BHANSALI ENG 2020-21 Annual Report Analysis

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BHANSALI ENG 2020-21 Annual Report Analysis
Thu, 28 Oct

BHANSALI ENG 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.

BHANSALI ENG Income Statement Analysis

  • Operating income during the year rose 16.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 417.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 42.2% in FY21 as against 9.5% in FY20.
  • Depreciation charges increased by 7.0% and finance costs increased by 462.5% YoY, respectively.
  • Other income grew by 72.6% YoY.
  • Net profit for the year grew by 398.9% YoY.
  • Net profit margins during the year grew from 7.3% in FY20 to 31.2% in FY21.

BHANSALI ENG Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 9,134 10,596 16.0%
Other income Rs m 59 102 72.6%
Total Revenues Rs m 9,193 10,697 16.4%
Gross profit Rs m 863 4,466 417.3%
Depreciation Rs m 95 102 7.0%
Interest Rs m 1 6 462.5%
Profit before tax Rs m 826 4,460 439.9%
Tax Rs m 158 1,126 613.0%
Profit after tax Rs m 668 3,334 398.9%
Gross profit margin % 9.5 42.2
Effective tax rate % 19.1 25.2
Net profit margin % 7.3 31.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BHANSALI ENG Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 746 million as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -73.0%.
  • Current assets rose 28% and stood at Rs 6 billion, while fixed assets fell 4% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 8 billion as against Rs 7 billion during FY20, thereby witnessing a growth of 19%.

BHANSALI ENG Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,562 6,813 91.3
 
Current Liabilities Rs m 2,763 746 -73.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,531 7,772 19.0
 
Current assets Rs m 4,742 6,052 27.6
Fixed Assets Rs m 1,789 1,720 -3.8
Total Assets Rs m 6,531 7,772 19.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BHANSALI ENG Cash Flow Statement Analysis

  • BHANSALI ENG's cash flow from operating activities (CFO) during FY21 stood at Rs 875 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -48 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -89 million, an improvement of 12% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 738 million from the Rs 351 million net cash flows seen during FY20.

BHANSALI ENG 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 881 875 -0.7%
Cash Flow from Investing Activities Rs m -429 -48 -
Cash Flow from Financing Activities Rs m -101 -89 -
Net Cash Flow Rs m 351 738 110.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BHANSALI ENG

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.1, an improvement from the EPS of Rs 4.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 179.0, stands at 5.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.6 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 55.1 63.9
TTM Earnings per share Rs 4.0 20.1
Diluted earnings per share Rs 4.0 20.1
Price to Cash Flow x 38.9 8.6
TTM P/E ratio x 5.9 5.9
Price / Book Value ratio x 2.6 2.5
Market Cap Rs m 29,697 29,697
Dividends per share (Unadj.) Rs 0.5 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BHANSALI ENG

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 8.1x 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 deteriorated and stood at 708.9x during FY21, from 738.6x 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 48.9% during FY21, from 18.8% 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 65.5% during FY21, from 23.2% 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 improved and stood at 43.0% during FY21, from 10.2% 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 8.1
Debtors’ Days Days 61 100
Interest coverage x 738.6 708.9
Debt to equity ratio x 0.0 0.0
Return on assets % 10.2 43.0
Return on equity % 18.8 48.9
Return on capital employed % 23.2 65.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BHANSALI ENG has performed over the last 5 years, please visit here.

BHANSALI ENG Share Price Performance

Over the last one year, BHANSALI ENG share price has moved up from Rs 81.6 to Rs 179.0, registering a gain of Rs 97.4 or around 119.4%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 18,412.2 (down 1.6%). Over the last one year it has moved up from 11,933.8 to 18,412.2, a gain of 6,478 points (up 54.3%).

Overall, the S&P BSE SENSEX is up 51.1% over the year.

(To know more, check out historical annual results for BHANSALI ENG and quarterly results for BHANSALI ENG)

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