BLISS GVS PHARMA 2020-21 Annual Report Analysis

Wed, 31 Mar

BLISS GVS PHARMA 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.

BLISS GVS PHARMA Income Statement Analysis

• Operating income during the year fell 16.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 3.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.5% in FY21 as against 15.9% in FY20.
• Depreciation charges increased by 36.9% and finance costs decreased by 27.2% YoY, respectively.
• Other income declined by 48.4% YoY.
• Net profit for the year declined by 22.3% YoY.
• Net profit margins during the year declined from 13.8% in FY20 to 12.8% in FY21.

BLISS GVS PHARMA Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	6,893	5,772	-16.3%
Other income	Rs m	392	202	-48.4%
Total Revenues	Rs m	7,285	5,974	-18.0%
Gross profit	Rs m	1,099	1,066	-3.0%
Depreciation	Rs m	126	172	36.9%
Interest	Rs m	76	55	-27.2%
Profit before tax	Rs m	1,290	1,041	-19.3%
Tax	Rs m	337	302	-10.6%
Profit after tax	Rs m	953	740	-22.3%
Gross profit margin	%	15.9	18.5
Effective tax rate	%	26.1	29.0
Net profit margin	%	13.8	12.8

Revealing on April 30: Are You Ready for the Upcoming Election Surprise?

BLISS GVS PHARMA Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -11.7%.
• Long-term debt down at Rs 326 million as compared to Rs 372 million during FY20, a fall of 12.4%.
• Current assets fell 1% and stood at Rs 8 billion, while fixed assets rose 21% and stood at Rs 3 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 11 billion as against Rs 10 billion during FY20, thereby witnessing a growth of 5%.

BLISS GVS PHARMA Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	7,356	7,984	8.5
Current Liabilities	Rs m	2,305	2,036	-11.7
Long-term Debt	Rs m	372	326	-12.4
Total Liabilities	Rs m	10,272	10,768	4.8
Current assets	Rs m	7,697	7,652	-0.6
Fixed Assets	Rs m	2,575	3,116	21.0
Total Assets	Rs m	10,272	10,768	4.8

BLISS GVS PHARMA Cash Flow Statement Analysis

• BLISS GVS PHARMA's cash flow from operating activities (CFO) during FY21 stood at Rs 640 million, an improvement of 37.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -470 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -208 million on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs -22 million from the Rs 3 million net cash flows seen during FY20.

BLISS GVS PHARMA 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	467	640	37.0%
Cash Flow from Investing Activities	Rs m	-479	-470	-
Cash Flow from Financing Activities	Rs m	-63	-208	-
Net Cash Flow	Rs m	3	-22	-

Current Valuations for BLISS GVS PHARMA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.2, an decline from the EPS of Rs 9.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 98.7, stands at 13.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 1.8 times.
• The company's price to cash flow (P/CF) ratio stood at 17.5 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	66.8	56.0
TTM Earnings per share	Rs	9.2	7.2
Diluted earnings per share	Rs	9.2	7.1
Price to Cash Flow	x	9.7	17.5
TTM P/E ratio	x	11.0	13.8
Price / Book Value ratio	x	1.8	2.0
Market Cap	Rs m	13,283	15,988
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for BLISS GVS PHARMA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.8x during FY21, from 3.3x 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 19.9x during FY21, from 18.0x 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 9.3% during FY21, from 12.9% 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 13.2% during FY21, from 17.7% 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 7.4% during FY21, from 10.0% 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	3.3	3.8
Debtors’ Days	Days	2,901	2,933
Interest coverage	x	18.0	19.9
Debt to equity ratio	x	0.1	0.0
Return on assets	%	10.0	7.4
Return on equity	%	12.9	9.3
Return on capital employed	%	17.7	13.2

To see how BLISS GVS PHARMA has performed over the last 5 years, please visit here.

BLISS GVS PHARMA Share Price Performance

Over the last one year, BLISS GVS PHARMA share price has moved down from Rs 100.8 to Rs 98.7, registering a loss of Rs 2.1 or around 2.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,328.2 (up 0.4%). Over the last one year it has moved up from 12,148.6 to 21,328.2, a gain of 9,180 points (up 75.6%).

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for BLISS GVS PHARMA and quarterly results for BLISS GVS PHARMA)

Read: Latest Annual Report Analysis of BLISS GVS PHARMA