Flow x 44.3 33.9
TTM P/E ratio x 31.0 31.0
Price / Book Value ratio x 7.6 7.0
Market Cap Rs m 10,182 10,182
Dividends per share (Unadj.) Rs 0.4 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BLACK ROSE IND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY21, from 1.5x during FY20. 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 22.7x during FY21, from 9.9x during FY20. 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 declined and down at 29.5% during FY21, from 30.6% during FY21. 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 40.1% during FY21, from 42.2% during FY20. 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 17.5% during FY21, from 15.5% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.5 1.9
Debtors’ Days Days 467 421
Interest coverage x 9.9 22.7
Debt to equity ratio x 0.1 0.0
Return on assets % 15.5 17.5
Return on equity % 30.6 29.5
Return on capital employed % 42.2 40.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BLACK ROSE IND has performed over the last 5 years, please visit here.

BLACK ROSE IND Share Price Performance

Over the last one year, BLACK ROSE IND share price has moved up from Rs 121.7 to Rs 199.7, registering a gain of Rs 78.0 or around 64.1%.

Overall, the S&P BSE SENSEX is up 51.2% over the year.

(To know more, check out historical annual results for BLACK ROSE IND and quarterly results for BLACK ROSE IND)

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