COSMO FILMS 2020-21 Annual Report Analysis

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COSMO FILMS 2020-21 Annual Report Analysis
Fri, 29 Oct

COSMO FILMS 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.

COSMO FILMS Income Statement Analysis

  • Operating income during the year rose 3.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 50.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.1% in FY21 as against 11.8% in FY20.
  • Depreciation charges decreased by 9.0% and finance costs decreased by 20.7% YoY, respectively.
  • Other income grew by 93.9% YoY.
  • Net profit for the year grew by 108.8% YoY.
  • Net profit margins during the year grew from 5.1% in FY20 to 10.2% in FY21.

COSMO FILMS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 22,035 22,852 3.7%
Other income Rs m 195 377 93.9%
Total Revenues Rs m 22,230 23,229 4.5%
Gross profit Rs m 2,610 3,919 50.2%
Depreciation Rs m 651 592 -9.0%
Interest Rs m 526 417 -20.7%
Profit before tax Rs m 1,628 3,287 101.9%
Tax Rs m 494 918 85.9%
Profit after tax Rs m 1,134 2,369 108.8%
Gross profit margin % 11.8 17.1
Effective tax rate % 30.3 27.9
Net profit margin % 5.1 10.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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COSMO FILMS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 8 billion as compared to Rs 7 billion in FY20, thereby witnessing an increase of 11.0%.
  • Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY20, a fall of 5.0%.
  • Current assets rose 27% and stood at Rs 10 billion, while fixed assets rose 0% and stood at Rs 11 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 21 billion as against Rs 19 billion during FY20, thereby witnessing a growth of 11%.

COSMO FILMS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,347 8,495 15.6
 
Current Liabilities Rs m 6,901 7,664 11.0
Long-term Debt Rs m 3,553 3,376 -5.0
Total Liabilities Rs m 19,053 21,204 11.3
 
Current assets Rs m 7,812 9,919 27.0
Fixed Assets Rs m 11,240 11,285 0.4
Total Assets Rs m 19,053 21,204 11.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



COSMO FILMS Cash Flow Statement Analysis

  • COSMO FILMS's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 39.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 370 million from the Rs -308 million net cash flows seen during FY20.

COSMO FILMS 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 2,404 3,355 39.6%
Cash Flow from Investing Activities Rs m -1,057 -1,050 -
Cash Flow from Financing Activities Rs m -1,654 -1,935 -
Net Cash Flow Rs m -308 370 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for COSMO FILMS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 130.4, an improvement from the EPS of Rs 58.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,578.9, stands at 8.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.7 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 1,133.5 1,257.7
TTM Earnings per share Rs 58.4 130.4
Diluted earnings per share Rs 62.4 130.4
Price to Cash Flow x 17.2 9.7
TTM P/E ratio x 9.6 8.9
Price / Book Value ratio x 0.7 1.0
Market Cap Rs m 30,693 28,692
Dividends per share (Unadj.) Rs 15.0 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for COSMO FILMS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY21, from 1.1x 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 8.9x during FY21, from 4.1x 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 27.9% during FY21, from 15.4% 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 31.2% during FY21, from 19.8% 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 improved and stood at 13.1% during FY21, from 8.7% 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 1.1 1.3
Debtors’ Days Days 3 3
Interest coverage x 4.1 8.9
Debt to equity ratio x 0.5 0.4
Return on assets % 8.7 13.1
Return on equity % 15.4 27.9
Return on capital employed % 19.8 31.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how COSMO FILMS has performed over the last 5 years, please visit here.

COSMO FILMS Share Price Performance

Over the last one year, COSMO FILMS share price has moved up from Rs 465.3 to Rs 1,578.9, registering a gain of Rs 1,113.6 or around 239.3%.

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

(To know more, check out historical annual results for COSMO FILMS and quarterly results for COSMO FILMS)

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