AVT NATURAL 2020-21 Annual Report Analysis

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AVT NATURAL 2020-21 Annual Report Analysis
Thu, 28 Oct

AVT NATURAL 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.

AVT NATURAL Income Statement Analysis

  • Operating income during the year rose 22.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 24.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.7% in FY21 as against 14.4% in FY20.
  • Depreciation charges increased by 10.6% and finance costs decreased by 27.9% YoY, respectively.
  • Other income grew by 21.5% YoY.
  • Net profit for the year grew by 33.2% YoY.
  • Net profit margins during the year grew from 8.4% in FY20 to 9.2% in FY21.

AVT NATURAL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,964 4,851 22.4%
Other income Rs m 70 85 21.5%
Total Revenues Rs m 4,034 4,936 22.4%
Gross profit Rs m 571 712 24.8%
Depreciation Rs m 137 152 10.6%
Interest Rs m 56 40 -27.9%
Profit before tax Rs m 448 605 35.2%
Tax Rs m 108 153 41.4%
Profit after tax Rs m 340 453 33.2%
Gross profit margin % 14.4 14.7
Effective tax rate % 24.1 25.2
Net profit margin % 8.4 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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AVT NATURAL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 979 million as compared to Rs 820 million in FY20, thereby witnessing an increase of 19.4%.
  • Long-term debt down at Rs 75 million as compared to Rs 105 million during FY20, a fall of 28.6%.
  • Current assets rose 22% and stood at Rs 3 billion, while fixed assets fell 12% and stood at Rs 930 million in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 13%.

AVT NATURAL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,749 3,103 12.9
 
Current Liabilities Rs m 820 979 19.4
Long-term Debt Rs m 105 75 -28.6
Total Liabilities Rs m 3,776 4,256 12.7
 
Current assets Rs m 2,722 3,326 22.2
Fixed Assets Rs m 1,054 930 -11.7
Total Assets Rs m 3,776 4,256 12.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



AVT NATURAL Cash Flow Statement Analysis

  • AVT NATURAL's cash flow from operating activities (CFO) during FY21 stood at Rs 76 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -44 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -60 million, an improvement of 88% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -27 million from the Rs 68 million net cash flows seen during FY20.

AVT NATURAL 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 705 76 -89.2%
Cash Flow from Investing Activities Rs m -142 -44 -
Cash Flow from Financing Activities Rs m -496 -60 -
Net Cash Flow Rs m 68 -27 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for AVT NATURAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.0, an improvement from the EPS of Rs 2.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 86.0, stands at 24.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.6 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 26.0 31.9
TTM Earnings per share Rs 2.2 3.0
Diluted earnings per share Rs 2.2 3.0
Price to Cash Flow x 27.4 21.6
TTM P/E ratio x 24.3 24.3
Price / Book Value ratio x 1.7 1.9
Market Cap Rs m 13,089 13,089
Dividends per share (Unadj.) Rs 0.6 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for AVT NATURAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.4x during FY21, from 3.3x 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 16.1x during FY21, from 9.1x 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 14.6% during FY21, from 12.4% 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 20.3% during FY21, from 17.6% 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 11.6% 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 3.3 3.4
Debtors’ Days Days 694 771
Interest coverage x 9.1 16.1
Debt to equity ratio x 0.0 0.0
Return on assets % 10.5 11.6
Return on equity % 12.4 14.6
Return on capital employed % 17.6 20.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

AVT NATURAL Share Price Performance

Over the last one year, AVT NATURAL share price has moved up from Rs 44.0 to Rs 86.0, registering a gain of Rs 42.0 or around 95.6%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 14,144.4 (down 1.1%). Over the last one year it has moved up from 11,117.5 to 14,144.4, a gain of 3,027 points (up 27.2%).

Overall, the S&P BSE SENSEX is up 50.9% over the year.

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

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