DABUR 2019-20 Annual Report Analysis

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DABUR 2019-20 Annual Report Analysis
Wed, 4 Nov

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

DABUR Income Statement Analysis

  • Operating income during the year rose 2.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.6% in FY20 as against 20.4% in FY19.
  • Depreciation charges increased by 24.6% and finance costs decreased by 16.9% YoY, respectively.
  • Other income grew by 3.1% YoY.
  • Net profit for the year grew by 0.1% YoY.
  • Net profit margins during the year declined from 16.4% in FY19 to 16.1% in FY20.

DABUR Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 85,150 86,846 2.0%
Other income Rs m 2,962 3,053 3.1%
Total Revenues Rs m 88,112 89,899 2.0%
Gross profit Rs m 17,405 17,923 3.0%
Depreciation Rs m 1,769 2,205 24.6%
Interest Rs m 596 495 -16.9%
Profit before tax Rs m 18,002 18,276 1.5%
Tax Rs m 2,786 2,797 0.4%
Profit after tax Rs m 14,463 14,479 0.1%
Gross profit margin % 20.4 20.6
Effective tax rate % 15.5 15.3
Net profit margin % 16.4 16.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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DABUR Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 25 billion as compared to Rs 27 billion in FY19, thereby witnessing an decrease of -7.4%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 261 million during FY19, a growth of 525.3%.
  • Current assets rose 36% and stood at Rs 49 billion, while fixed assets rose 18% and stood at Rs 24 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 94 billion as against Rs 84 billion during FY19, thereby witnessing a growth of 11%.

DABUR Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 56,317 66,058 17.3
 
Current Liabilities Rs m 26,603 24,639 -7.4
Long-term Debt Rs m 261 1,629 525.3
Total Liabilities Rs m 84,366 93,540 10.9
 
Current assets Rs m 35,862 48,803 36.1
Fixed Assets Rs m 20,328 23,993 18.0
Total Assets Rs m 84,366 93,540 10.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DABUR Cash Flow Statement Analysis

  • DABUR's cash flow from operating activities (CFO) during FY20 stood at Rs 16 billion, an improvement of 7.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -5 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -10 billion, an improvement of 45% on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 540 million from the Rs -515 million net cash flows seen during FY19.

DABUR Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 14,991 16,136 7.6%
Cash Flow from Investing Activities Rs m 3,369 -5,168 -
Cash Flow from Financing Activities Rs m -18,882 -10,430 -
Net Cash Flow Rs m -515 540 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DABUR

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs 8.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 526.9, stands at 64.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.8 times, while the price to sales ratio stands at 9.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 55.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 48.2 49.1
TTM Earnings per share Rs 8.2 8.2
Diluted earnings per share Rs 8.2 8.2
Price to Cash Flow x 57.3 55.5
TTM P/E ratio x 65.3 64.9
Price / Book Value ratio x 12.8 11.8
Market Cap Rs m 930,663 925,505
Dividends per share (Unadj.) Rs 2.8 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DABUR

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during FY20, from 1.3x during FY19. 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 37.9x during FY20, from 31.2x during FY19. 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 21.9% during FY20, from 25.7% during FY20. 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 26.3% during FY20, from 31.5% during FY19. 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 16.0% during FY20, from 17.8% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.3 2.0
Debtors’ Days Days 36 34
Interest coverage x 31.2 37.9
Debt to equity ratio x 0.0 0.0
Return on assets % 17.8 16.0
Return on equity % 25.7 21.9
Return on capital employed % 31.5 26.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

DABUR Share Price Performance

Over the last one year, DABUR share price has moved up from Rs 459.8 to Rs 526.9, registering a gain of Rs 67.2 or around 14.6%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,038.1 (up 0.9%). Over the last one year it has moved down from 12,232.9 to 11,038.1, a loss of 1,195 points (down 9.8%).

Overall, the S&P BSE SENSEX is up 0.3% over the year.

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

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1 Responses to "DABUR 2019-20 Annual Report Analysis"

AbhishekPanchal

Jan 20, 2021

PL send your ratio analysis

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Related Views on News

DABUR Announces Quarterly Results (2QFY21); Net Profit Up 19.8% (Quarterly Result Update)

Nov 6, 2020 | Updated on Nov 6, 2020

For the quarter ended September 2020, DABUR has posted a net profit of Rs 5 bn (up 19.8% YoY). Sales on the other hand came in at Rs 25 bn (up 13.7% YoY). Read on for a complete analysis of DABUR's quarterly results.

DABUR Announces Quarterly Results (1QFY21); Net Profit Down 6.1% (Quarterly Result Update)

Aug 24, 2020 | Updated on Aug 24, 2020

For the quarter ended June 2020, DABUR has posted a net profit of Rs 3 bn (down 6.1% YoY). Sales on the other hand came in at Rs 20 bn (down 12.9% YoY). Read on for a complete analysis of DABUR's quarterly results.

DABUR 2018-19 Annual Report Analysis (Annual Result Update)

Sep 30, 2019 | Updated on Sep 30, 2019

Here's an analysis of the annual report of DABUR for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of DABUR. Also includes updates on the valuation of DABUR.

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