ASTEC LIFESCIENCES 2020-21 Annual Report Analysis

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ASTEC LIFESCIENCES 2020-21 Annual Report Analysis
Thu, 28 Oct

ASTEC LIFESCIENCES 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.

ASTEC LIFESCIENCES Income Statement Analysis

  • Operating income during the year rose 6.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.1% in FY21 as against 16.3% in FY20.
  • Depreciation charges increased by 10.8% and finance costs decreased by 62.3% YoY, respectively.
  • Other income declined by 32.7% YoY.
  • Net profit for the year grew by 36.9% YoY.
  • Net profit margins during the year grew from 8.9% in FY20 to 11.6% in FY21.

ASTEC LIFESCIENCES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 5,226 5,549 6.2%
Other income Rs m 119 80 -32.7%
Total Revenues Rs m 5,345 5,629 5.3%
Gross profit Rs m 852 1,115 30.8%
Depreciation Rs m 232 257 10.8%
Interest Rs m 126 48 -62.3%
Profit before tax Rs m 614 891 45.2%
Tax Rs m 138 240 73.6%
Profit after tax Rs m 475 651 36.9%
Gross profit margin % 16.3 20.1
Effective tax rate % 22.5 26.9
Net profit margin % 8.9 11.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ASTEC LIFESCIENCES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an increase of 1.2%.
  • Long-term debt stood at Rs 400 million as compared to Rs 0 million during FY20, a fall of 0.0%.
  • Current assets fell 0% and stood at Rs 3 billion, while fixed assets rose 45% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 19%.

ASTEC LIFESCIENCES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,459 3,088 25.6
 
Current Liabilities Rs m 3,184 3,223 1.2
Long-term Debt Rs m 0 400 0.0
Total Liabilities Rs m 5,717 6,776 18.5
 
Current assets Rs m 3,318 3,304 -0.4
Fixed Assets Rs m 2,400 3,472 44.7
Total Assets Rs m 5,717 6,776 18.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ASTEC LIFESCIENCES Cash Flow Statement Analysis

  • ASTEC LIFESCIENCES's cash flow from operating activities (CFO) during FY21 stood at Rs -82 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -731 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 813 million, an improvement of 186% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 0 million from the Rs 1 million net cash flows seen during FY20.

ASTEC LIFESCIENCES 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 1,684 -82 -
Cash Flow from Investing Activities Rs m -738 -731 -
Cash Flow from Financing Activities Rs m -945 813 -
Net Cash Flow Rs m 1 0 -67.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ASTEC LIFESCIENCES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 33.2, an improvement from the EPS of Rs 24.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,200.0, stands at 44.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.5 times, while the price to sales ratio stands at 3.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 25.9 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 267.0 283.2
TTM Earnings per share Rs 24.3 33.2
Diluted earnings per share Rs 24.3 33.2
Price to Cash Flow x 33.2 25.9
TTM P/E ratio x 44.2 44.3
Price / Book Value ratio x 3.4 5.5
Market Cap Rs m 23,482 23,505
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ASTEC LIFESCIENCES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY21, from 1.0x 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 19.7x during FY21, from 5.9x 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 improved and stood at 21.1% during FY21, from 19.3% 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 26.9% during FY21, from 30.1% 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 declined and down at 10.3% during FY21, from 10.5% 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 1.0 1.0
Debtors’ Days Days 1,123 1,231
Interest coverage x 5.9 19.7
Debt to equity ratio x 0.0 0.1
Return on assets % 10.5 10.3
Return on equity % 19.3 21.1
Return on capital employed % 30.1 26.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ASTEC LIFESCIENCES has performed over the last 5 years, please visit here.

ASTEC LIFESCIENCES Share Price Performance

Over the last one year, ASTEC LIFESCIENCES share price has moved up from Rs 1,111.8 to Rs 1,200.0, registering a gain of Rs 88.3 or around 7.9%.

Overall, the S&P BSE SENSEX is up 51.0% over the year.

(To know more, check out historical annual results for ASTEC LIFESCIENCES and quarterly results for ASTEC LIFESCIENCES)

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