ULTRATECH CEMENT 2020-21 Annual Report Analysis

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ULTRATECH CEMENT 2020-21 Annual Report Analysis
Mon, 26 Jul

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 2.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.0% in FY21 as against 22.0% in FY20.
  • Depreciation charges decreased by 9.9% and finance costs decreased by 36.6% YoY, respectively.
  • Other income grew by 21.8% YoY.
  • Net profit for the year declined by 8.1% YoY.
  • Net profit margins during the year declined from 13.6% in FY20 to 12.1% in FY21.

ULTRATECH CEMENT Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 421,248 431,883 2.5%
Other income Rs m 6,478 7,887 21.8%
Total Revenues Rs m 427,726 439,770 2.8%
Gross profit Rs m 92,836 108,008 16.3%
Depreciation Rs m 27,022 24,344 -9.9%
Interest Rs m 19,857 12,591 -36.6%
Profit before tax Rs m 52,435 78,961 50.6%
Tax Rs m -5,682 25,540 -549.5%
Profit after tax Rs m 58,117 53,421 -8.1%
Gross profit margin % 22.0 25.0
Effective tax rate % -10.8 32.3
Net profit margin % 13.6 12.1
* 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 196 billion as compared to Rs 166 billion in FY20, thereby witnessing an increase of 17.8%.
  • Long-term debt down at Rs 107 billion as compared to Rs 174 billion during FY20, a fall of 38.5%.
  • Current assets rose 53% and stood at Rs 230 billion, while fixed assets fell 11% and stood at Rs 574 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 804 billion as against Rs 793 billion during FY20, thereby witnessing a growth of 1%.

ULTRATECH CEMENT Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 390,797 433,090 10.8
 
Current Liabilities Rs m 166,308 195,878 17.8
Long-term Debt Rs m 173,675 106,846 -38.5
Total Liabilities Rs m 793,312 804,161 1.4
 
Current assets Rs m 150,074 229,924 53.2
Fixed Assets Rs m 643,238 574,237 -10.7
Total Assets Rs m 793,312 804,161 1.4
* 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 116 billion, an improvement of 29.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -90 billion, an improvement of 113.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -26 billion, an improvement of 49% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -215 million 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 89,368 115,510 29.3%
Cash Flow from Investing Activities Rs m -42,182 -89,865 -
Cash Flow from Financing Activities Rs m -50,215 -25,860 -
Net Cash Flow Rs m -2,991 -215 -
* 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 185.1, an decline from the EPS of Rs 201.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7,605.1, stands at 36.9 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 3.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 28.2 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 1,459.5 1,496.2
TTM Earnings per share Rs 201.4 185.1
Diluted earnings per share Rs 201.3 185.1
Price to Cash Flow x 25.8 28.2
TTM P/E ratio x 36.9 36.9
Price / Book Value ratio x 2.9 3.3
Market Cap Rs m 2,195,008 2,195,224
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 7.3x 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 12.3% during FY21, from 14.9% 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 17.0% 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 8.2% 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 19 2
Interest coverage x 3.6 7.3
Debt to equity ratio x 0.4 0.2
Return on assets % 9.8 8.2
Return on equity % 14.9 12.3
Return on capital employed % 12.8 17.0
* 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 3,783.9 to Rs 7,605.1, registering a gain of Rs 3,821.2 or around 101.0%.

Overall, the S&P BSE SENSEX is up 39.6% over the year.

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

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