ATUL 2020-21 Annual Report Analysis

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ATUL 2020-21 Annual Report Analysis
Mon, 9 Aug

ATUL 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.

ATUL Income Statement Analysis

  • Operating income during the year fell 8.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.6% in FY21 as against 22.0% in FY20.
  • Depreciation charges increased by 4.7% and finance costs decreased by 0.5% YoY, respectively.
  • Other income grew by 32.0% YoY.
  • Net profit for the year declined by 2.0% YoY.
  • Net profit margins during the year grew from 16.0% in FY20 to 17.0% in FY21.

ATUL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 40,931 37,315 -8.8%
Other income Rs m 780 1,030 32.0%
Total Revenues Rs m 41,711 38,345 -8.1%
Gross profit Rs m 9,020 9,171 1.7%
Depreciation Rs m 1,302 1,363 4.7%
Interest Rs m 94 94 -0.5%
Profit before tax Rs m 8,404 8,744 4.0%
Tax Rs m 1,745 2,217 27.0%
Profit after tax Rs m 6,659 6,528 -2.0%
Gross profit margin % 22.0 24.6
Effective tax rate % 20.8 25.3
Net profit margin % 16.0 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ATUL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 10 billion as compared to Rs 9 billion in FY20, thereby witnessing an increase of 6.6%.
  • Long-term debt stood at Rs 982 million as compared to Rs 866 million during FY20, a growth of 13.4%.
  • Current assets rose 21% and stood at Rs 28 billion, while fixed assets rose 15% and stood at Rs 24 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 51 billion as against Rs 44 billion during FY20, thereby witnessing a growth of 18%.

ATUL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 31,549 38,265 21.3
 
Current Liabilities Rs m 9,446 10,073 6.6
Long-term Debt Rs m 866 982 13.4
Total Liabilities Rs m 43,564 51,362 17.9
 
Current assets Rs m 22,947 27,653 20.5
Fixed Assets Rs m 20,618 23,709 15.0
Total Assets Rs m 43,564 51,362 17.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ATUL Cash Flow Statement Analysis

  • ATUL's cash flow from operating activities (CFO) during FY21 stood at Rs 7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -6 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -522 million, an improvement of 53% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 207 million from the Rs -114 million net cash flows seen during FY20.

ATUL 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 8,814 7,180 -18.5%
Cash Flow from Investing Activities Rs m -7,827 -6,464 -
Cash Flow from Financing Activities Rs m -1,106 -522 -
Net Cash Flow Rs m -114 207 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ATUL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 220.6, an decline from the EPS of Rs 224.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 9,094.5, stands at 38.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 4.4 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-20* 12 Mar-21*
Sales per share (Unadj.) Rs 1,380.0 1,261.1
TTM Earnings per share Rs 224.5 220.6
Diluted earnings per share Rs 225.1 220.6
Price to Cash Flow x 33.9 34.1
TTM P/E ratio x 38.6 38.5
Price / Book Value ratio x 4.1 4.2
Market Cap Rs m 269,757 269,078
Dividends per share (Unadj.) Rs 27.5 20.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ATUL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.7x during FY21, from 2.4x 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 94.5x during FY21, from 90.4x 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 17.1% during FY21, from 21.1% 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 22.5% during FY21, from 26.2% 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 declined and down at 12.9% 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 2.4 2.7
Debtors’ Days Days 6 7
Interest coverage x 90.4 94.5
Debt to equity ratio x 0.0 0.0
Return on assets % 15.5 12.9
Return on equity % 21.1 17.1
Return on capital employed % 26.2 22.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

ATUL Share Price Performance

Over the last one year, ATUL share price has moved up from Rs 5,148.4 to Rs 9,094.5, registering a gain of Rs 3,946.1 or around 76.6%.

Overall, the S&P BSE SENSEX is up 44.4% over the year.

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

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