COROMANDEL INTERN 2020-21 Annual Report Analysis

Wed, 31 Mar

COROMANDEL INTERN 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.

COROMANDEL INTERN Income Statement Analysis

• Operating income during the year rose 8.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 16.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.2% in FY21 as against 13.2% in FY20.
• Depreciation charges increased by 9.5% and finance costs decreased by 55.1% YoY, respectively.
• Other income grew by 8.7% YoY.
• Net profit for the year grew by 24.4% YoY.
• Net profit margins during the year grew from 8.1% in FY20 to 9.3% in FY21.

COROMANDEL INTERN Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	131,367	142,135	8.2%
Other income	Rs m	400	435	8.7%
Total Revenues	Rs m	131,767	142,570	8.2%
Gross profit	Rs m	17,310	20,158	16.5%
Depreciation	Rs m	1,580	1,731	9.5%
Interest	Rs m	2,353	1,057	-55.1%
Profit before tax	Rs m	13,777	17,806	29.2%
Tax	Rs m	3,135	4,568	45.7%
Profit after tax	Rs m	10,643	13,238	24.4%
Gross profit margin	%	13.2	14.2
Effective tax rate	%	22.8	25.7
Net profit margin	%	8.1	9.3

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COROMANDEL INTERN Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 33 billion as compared to Rs 54 billion in FY20, thereby witnessing an decrease of -38.5%.
• Current assets fell 16% and stood at Rs 65 billion, while fixed assets rose 1% and stood at Rs 24 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 89 billion as against Rs 101 billion during FY20, thereby witnessing a fall of 12%.

COROMANDEL INTERN Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	43,053	51,396	19.4
Current Liabilities	Rs m	53,665	33,019	-38.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	101,488	88,957	-12.3
Current assets	Rs m	77,938	65,213	-16.3
Fixed Assets	Rs m	23,550	23,744	0.8
Total Assets	Rs m	101,488	88,957	-12.3

COROMANDEL INTERN Cash Flow Statement Analysis

• COROMANDEL INTERN's cash flow from operating activities (CFO) during FY21 stood at Rs 42 billion, an improvement of 122.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -13 billion, an improvement of 466.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -23 billion on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 6 billion from the Rs -816 million net cash flows seen during FY20.

COROMANDEL INTERN 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	18,620	41,502	122.9%
Cash Flow from Investing Activities	Rs m	-2,219	-12,572	-
Cash Flow from Financing Activities	Rs m	-17,231	-22,632	-
Net Cash Flow	Rs m	-816	6,416	-

Current Valuations for COROMANDEL INTERN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 45.1, an improvement from the EPS of Rs 36.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 774.2, stands at 17.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at 13.5 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	448.4	484.5
TTM Earnings per share	Rs	36.3	45.1
Diluted earnings per share	Rs	36.3	45.1
Price to Cash Flow	x	13.1	13.5
TTM P/E ratio	x	15.0	17.2
Price / Book Value ratio	x	3.3	3.9
Market Cap	Rs m	143,613	201,933
Dividends per share (Unadj.)	Rs	12.0	12.0

Ratio Analysis for COROMANDEL INTERN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY21, from 1.5x 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 17.9x during FY21, from 6.9x 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 25.8% during FY21, from 24.7% 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 declined and down at 36.7% during FY21, from 37.5% 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 16.1% during FY21, from 12.8% 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	1.5	2.0
Debtors’ Days	Days	482	142
Interest coverage	x	6.9	17.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.8	16.1
Return on equity	%	24.7	25.8
Return on capital employed	%	37.5	36.7

To see how COROMANDEL INTERN has performed over the last 5 years, please visit here.

COROMANDEL INTERN Share Price Performance

Over the last one year, COROMANDEL INTERN share price has moved up from Rs 543.9 to Rs 774.2, registering a gain of Rs 230.3 or around 42.3%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for COROMANDEL INTERN and quarterly results for COROMANDEL INTERN)

Read: Latest Annual Report Analysis of COROMANDEL INTERN