ASIAN GRANITO 2019-20 Annual Report Analysis

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ASIAN GRANITO 2019-20 Annual Report Analysis
Thu, 28 Oct

ASIAN GRANITO has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

ASIAN GRANITO Income Statement Analysis

  • Operating income during the year rose 3.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 33.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.1% in FY20 as against 7.1% in FY19.
  • Depreciation charges increased by 12.7% and finance costs increased by 8.5% YoY, respectively.
  • Other income grew by 48.4% YoY.
  • Net profit for the year grew by 132.2% YoY.
  • Net profit margins during the year grew from 1.6% in FY19 to 3.5% in FY20.

ASIAN GRANITO Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 11,867 12,245 3.2%
Other income Rs m 91 135 48.4%
Total Revenues Rs m 11,958 12,380 3.5%
Gross profit Rs m 837 1,119 33.8%
Depreciation Rs m 273 308 12.7%
Interest Rs m 369 400 8.5%
Profit before tax Rs m 286 547 91.2%
Tax Rs m 98 111 13.2%
Profit after tax Rs m 187 435 132.2%
Gross profit margin % 7.1 9.1
Effective tax rate % 34.4 20.4
Net profit margin % 1.6 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ASIAN GRANITO Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 6 billion as compared to Rs 7 billion in FY19, thereby witnessing an decrease of -10.4%.
  • Long-term debt down at Rs 809 million as compared to Rs 988 million during FY19, a fall of 18.1%.
  • Current assets fell 4% and stood at Rs 7 billion, while fixed assets rose 1% and stood at Rs 5 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 13 billion as against Rs 13 billion during FY19, thereby witnessing a fall of 2%.

ASIAN GRANITO Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 4,511 4,962 10.0
 
Current Liabilities Rs m 6,641 5,950 -10.4
Long-term Debt Rs m 988 809 -18.1
Total Liabilities Rs m 12,811 12,591 -1.7
 
Current assets Rs m 7,642 7,347 -3.9
Fixed Assets Rs m 5,169 5,244 1.4
Total Assets Rs m 12,811 12,591 -1.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ASIAN GRANITO Cash Flow Statement Analysis

  • ASIAN GRANITO 's cash flow from operating activities (CFO) during FY20 stood at Rs 565 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -406 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -397 million on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -239 million from the Rs 94 million net cash flows seen during FY19.

ASIAN GRANITO Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 876 565 -35.5%
Cash Flow from Investing Activities Rs m -623 -406 -
Cash Flow from Financing Activities Rs m -159 -397 -
Net Cash Flow Rs m 94 -239 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ASIAN GRANITO

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.5, an improvement from the EPS of Rs 6.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 135.7, stands at 6.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 394.4 407.0
TTM Earnings per share Rs 6.2 14.5
Diluted earnings per share Rs 5.6 13.0
Price to Cash Flow x 8.9 6.1
TTM P/E ratio x 5.6 6.3
Price / Book Value ratio x 2.2 1.3
Market Cap Rs m 4,081 4,552
Dividends per share (Unadj.) Rs 0.6 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ASIAN GRANITO

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY20, from 1.2x during FY19. 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 2.4x during FY20, from 1.8x during FY19. 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 8.8% during FY20, from 4.2% during FY20. 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 16.4% during FY20, from 11.9% during FY19. 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 6.6% during FY20, from 4.3% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.2 1.2
Debtors’ Days Days 123 112
Interest coverage x 1.8 2.4
Debt to equity ratio x 0.2 0.2
Return on assets % 4.3 6.6
Return on equity % 4.2 8.8
Return on capital employed % 11.9 16.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ASIAN GRANITO has performed over the last 5 years, please visit here.

ASIAN GRANITO Share Price Performance

Over the last one year, ASIAN GRANITO share price has moved down from Rs 273.8 to Rs 135.7, registering a loss of Rs 138.2 or around 50.5%.

Overall, the S&P BSE SENSEX is up 51.1% over the year.

(To know more, check out historical annual results for ASIAN GRANITO and quarterly results for ASIAN GRANITO )

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