INEOS STYROLUTION INDIA 2020-21 Annual Report Analysis

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INEOS STYROLUTION INDIA 2020-21 Annual Report Analysis
Mon, 8 Nov

INEOS STYROLUTION INDIA 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.

INEOS STYROLUTION INDIA Income Statement Analysis

  • Operating income during the year rose 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1421.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.4% in FY21 as against 1.7% in FY20.
  • Depreciation charges increased by 14.1% and finance costs decreased by 7.9% YoY, respectively.
  • Other income grew by 92.4% YoY.
  • Net profit for the year declined by 3042.5% YoY.
  • Net profit margins during the year grew from 0.6% in FY20 to 17.0% in FY21.

INEOS STYROLUTION INDIA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 15,790 16,315 3.3%
Other income Rs m 68 131 92.4%
Total Revenues Rs m 15,858 16,445 3.7%
Gross profit Rs m 272 4,137 1,421.9%
Depreciation Rs m 316 360 14.1%
Interest Rs m 159 146 -7.9%
Profit before tax Rs m -135 3,761 -2,886.1%
Tax Rs m -40 959 -2,510.9%
Profit after tax Rs m -95 2,802 -3,042.5%
Gross profit margin % 1.7 25.4
Effective tax rate % 29.5 25.5
Net profit margin % -0.6 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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INEOS STYROLUTION INDIA 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 3.7%.
  • Long-term debt down at Rs 332 million as compared to Rs 630 million during FY20, a fall of 47.3%.
  • Current assets rose 72% and stood at Rs 9 billion, while fixed assets fell 23% and stood at Rs 4 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 13 billion as against Rs 11 billion during FY20, thereby witnessing a growth of 24%.

INEOS STYROLUTION INDIA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,093 8,888 45.9
 
Current Liabilities Rs m 2,941 3,050 3.7
Long-term Debt Rs m 630 332 -47.3
Total Liabilities Rs m 10,552 13,134 24.5
 
Current assets Rs m 5,258 9,041 71.9
Fixed Assets Rs m 5,294 4,092 -22.7
Total Assets Rs m 10,552 13,134 24.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INEOS STYROLUTION INDIA Cash Flow Statement Analysis

  • INEOS STYROLUTION INDIA's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 69.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -91 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs -422 million net cash flows seen during FY20.

INEOS STYROLUTION INDIA 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 1,659 2,815 69.8%
Cash Flow from Investing Activities Rs m -836 -91 -
Cash Flow from Financing Activities Rs m -1,245 -1,367 -
Net Cash Flow Rs m -422 1,357 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INEOS STYROLUTION INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 159.3, an improvement from the EPS of Rs -5.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,470.1, stands at 6.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.2 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 897.7 927.5
TTM Earnings per share Rs -5.4 159.3
Diluted earnings per share Rs -5.4 159.3
Price to Cash Flow x 117.3 8.2
TTM P/E ratio x 6.7 6.7
Price / Book Value ratio x 1.7 1.6
Market Cap Rs m 25,853 25,853
Dividends per share (Unadj.) Rs 0.0 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INEOS STYROLUTION INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.0x during FY21, from 1.8x 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 26.7x during FY21, from 0.2x 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 31.5% during FY21, from -1.6% 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 42.4% during FY21, from 0.4% 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 22.5% during FY21, from 0.6% 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 1.8 3.0
Debtors’ Days Days 398 685
Interest coverage x 0.2 26.7
Debt to equity ratio x 0.1 0.0
Return on assets % 0.6 22.5
Return on equity % -1.6 31.5
Return on capital employed % 0.4 42.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INEOS STYROLUTION INDIA has performed over the last 5 years, please visit here.

INEOS STYROLUTION INDIA Share Price Performance

Over the last one year, INEOS STYROLUTION INDIA share price has moved up from Rs 545.4 to Rs 1,470.1, registering a gain of Rs 924.8 or around 169.6%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 18,811.9 (up 2.3%). Over the last one year it has moved up from 12,347.8 to 18,811.9, a gain of 6,464 points (up 52.4%).

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for INEOS STYROLUTION INDIA and quarterly results for INEOS STYROLUTION INDIA)

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