CEREBRA INTE 2020-21 Annual Report Analysis

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CEREBRA INTE 2020-21 Annual Report Analysis
Thu, 28 Oct

CEREBRA INTE 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.

CEREBRA INTE Income Statement Analysis

  • Operating income during the year fell 61.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 43.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.3% in FY21 as against 8.3% in FY20.
  • Depreciation charges increased by 26.5% and finance costs increased by 43.2% YoY, respectively.
  • Other income declined by 94.5% YoY.
  • Net profit for the year declined by 89.9% YoY.
  • Net profit margins during the year declined from 6.6% in FY20 to 1.8% in FY21.

CEREBRA INTE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,820 699 -61.6%
Other income Rs m 27 1 -94.5%
Total Revenues Rs m 1,847 701 -62.1%
Gross profit Rs m 151 86 -43.0%
Depreciation Rs m 3 4 26.5%
Interest Rs m 31 44 43.2%
Profit before tax Rs m 144 39 -72.8%
Tax Rs m 22 27 23.1%
Profit after tax Rs m 122 12 -89.9%
Gross profit margin % 8.3 12.3
Effective tax rate % 15.2 68.5
Net profit margin % 6.6 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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CEREBRA INTE Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 849 million as compared to Rs 1 billion in FY20, thereby witnessing an decrease of -42.0%.
  • Long-term debt down at Rs 2 million as compared to Rs 5 million during FY20, a fall of 60.6%.
  • Current assets fell 28% and stood at Rs 2 billion, while fixed assets rose 13% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a fall of 14%.

CEREBRA INTE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,944 2,924 -0.7
 
Current Liabilities Rs m 1,463 849 -42.0
Long-term Debt Rs m 5 2 -60.6
Total Liabilities Rs m 4,476 3,832 -14.4
 
Current assets Rs m 2,970 2,127 -28.4
Fixed Assets Rs m 1,506 1,706 13.3
Total Assets Rs m 4,476 3,832 -14.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



CEREBRA INTE Cash Flow Statement Analysis

  • CEREBRA INTE's cash flow from operating activities (CFO) during FY21 stood at Rs -54 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -56 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -64 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -209 million from the Rs -606 million net cash flows seen during FY20.

CEREBRA INTE 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 -100 -54 -
Cash Flow from Investing Activities Rs m -661 -56 -
Cash Flow from Financing Activities Rs m 13 -64 -
Net Cash Flow Rs m -606 -209 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for CEREBRA INTE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 1.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 52.3, stands at 107.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 7.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 380.7 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 15.0 5.8
TTM Earnings per share Rs 1.0 0.1
Diluted earnings per share Rs 1.0 0.1
Price to Cash Flow x 50.5 380.7
TTM P/E ratio x 107.6 107.6
Price / Book Value ratio x 1.3 1.7
Market Cap Rs m 6,332 6,332
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for CEREBRA INTE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during FY21, from 2.0x 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 1.9x during FY21, from 5.7x 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 declined and down at 0.4% during FY21, from 4.1% 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 2.9% during FY21, from 5.9% 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 1.5% during FY21, from 3.4% 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 2.0 2.5
Debtors’ Days Days 4,988 8,891
Interest coverage x 5.7 1.9
Debt to equity ratio x 0.0 0.0
Return on assets % 3.4 1.5
Return on equity % 4.1 0.4
Return on capital employed % 5.9 2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how CEREBRA INTE has performed over the last 5 years, please visit here.

CEREBRA INTE Share Price Performance

Over the last one year, CEREBRA INTE share price has moved up from Rs 28.8 to Rs 52.3, registering a gain of Rs 23.5 or around 81.7%.

Overall, the S&P BSE SENSEX is up 51.2% over the year.

(To know more, check out historical annual results for CEREBRA INTE and quarterly results for CEREBRA INTE)

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