BCL INDUSTRIES 2020-21 Annual Report Analysis

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BCL INDUSTRIES 2020-21 Annual Report Analysis
Tue, 9 Nov

BCL INDUSTRIES 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.

BCL INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 55.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 46.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.7% in FY21 as against 6.1% in FY20.
  • Depreciation charges decreased by 5.5% and finance costs increased by 7.8% YoY, respectively.
  • Other income declined by 33.0% YoY.
  • Net profit for the year grew by 63.1% YoY.
  • Net profit margins during the year grew from 2.8% in FY20 to 2.9% in FY21.

BCL INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 9,183 14,313 55.9%
Other income Rs m 72 48 -33.0%
Total Revenues Rs m 9,255 14,361 55.2%
Gross profit Rs m 560 818 46.0%
Depreciation Rs m 135 128 -5.5%
Interest Rs m 148 160 7.8%
Profit before tax Rs m 349 579 65.8%
Tax Rs m 90 157 73.8%
Profit after tax Rs m 258 422 63.1%
Gross profit margin % 6.1 5.7
Effective tax rate % 25.9 27.2
Net profit margin % 2.8 2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BCL INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -11.5%.
  • Long-term debt down at Rs 580 million as compared to Rs 652 million during FY20, a fall of 11.0%.
  • Current assets rose 3% and stood at Rs 4 billion, while fixed assets rose 9% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 6 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 5%.

BCL INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,175 2,847 30.9
 
Current Liabilities Rs m 3,034 2,686 -11.5
Long-term Debt Rs m 652 580 -11.0
Total Liabilities Rs m 6,037 6,321 4.7
 
Current assets Rs m 4,355 4,487 3.0
Fixed Assets Rs m 1,682 1,834 9.0
Total Assets Rs m 6,037 6,321 4.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BCL INDUSTRIES Cash Flow Statement Analysis

  • BCL INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 47 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -128 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 63 million, an improvement of 130% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -18 million from the Rs -55 million net cash flows seen during FY20.

BCL INDUSTRIES 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 287 47 -83.6%
Cash Flow from Investing Activities Rs m -132 -128 -
Cash Flow from Financing Activities Rs m -210 63 -
Net Cash Flow Rs m -55 -18 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BCL INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.5, an improvement from the EPS of Rs 13.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 232.7, stands at 9.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.2 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 479.5 592.7
TTM Earnings per share Rs 13.5 17.5
Diluted earnings per share Rs 10.7 17.5
Price to Cash Flow x 11.3 10.2
TTM P/E ratio x 7.3 9.2
Price / Book Value ratio x 0.6 0.8
Market Cap Rs m 4,455 5,618
Dividends per share (Unadj.) Rs 0.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BCL INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.4x 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 4.6x during FY21, from 3.4x 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 14.8% during FY21, from 11.9% 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 improved and stood at 21.5% during FY21, from 17.6% 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 9.2% during FY21, from 6.7% 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 1.4 1.7
Debtors’ Days Days 139 344
Interest coverage x 3.4 4.6
Debt to equity ratio x 0.3 0.2
Return on assets % 6.7 9.2
Return on equity % 11.9 14.8
Return on capital employed % 17.6 21.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BCL INDUSTRIES has performed over the last 5 years, please visit here.

BCL INDUSTRIES Share Price Performance

Over the last one year, BCL INDUSTRIES share price has moved up from Rs 59.5 to Rs 232.7, registering a gain of Rs 173.2 or around 291.0%.

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for BCL INDUSTRIES and quarterly results for BCL INDUSTRIES)

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