COCHIN SHIPYARD 2020-21 Annual Report Analysis

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Markets will remain closed on January 26, 2022 on account of Republic Day.

COCHIN SHIPYARD 2020-21 Annual Report Analysis
Tue, 26 Oct

COCHIN SHIPYARD 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.

COCHIN SHIPYARD Income Statement Analysis

  • Operating income during the year fell 17.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.1% in FY21 as against 20.8% in FY20.
  • Depreciation charges increased by 22.3% and finance costs increased by 16.8% YoY, respectively.
  • Other income declined by 22.1% YoY.
  • Net profit for the year declined by 3.7% YoY.
  • Net profit margins during the year grew from 17.2% in FY20 to 20.2% in FY21.

COCHIN SHIPYARD Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 34,225 28,189 -17.6%
Other income Rs m 2,451 1,908 -22.1%
Total Revenues Rs m 36,676 30,097 -17.9%
Gross profit Rs m 7,115 7,354 3.4%
Depreciation Rs m 489 598 22.3%
Interest Rs m 499 583 16.8%
Profit before tax Rs m 8,577 8,081 -5.8%
Tax Rs m 2,257 1,995 -11.6%
Profit after tax Rs m 6,320 6,087 -3.7%
Gross profit margin % 20.8 26.1
Effective tax rate % 26.3 24.7
Net profit margin % 17.2 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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COCHIN SHIPYARD Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 29 billion as compared to Rs 22 billion in FY20, thereby witnessing an increase of 36.2%.
  • Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY20, a fall of 0.0%.
  • Current assets rose 14% and stood at Rs 51 billion, while fixed assets rose 21% and stood at Rs 23 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 74 billion as against Rs 64 billion during FY20, thereby witnessing a growth of 16%.

COCHIN SHIPYARD Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 37,229 40,335 8.3
 
Current Liabilities Rs m 21,561 29,374 36.2
Long-term Debt Rs m 1,230 1,230 0.0
Total Liabilities Rs m 63,597 73,989 16.3
 
Current assets Rs m 44,291 50,558 14.2
Fixed Assets Rs m 19,306 23,431 21.4
Total Assets Rs m 63,597 73,989 16.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



COCHIN SHIPYARD Cash Flow Statement Analysis

  • COCHIN SHIPYARD's cash flow from operating activities (CFO) during FY21 stood at Rs 8 billion, an improvement of 212.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -5 billion, an improvement of 436.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -1 billion from the Rs -2 billion net cash flows seen during FY20.

COCHIN SHIPYARD 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 2,527 7,895 212.5%
Cash Flow from Investing Activities Rs m -974 -5,224 -
Cash Flow from Financing Activities Rs m -3,091 -4,052 -
Net Cash Flow Rs m -1,538 -1,381 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for COCHIN SHIPYARD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 46.3, an decline from the EPS of Rs 48.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 352.7, stands at 7.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.9 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 260.2 214.3
TTM Earnings per share Rs 48.0 46.3
Diluted earnings per share Rs 48.0 46.3
Price to Cash Flow x 6.8 6.9
TTM P/E ratio x 7.8 7.8
Price / Book Value ratio x 1.2 1.1
Market Cap Rs m 46,388 46,388
Dividends per share (Unadj.) Rs 16.6 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for COCHIN SHIPYARD

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY21, from 2.1x 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 deteriorated and stood at 14.9x during FY21, from 18.2x 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 15.1% during FY21, from 17.0% 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 20.8% during FY21, from 23.6% 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 9.0% during FY21, from 10.7% 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 2.1 1.7
Debtors’ Days Days 307 458
Interest coverage x 18.2 14.9
Debt to equity ratio x 0.0 0.0
Return on assets % 10.7 9.0
Return on equity % 17.0 15.1
Return on capital employed % 23.6 20.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how COCHIN SHIPYARD has performed over the last 5 years, please visit here.

COCHIN SHIPYARD Share Price Performance

Over the last one year, COCHIN SHIPYARD share price has moved down from Rs 354.1 to Rs 352.7, registering a loss of Rs 1.5 or around 0.4%.

Overall, the S&P BSE SENSEX is up 51.1% over the year.

(To know more, check out historical annual results for COCHIN SHIPYARD and quarterly results for COCHIN SHIPYARD)

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