MRS BECTORS FOOD 2020-21 Annual Report Analysis

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MRS BECTORS FOOD 2020-21 Annual Report Analysis
Mon, 22 Nov

MRS BECTORS FOOD 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.

MRS BECTORS FOOD Income Statement Analysis

  • Operating income during the year rose 15.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 51.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.1% in FY21 as against 12.3% in FY20.
  • Depreciation charges increased by 7.3% and finance costs decreased by 36.5% YoY, respectively.
  • Other income grew by 254.8% YoY.
  • Net profit for the year grew by 138.4% YoY.
  • Net profit margins during the year grew from 4.0% in FY20 to 8.1% in FY21.

MRS BECTORS FOOD Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 7,621 8,807 15.6%
Other income Rs m 29 101 254.8%
Total Revenues Rs m 7,650 8,909 16.5%
Gross profit Rs m 934 1,414 51.5%
Depreciation Rs m 417 447 7.3%
Interest Rs m 156 99 -36.5%
Profit before tax Rs m 390 970 148.8%
Tax Rs m 87 248 184.9%
Profit after tax Rs m 303 722 138.4%
Gross profit margin % 12.3 16.1
Effective tax rate % 22.3 25.6
Net profit margin % 4.0 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MRS BECTORS FOOD Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an decrease of -19.2%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 857 million during FY20, a growth of 34.1%.
  • Current assets rose 44% and stood at Rs 3 billion, while fixed assets rose 10% and stood at Rs 4 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 20%.

MRS BECTORS FOOD Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,186 4,308 35.2
 
Current Liabilities Rs m 1,321 1,068 -19.2
Long-term Debt Rs m 857 1,148 34.1
Total Liabilities Rs m 5,659 6,812 20.4
 
Current assets Rs m 1,763 2,542 44.2
Fixed Assets Rs m 3,896 4,270 9.6
Total Assets Rs m 5,659 6,812 20.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MRS BECTORS FOOD Cash Flow Statement Analysis

  • MRS BECTORS FOOD's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion, an improvement of 0.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion, an improvement of 188.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 285 million, an improvement of 156% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 140 million from the Rs 152 million net cash flows seen during FY20.

MRS BECTORS FOOD 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 1,095 1,103 0.7%
Cash Flow from Investing Activities Rs m -432 -1,247 -
Cash Flow from Financing Activities Rs m -511 285 -
Net Cash Flow Rs m 152 140 -7.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MRS BECTORS FOOD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.3, an improvement from the EPS of Rs 5.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 400.0, stands at 36.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.5 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.1 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 133.1 149.9
TTM Earnings per share Rs 5.3 12.3
Diluted earnings per share Rs 5.1 12.3
Price to Cash Flow x 31.8 20.1
TTM P/E ratio x 35.3 36.3
Price / Book Value ratio x 0.0 6.5
Market Cap Rs m 22,904 23,516
Dividends per share (Unadj.) Rs 0.8 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MRS BECTORS FOOD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.4x during FY21, from 1.3x 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 10.8x during FY21, from 3.5x 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 16.8% during FY21, from 9.5% 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 19.6% during FY21, from 13.5% 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 improved and stood at 12.0% during FY21, from 8.1% 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 1.3 2.4
Debtors’ Days Days 36 30
Interest coverage x 3.5 10.8
Debt to equity ratio x 0.3 0.3
Return on assets % 8.1 12.0
Return on equity % 9.5 16.8
Return on capital employed % 13.5 19.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how MRS BECTORS FOOD has performed over the last 5 years, please visit here.

MRS BECTORS FOOD Share Price Performance

Over the last one year, MRS BECTORS FOOD share price has moved up from Rs 0.0 to Rs 400.0, registering a gain of Rs 400.0 or around 0.0%.

Overall, the S&P BSE SENSEX is up 35.7% over the year.

(To know more, check out historical annual results for MRS BECTORS FOOD and quarterly results for MRS BECTORS FOOD)

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