DIC INDIA LIMITED 2019-20 Annual Report Analysis

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DIC INDIA LIMITED 2019-20 Annual Report Analysis
Fri, 29 Oct

DIC INDIA LIMITED has announced its results for the year ended December 2020. Let us have a look at the detailed performance review of the company during FY19-20.

DIC INDIA LIMITED Income Statement Analysis

  • Operating income during the year fell 23.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 491.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.8% in CY20 as against 2.6% in CY19.
  • Depreciation charges increased by 31.9% and finance costs decreased by 59.2% YoY, respectively.
  • Other income declined by 43.4% YoY.
  • Net profit for the year grew by 365.7% YoY.
  • Net profit margins during the year grew from 2.3% in CY19 to 14.0% in CY20.

DIC INDIA LIMITED Income Statement 2019-20

No. of Mths Year Ending 12 Dec-19* 12 Dec-20* % Change
Net Sales Rs m 7,911 6,083 -23.1%
Other income Rs m 130 73 -43.4%
Total Revenues Rs m 8,041 6,156 -23.4%
Gross profit Rs m 203 1,202 491.9%
Depreciation Rs m 112 147 31.9%
Interest Rs m 47 19 -59.2%
Profit before tax Rs m 175 1,109 534.8%
Tax Rs m -10 250 -2,646.1%
Profit after tax Rs m 184 859 365.7%
Gross profit margin % 2.6 19.8
Effective tax rate % -5.6 22.5
Net profit margin % 2.3 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

DIC INDIA LIMITED Balance Sheet Analysis

  • The company's current liabilities during CY20 stood at Rs 2 billion as compared to Rs 2 billion in CY19, thereby witnessing an increase of 0.1%.
  • Current assets rose 17% and stood at Rs 5 billion, while fixed assets rose 8% and stood at Rs 1 billion in CY20.
  • Overall, the total assets and liabilities for CY20 stood at Rs 6 billion as against Rs 5 billion during CY19, thereby witnessing a growth of 15%.

DIC INDIA LIMITED Balance Sheet as on December 2020

No. of Mths Year Ending 12 Dec-19* 12 Dec-20* % Change
Networth Rs m 2,979 3,794 27.4
 
Current Liabilities Rs m 1,822 1,824 0.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 5,124 5,869 14.6
 
Current assets Rs m 3,869 4,515 16.7
Fixed Assets Rs m 1,253 1,352 7.9
Total Assets Rs m 5,124 5,869 14.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DIC INDIA LIMITED Cash Flow Statement Analysis

  • DIC INDIA LIMITED's cash flow from operating activities (CFO) during CY20 stood at Rs 243 million on a YoY basis.
  • Cash flow from investing activities (CFI) during CY20 stood at Rs 382 million on a YoY basis.
  • Cash flow from financial activities (CFF) during CY20 stood at Rs -443 million on a YoY basis.
  • Overall, net cash flows for the company during CY20 stood at Rs 181 million from the Rs 2 million net cash flows seen during CY19.

DIC INDIA LIMITED Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Dec-19 Dec-20
Cash Flow from Operating Activities Rs m 585 243 -58.5%
Cash Flow from Investing Activities Rs m -368 382 -
Cash Flow from Financing Activities Rs m -216 -443 -
Net Cash Flow Rs m 2 181 11,987.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DIC INDIA LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 93.6, an improvement from the EPS of Rs 20.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 429.0, stands at 26.8 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 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-19* 12 Dec-20*
Sales per share (Unadj.) Rs 861.8 662.6
TTM Earnings per share Rs 20.1 93.6
Diluted earnings per share Rs 20.1 93.6
Price to Cash Flow x 13.3 3.9
TTM P/E ratio x 26.8 26.8
Price / Book Value ratio x 1.1 0.8
Market Cap Rs m 3,938 3,938
Dividends per share (Unadj.) Rs 4.5 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DIC INDIA LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during CY20, from 2.1x during CY19. 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 59.4x during CY20, from 4.8x during CY19. 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 22.6% during CY20, from 6.2% during CY20. 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 29.7% during CY20, from 7.4% during CY19. 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 15.0% during CY20, from 4.5% during CY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-19* 12 Dec-20*
Current ratio x 2.1 2.5
Debtors’ Days Days 93 109
Interest coverage x 4.8 59.4
Debt to equity ratio x 0.0 0.0
Return on assets % 4.5 15.0
Return on equity % 6.2 22.6
Return on capital employed % 7.4 29.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DIC INDIA LIMITED has performed over the last 5 years, please visit here.

DIC INDIA LIMITED Share Price Performance

Over the last one year, DIC INDIA LIMITED share price has moved up from Rs 364.3 to Rs 429.0, registering a gain of Rs 64.8 or around 17.8%.

Overall, the S&P BSE SENSEX is up 48.6% over the year.

(To know more, check out historical annual results for DIC INDIA LIMITED and quarterly results for DIC INDIA LIMITED)

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