BATA INDIA 2020-21 Annual Report Analysis

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BATA INDIA 2020-21 Annual Report Analysis
Tue, 10 Aug

BATA 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.

BATA INDIA Income Statement Analysis

  • Operating income during the year fell 44.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 80.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.5% in FY21 as against 27.6% in FY20.
  • Depreciation charges decreased by 10.5% and finance costs decreased by 16.0% YoY, respectively.
  • Other income grew by 37.0% YoY.
  • Net profit for the year declined by 127.2% YoY.
  • Net profit margins during the year declined from 10.5% in FY20 to 5.0% in FY21.

BATA INDIA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 30,561 17,085 -44.1%
Other income Rs m 687 941 37.0%
Total Revenues Rs m 31,248 18,026 -42.3%
Gross profit Rs m 8,431 1,622 -80.8%
Depreciation Rs m 2,958 2,648 -10.5%
Interest Rs m 1,287 1,081 -16.0%
Profit before tax Rs m 4,872 -1,166 -123.9%
Tax Rs m 1,583 -273 -117.3%
Profit after tax Rs m 3,290 -893 -127.2%
Gross profit margin % 27.6 9.5
Effective tax rate % 32.5 23.4
Net profit margin % 10.5 -5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BATA INDIA Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 7 billion as compared to Rs 8 billion in FY20, thereby witnessing an decrease of -11.0%.
  • Current assets fell 7% and stood at Rs 19 billion, while fixed assets fell 17% and stood at Rs 13 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 32 billion as against Rs 36 billion during FY20, thereby witnessing a fall of 12%.

BATA INDIA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 18,939 17,581 -7.2
 
Current Liabilities Rs m 8,007 7,126 -11.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 36,215 31,941 -11.8
 
Current assets Rs m 20,032 18,578 -7.3
Fixed Assets Rs m 16,182 13,363 -17.4
Total Assets Rs m 36,215 31,941 -11.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BATA INDIA Cash Flow Statement Analysis

  • BATA INDIA's cash flow from operating activities (CFO) during FY21 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -527 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -4 billion, an improvement of 15% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 393 million from the Rs -434 million net cash flows seen during FY20.

BATA 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 5,817 4,611 -20.7%
Cash Flow from Investing Activities Rs m -1,890 -527 -
Cash Flow from Financing Activities Rs m -4,361 -3,691 -
Net Cash Flow Rs m -434 393 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BATA INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.9, 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 1,694.8, stands at -243.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 10.4 times, while the price to sales ratio stands at 10.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 124.2 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 237.8 132.9
TTM Earnings per share Rs 25.6 -6.9
Diluted earnings per share Rs 25.6 -6.9
Price to Cash Flow x 34.9 124.2
TTM P/E ratio x -243.9 -243.9
Price / Book Value ratio x 9.9 10.4
Market Cap Rs m 217,828 217,828
Dividends per share (Unadj.) Rs 4.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BATA INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.6x during FY21, from 2.5x 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 deteriorated and stood at -0.1x during FY21, from 4.8x 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 -5.1% during FY21, from 17.4% 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 declined and down at -0.5% during FY21, from 32.5% 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 0.6% during FY21, from 12.6% 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 2.5 2.6
Debtors’ Days Days 8 17
Interest coverage x 4.8 -0.1
Debt to equity ratio x 0.0 0.0
Return on assets % 12.6 0.6
Return on equity % 17.4 -5.1
Return on capital employed % 32.5 -0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 up from Rs 1,235.6 to Rs 1,694.8, registering a gain of Rs 459.2 or around 37.2%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 13,577.1 (down 0.7%). Over the last one year it has moved up from 11,728.6 to 13,577.1, a gain of 1,848 points (up 15.8%).

Overall, the S&P BSE SENSEX is up 43.5% over the year.

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

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BATA INDIA 2019-20 Annual Report Analysis (Annual Result Update)

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Here's an analysis of the annual report of BATA INDIA for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of BATA INDIA. Also includes updates on the valuation of BATA INDIA.

BATA INDIA Announces Quarterly Results (4QFY20); Net Profit Down 57.4% (Quarterly Result Update)

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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.

BATA INDIA Announces Quarterly Results (3QFY20); Net Profit Up 13.6% (Quarterly Result Update)

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For the quarter ended December 2019, BATA INDIA has posted a net profit of Rs 1 bn (up 13.6% YoY). Sales on the other hand came in at Rs 8 bn (up 6.5% YoY). Read on for a complete analysis of BATA INDIA's quarterly results.

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