BALAJI AMINES 2020-21 Annual Report Analysis

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BALAJI AMINES 2020-21 Annual Report Analysis
Tue, 19 Oct

BALAJI AMINES 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.

BALAJI AMINES Income Statement Analysis

  • Operating income during the year rose 40.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 107.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.1% in FY21 as against 19.0% in FY20.
  • Depreciation charges increased by 8.8% and finance costs decreased by 20.6% YoY, respectively.
  • Other income grew by 37.3% YoY.
  • Net profit for the year grew by 149.8% YoY.
  • Net profit margins during the year grew from 10.3% in FY20 to 18.4% in FY21.

BALAJI AMINES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 9,358 13,115 40.1%
Other income Rs m 83 114 37.3%
Total Revenues Rs m 9,440 13,228 40.1%
Gross profit Rs m 1,775 3,679 107.3%
Depreciation Rs m 316 344 8.8%
Interest Rs m 230 183 -20.6%
Profit before tax Rs m 1,311 3,266 149.1%
Tax Rs m 336 831 147.1%
Profit after tax Rs m 975 2,435 149.8%
Gross profit margin % 19.0 28.1
Effective tax rate % 25.7 25.4
Net profit margin % 10.3 18.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BALAJI AMINES Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -8.1%.
  • Long-term debt down at Rs 888 million as compared to Rs 1 billion during FY20, a fall of 25.9%.
  • Current assets rose 25% and stood at Rs 6 billion, while fixed assets rose 12% and stood at Rs 7 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 18%.

BALAJI AMINES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,581 8,944 35.9
 
Current Liabilities Rs m 2,643 2,428 -8.1
Long-term Debt Rs m 1,199 888 -25.9
Total Liabilities Rs m 11,131 13,103 17.7
 
Current assets Rs m 4,606 5,771 25.3
Fixed Assets Rs m 6,521 7,329 12.4
Total Assets Rs m 11,131 13,103 17.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BALAJI AMINES Cash Flow Statement Analysis

  • BALAJI AMINES's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -616 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -375 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 108 million from the Rs -116 million net cash flows seen during FY20.

BALAJI AMINES 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 1,442 1,099 -23.8%
Cash Flow from Investing Activities Rs m -1,301 -616 -
Cash Flow from Financing Activities Rs m -257 -375 -
Net Cash Flow Rs m -116 108 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BALAJI AMINES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 75.2, an improvement from the EPS of Rs 30.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,492.4, stands at 47.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 2.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 52.4 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 288.8 404.8
TTM Earnings per share Rs 30.1 75.2
Diluted earnings per share Rs 30.1 75.2
Price to Cash Flow x 112.8 52.4
TTM P/E ratio x 47.1 47.1
Price / Book Value ratio x 1.8 3.9
Market Cap Rs m 145,557 145,557
Dividends per share (Unadj.) Rs 3.2 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BALAJI AMINES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.4x during FY21, from 1.7x 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 18.9x during FY21, from 6.7x 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 27.2% during FY21, from 14.8% 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 35.1% during FY21, from 19.8% 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 20.0% during FY21, from 10.8% 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 1.7 2.4
Debtors’ Days Days 80,911,913 85,069,800
Interest coverage x 6.7 18.9
Debt to equity ratio x 0.2 0.1
Return on assets % 10.8 20.0
Return on equity % 14.8 27.2
Return on capital employed % 19.8 35.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BALAJI AMINES has performed over the last 5 years, please visit here.

BALAJI AMINES Share Price Performance

Over the last one year, BALAJI AMINES share price has moved up from Rs 829.9 to Rs 4,492.4, registering a gain of Rs 3,662.5 or around 441.3%.

Overall, the S&P BSE SENSEX is up 52.1% over the year.

(To know more, check out historical annual results for BALAJI AMINES and quarterly results for BALAJI AMINES)

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Related Views on News

BALAJI AMINES Announces Quarterly Results (4QFY21); Net Profit Up 200.5% (Quarterly Result Update)

Jul 8, 2021 | Updated on Jul 8, 2021

For the quarter ended March 2021, BALAJI AMINES has posted a net profit of Rs 888 m (up 200.5% YoY). Sales on the other hand came in at Rs 4 bn (up 60.5% YoY). Read on for a complete analysis of BALAJI AMINES's quarterly results.

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