BAJAJ HIND. SUGAR 2020-21 Annual Report Analysis

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BAJAJ HIND. SUGAR 2020-21 Annual Report Analysis
Thu, 28 Oct

BAJAJ HIND. SUGAR 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.

BAJAJ HIND. SUGAR Income Statement Analysis

  • Operating income during the year fell 0.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 64.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.4% in FY21 as against 6.8% in FY20.
  • Depreciation charges decreased by 0.3% and finance costs decreased by 12.4% YoY, respectively.
  • Other income grew by 89.3% YoY.
  • Net profit for the year grew by 481.6% YoY.
  • Net profit margins during the year declined from 0.7% in FY20 to 4.3% in FY21.

BAJAJ HIND. SUGAR Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 66,693 66,660 -0.1%
Other income Rs m 120 227 89.3%
Total Revenues Rs m 66,813 66,887 0.1%
Gross profit Rs m 4,529 1,628 -64.0%
Depreciation Rs m 2,164 2,157 -0.3%
Interest Rs m 3,009 2,635 -12.4%
Profit before tax Rs m -524 -2,937 460.9%
Tax Rs m -24 -29 22.5%
Profit after tax Rs m -500 -2,908 481.6%
Gross profit margin % 6.8 2.4
Effective tax rate % 4.5 1.0
Net profit margin % -0.7 -4.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BAJAJ HIND. SUGAR Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 53 billion as compared to Rs 50 billion in FY20, thereby witnessing an increase of 5.0%.
  • Long-term debt down at Rs 48 billion as compared to Rs 51 billion during FY20, a fall of 6.6%.
  • Current assets fell 2% and stood at Rs 58 billion, while fixed assets fell 4% and stood at Rs 73 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 131 billion as against Rs 136 billion during FY20, thereby witnessing a fall of 3%.

BAJAJ HIND. SUGAR Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 26,971 23,722 -12.0
 
Current Liabilities Rs m 50,031 52,532 5.0
Long-term Debt Rs m 51,395 48,023 -6.6
Total Liabilities Rs m 135,523 131,359 -3.1
 
Current assets Rs m 59,413 57,932 -2.5
Fixed Assets Rs m 76,110 73,427 -3.5
Total Assets Rs m 135,523 131,359 -3.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAJAJ HIND. SUGAR Cash Flow Statement Analysis

  • BAJAJ HIND. SUGAR's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 115 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -4 billion, an improvement of 55% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -302 million from the Rs 501 million net cash flows seen during FY20.

BAJAJ HIND. SUGAR 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 9,103 3,398 -62.7%
Cash Flow from Investing Activities Rs m -214 115 -
Cash Flow from Financing Activities Rs m -8,388 -3,815 -
Net Cash Flow Rs m 501 -302 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BAJAJ HIND. SUGAR

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.6, an decline from the EPS of Rs -0.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 13.6, stands at -5.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at -20.5 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 60.6 60.6
TTM Earnings per share Rs -0.5 -2.6
Diluted earnings per share Rs -0.4 -2.6
Price to Cash Flow x 9.0 -20.5
TTM P/E ratio x -5.2 -5.4
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 14,969 15,416
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BAJAJ HIND. SUGAR

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY21, from 1.2x 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 0.8x 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 -12.3% during FY21, from -1.9% 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 -0.4% during FY21, from 3.2% 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 -0.2% during FY21, from 1.9% 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 1.2 1.1
Debtors’ Days Days 1 1
Interest coverage x 0.8 -0.1
Debt to equity ratio x 1.9 2.0
Return on assets % 1.9 -0.2
Return on equity % -1.9 -12.3
Return on capital employed % 3.2 -0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BAJAJ HIND. SUGAR has performed over the last 5 years, please visit here.

BAJAJ HIND. SUGAR Share Price Performance

Over the last one year, BAJAJ HIND. SUGAR share price has moved up from Rs 4.8 to Rs 13.6, registering a gain of Rs 8.9 or around 186.3%.

Overall, the S&P BSE SENSEX is up 51.0% over the year.

(To know more, check out historical annual results for BAJAJ HIND. SUGAR and quarterly results for BAJAJ HIND. SUGAR)

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