BATA INDIA 2019-20 Annual Report Analysis

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BATA INDIA 2019-20 Annual Report Analysis
Thu, 20 Aug

BATA INDIA has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

BATA INDIA Income Statement Analysis

  • Operating income during the year rose 4.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 74.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.2% in FY20 as against 16.3% in FY19.
  • Depreciation charges increased by 361.8% and finance costs increased by 3216.6% YoY, respectively.
  • Other income grew by 0.7% YoY.
  • Net profit for the year declined by 0.0% YoY.
  • Net profit margins during the year declined from 11.0% in FY19 to 10.5% in FY20.

BATA INDIA Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 29,311 30,561 4.3%
Other income Rs m 682 687 0.7%
Total Revenues Rs m 29,993 31,248 4.2%
Gross profit Rs m 4,771 8,321 74.4%
Depreciation Rs m 641 2,958 361.8%
Interest Rs m 36 1,177 3,216.6%
Profit before tax Rs m 4,777 4,872 2.0%
Tax Rs m 1,487 1,583 6.4%
Profit after tax Rs m 3,290 3,290 0.0%
Gross profit margin % 16.3 27.2
Effective tax rate % 31.1 32.5
Net profit margin % 11.0 10.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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BATA INDIA Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 8 billion as compared to Rs 6 billion in FY19, thereby witnessing an increase of 27.1%.
  • Long-term debt stood at Rs 10 billion as compared to Rs 0 million during FY19, a fall of 0.0%.
  • Current assets rose 9% and stood at Rs 20 billion, while fixed assets rose 321% and stood at Rs 14 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 37 billion as against Rs 25 billion during FY19, thereby witnessing a growth of 51%.

BATA INDIA Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 17,418 18,939 8.7
 
Current Liabilities Rs m 6,297 8,007 27.1
Long-term Debt Rs m 0 10,354 0.0
Total Liabilities Rs m 24,741 37,325 50.9
 
Current assets Rs m 18,405 20,033 8.8
Fixed Assets Rs m 3,300 13,893 321.0
Total Assets Rs m 24,741 37,325 50.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BATA INDIA Cash Flow Statement Analysis

  • BATA INDIA's cash flow from operating activities (CFO) during FY20 stood at Rs 6 billion, an improvement of 68.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -434 million from the Rs 41 million net cash flows seen during FY19.

BATA INDIA Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 3,449 5,817 68.7%
Cash Flow from Investing Activities Rs m -2,777 -1,890 -
Cash Flow from Financing Activities Rs m -631 -4,361 -
Net Cash Flow Rs m 41 -434 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BATA INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.6, an decline from the EPS of Rs 25.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,280.0, stands at 131.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 9.9 times, while the price to sales ratio stands at 6.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 228.0 237.8
TTM Earnings per share Rs 25.6 25.6
Diluted earnings per share Rs 25.6 25.6
Price to Cash Flow x 41.9 26.3
TTM P/E ratio x 131.6 131.6
Price / Book Value ratio x 8.0 9.9
Market Cap Rs m 164,518 164,515
Dividends per share (Unadj.) Rs 6.3 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BATA INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.5x during FY20, from 2.9x during FY19. 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 deteriorated and stood at 5.1x during FY20, from 135.6x during FY19. 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 17.4% during FY20, from 18.9% during FY20. 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 20.7% during FY20, from 27.6% during FY19. 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 12.0% during FY20, from 13.4% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 2.9 2.5
Debtors’ Days Days 8 8
Interest coverage x 135.6 5.1
Debt to equity ratio x 0.0 0.5
Return on assets % 13.4 12.0
Return on equity % 18.9 17.4
Return on capital employed % 27.6 20.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BATA INDIA Share Price Performance

Over the last one year, BATA INDIA share price has moved down from Rs 1,471.8 to Rs 1,280.0, registering a loss of Rs 191.8 or around 13.0%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,697.0 (down 0.2%). Over the last one year it has moved up from 10,880.7 to 11,697.0, a gain of 816 points (up 7.5%).

Overall, the S&P BSE SENSEX is up 2.5% over the year.

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

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1 Responses to "BATA INDIA 2019-20 Annual Report Analysis"

Adiba

Feb 1, 2021

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For the quarter ended March 2020, BATA INDIA has posted a net profit of Rs 376 m (down 57.4% YoY). Sales on the other hand came in at Rs 6 bn (down 8.8% YoY). Read on for a complete analysis of BATA INDIA's quarterly results.

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