AUROBINDO PHARMA 2020-21 Annual Report Analysis

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AUROBINDO PHARMA 2020-21 Annual Report Analysis
Mon, 9 Aug

AUROBINDO PHARMA 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.

AUROBINDO PHARMA Income Statement Analysis

  • Operating income during the year fell 31.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 14.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.0% in FY21 as against 20.9% in FY20.
  • Depreciation charges decreased by 49.5% and finance costs decreased by 90.6% YoY, respectively.
  • Other income grew by 207.4% YoY.
  • Net profit for the year grew by 9.4% YoY.
  • Net profit margins during the year grew from 12.2% in FY20 to 19.0% in FY21.

AUROBINDO PHARMA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 230,985 158,237 -31.5%
Other income Rs m 1,919 5,899 207.4%
Total Revenues Rs m 232,904 164,135 -29.5%
Gross profit Rs m 48,382 41,198 -14.8%
Depreciation Rs m 9,667 4,880 -49.5%
Interest Rs m 3,051 287 -90.6%
Profit before tax Rs m 37,582 41,930 11.6%
Tax Rs m 9,135 10,801 18.2%
Profit after tax Rs m 28,447 31,129 9.4%
Gross profit margin % 20.9 26.0
Effective tax rate % 24.3 25.8
Net profit margin % 12.2 19.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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AUROBINDO PHARMA Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 68 billion as compared to Rs 114 billion in FY20, thereby witnessing an decrease of -40.7%.
  • Current assets fell 25% and stood at Rs 124 billion, while fixed assets fell 12% and stood at Rs 108 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 232 billion as against Rs 288 billion during FY20, thereby witnessing a fall of 19%.

AUROBINDO PHARMA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 168,104 159,246 -5.3
 
Current Liabilities Rs m 113,868 67,566 -40.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 287,632 231,890 -19.4
 
Current assets Rs m 164,125 123,779 -24.6
Fixed Assets Rs m 123,507 108,111 -12.5
Total Assets Rs m 287,632 231,890 -19.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



AUROBINDO PHARMA Cash Flow Statement Analysis

  • AUROBINDO PHARMA's cash flow from operating activities (CFO) during FY21 stood at Rs 30 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -26 billion, an improvement of 69.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -279 million, an improvement of 99% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 3 billion from the Rs 9 billion net cash flows seen during FY20.

AUROBINDO PHARMA 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 43,813 29,944 -31.7%
Cash Flow from Investing Activities Rs m -15,676 -26,487 -
Cash Flow from Financing Activities Rs m -19,472 -279 -
Net Cash Flow Rs m 8,712 3,162 -63.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for AUROBINDO PHARMA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 53.1, an improvement from the EPS of Rs 48.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 888.0, stands at 9.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 2.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.4 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 394.2 270.1
TTM Earnings per share Rs 48.5 53.1
Diluted earnings per share Rs 48.5 53.1
Price to Cash Flow x 13.7 14.4
TTM P/E ratio x 9.7 9.7
Price / Book Value ratio x 2.0 2.5
Market Cap Rs m 520,306 520,313
Dividends per share (Unadj.) Rs 3.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for AUROBINDO PHARMA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x during FY21, from 1.4x 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 147.2x during FY21, from 13.3x 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 19.5% during FY21, from 16.9% 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 improved and stood at 26.5% during FY21, from 24.2% 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 13.5% during FY21, from 11.0% 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 1.4 1.8
Debtors’ Days Days 68 137
Interest coverage x 13.3 147.2
Debt to equity ratio x 0.0 0.0
Return on assets % 11.0 13.5
Return on equity % 16.9 19.5
Return on capital employed % 24.2 26.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

AUROBINDO PHARMA Share Price Performance

Over the last one year, AUROBINDO PHARMA share price has moved down from Rs 906.7 to Rs 888.0, registering a loss of Rs 18.7 or around 2.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,357.8 (down 0.0%). Over the last one year it has moved up from 18,760.8 to 26,357.8, a gain of 7,597 points (up 40.5%).

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

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

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AUROBINDO PHARMA Announces Quarterly Results (1QFY22); Net Profit Down 2.0% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, AUROBINDO PHARMA has posted a net profit of Rs 8 bn (down 2.0% YoY). Sales on the other hand came in at Rs 57 bn (down 3.8% YoY). Read on for a complete analysis of AUROBINDO PHARMA's quarterly results.

AUROBINDO PHARMA Announces Quarterly Results (1QFY21); Net Profit Up 25.6% (Quarterly Result Update)

Sep 15, 2020 | Updated on Sep 15, 2020

For the quarter ended June 2020, AUROBINDO PHARMA has posted a net profit of Rs 8 bn (up 25.6% YoY). Sales on the other hand came in at Rs 59 bn (up 8.8% YoY). Read on for a complete analysis of AUROBINDO PHARMA's quarterly results.

AUROBINDO PHARMA 2018-19 Annual Report Analysis (Annual Result Update)

Nov 6, 2019 | Updated on Nov 6, 2019

Here's an analysis of the annual report of AUROBINDO PHARMA for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of AUROBINDO PHARMA. Also includes updates on the valuation of AUROBINDO PHARMA.

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