ULTRATECH CEMENT 2020-21 Annual Report Analysis

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ULTRATECH CEMENT 2020-21 Annual Report Analysis
Mon, 18 Oct

ULTRATECH CEMENT 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.

ULTRATECH CEMENT Income Statement Analysis

  • Operating income during the year rose 5.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 25.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.6% in FY21 as against 21.5% in FY20.
  • Depreciation charges decreased by 0.8% and finance costs decreased by 24.8% YoY, respectively.
  • Other income declined by 4.5% YoY.
  • Net profit for the year declined by 5.1% YoY.
  • Net profit margins during the year declined from 13.3% in FY20 to 12.0% in FY21.

ULTRATECH CEMENT Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 424,299 447,258 5.4%
Other income Rs m 8,001 7,638 -4.5%
Total Revenues Rs m 432,300 454,896 5.2%
Gross profit Rs m 91,348 114,479 25.3%
Depreciation Rs m 27,227 27,002 -0.8%
Interest Rs m 19,917 14,980 -24.8%
Profit before tax Rs m 52,206 80,136 53.5%
Tax Rs m -5,315 25,539 -580.5%
Profit after tax Rs m 57,521 54,597 -5.1%
Gross profit margin % 21.5 25.6
Effective tax rate % -10.2 31.9
Net profit margin % 13.3 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ULTRATECH CEMENT Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 206 billion as compared to Rs 166 billion in FY20, thereby witnessing an increase of 24.2%.
  • Long-term debt down at Rs 135 billion as compared to Rs 174 billion during FY20, a fall of 22.0%.
  • Current assets rose 63% and stood at Rs 241 billion, while fixed assets fell 4% and stood at Rs 621 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 862 billion as against Rs 792 billion during FY20, thereby witnessing a growth of 9%.

ULTRATECH CEMENT Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 390,079 441,311 13.1
 
Current Liabilities Rs m 165,806 205,917 24.2
Long-term Debt Rs m 173,675 135,485 -22.0
Total Liabilities Rs m 792,138 861,764 8.8
 
Current assets Rs m 147,215 240,503 63.4
Fixed Assets Rs m 644,924 621,261 -3.7
Total Assets Rs m 792,138 861,764 8.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ULTRATECH CEMENT Cash Flow Statement Analysis

  • ULTRATECH CEMENT's cash flow from operating activities (CFO) during FY21 stood at Rs 125 billion, an improvement of 39.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -89 billion, an improvement of 111.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -44 billion, an improvement of 14% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -7 billion from the Rs -3 billion net cash flows seen during FY20.

ULTRATECH CEMENT 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 89,724 125,030 39.3%
Cash Flow from Investing Activities Rs m -41,924 -88,590 -
Cash Flow from Financing Activities Rs m -50,759 -43,565 -
Net Cash Flow Rs m -2,954 -7,122 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ULTRATECH CEMENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 189.1, an decline from the EPS of Rs 199.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7,504.3, stands at 36.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.5 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 1,470.0 1,549.5
TTM Earnings per share Rs 199.3 189.1
Diluted earnings per share Rs 199.3 189.1
Price to Cash Flow x 25.6 26.5
TTM P/E ratio x 36.4 36.4
Price / Book Value ratio x 2.9 3.3
Market Cap Rs m 2,165,915 2,166,127
Dividends per share (Unadj.) Rs 13.0 37.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ULTRATECH CEMENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY21, from 0.9x 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 6.3x during FY21, from 3.6x 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 declined and down at 12.4% during FY21, from 14.7% 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 16.5% during FY21, from 12.8% 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 declined and down at 8.1% during FY21, from 9.8% 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 0.9 1.2
Debtors’ Days Days 2 2
Interest coverage x 3.6 6.3
Debt to equity ratio x 0.4 0.3
Return on assets % 9.8 8.1
Return on equity % 14.7 12.4
Return on capital employed % 12.8 16.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ULTRATECH CEMENT has performed over the last 5 years, please visit here.

ULTRATECH CEMENT Share Price Performance

Over the last one year, ULTRATECH CEMENT share price has moved up from Rs 4,479.8 to Rs 7,504.3, registering a gain of Rs 3,024.5 or around 67.5%.

Overall, the S&P BSE SENSEX is up 52.5% over the year.

(To know more, check out historical annual results for ULTRATECH CEMENT and quarterly results for ULTRATECH CEMENT)

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