DABUR 2020-21 Annual Report Analysis

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DABUR 2020-21 Annual Report Analysis
Thu, 12 Aug

DABUR 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.

DABUR Income Statement Analysis

  • Operating income during the year rose 10.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.0% in FY21 as against 19.5% in FY20.
  • Depreciation charges increased by 8.9% and finance costs decreased by 37.8% YoY, respectively.
  • Other income grew by 6.6% YoY.
  • Net profit for the year grew by 17.1% YoY.
  • Net profit margins during the year grew from 16.1% in FY20 to 17.2% in FY21.

DABUR Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 86,657 95,316 10.0%
Other income Rs m 3,053 3,253 6.6%
Total Revenues Rs m 89,710 98,568 9.9%
Gross profit Rs m 16,924 20,027 18.3%
Depreciation Rs m 2,205 2,401 8.9%
Interest Rs m 495 308 -37.8%
Profit before tax Rs m 17,277 20,570 19.1%
Tax Rs m 2,797 3,611 29.1%
Profit after tax Rs m 14,479 16,960 17.1%
Gross profit margin % 19.5 21.0
Effective tax rate % 16.2 17.6
Net profit margin % 16.1 17.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DABUR Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 29 billion as compared to Rs 25 billion in FY20, thereby witnessing an increase of 19.1%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY20, a fall of 17.7%.
  • Current assets fell 2% and stood at Rs 48 billion, while fixed assets rose 36% and stood at Rs 61 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 108 billion as against Rs 93 billion during FY20, thereby witnessing a growth of 16%.

DABUR Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 65,125 75,398 15.8
 
Current Liabilities Rs m 24,639 29,342 19.1
Long-term Debt Rs m 1,629 1,341 -17.7
Total Liabilities Rs m 93,320 108,292 16.0
 
Current assets Rs m 48,803 47,759 -2.1
Fixed Assets Rs m 44,518 60,532 36.0
Total Assets Rs m 93,320 108,292 16.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DABUR Cash Flow Statement Analysis

  • DABUR's cash flow from operating activities (CFO) during FY21 stood at Rs 21 billion, an improvement of 31.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -14 billion, an improvement of 172.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -6 billion, an improvement of 41% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 970 million from the Rs 540 million net cash flows seen during FY20.

DABUR 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 16,136 21,147 31.1%
Cash Flow from Investing Activities Rs m -5,168 -14,058 -
Cash Flow from Financing Activities Rs m -10,430 -6,134 -
Net Cash Flow Rs m 540 970 79.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DABUR

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.6, 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 576.9, stands at 56.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.4 times, while the price to sales ratio stands at 9.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 52.7 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 49.0 53.9
TTM Earnings per share Rs 8.2 9.6
Diluted earnings per share Rs 8.2 9.6
Price to Cash Flow x 61.1 52.7
TTM P/E ratio x 56.9 56.9
Price / Book Value ratio x 12.0 11.4
Market Cap Rs m 1,019,419 1,019,628
Dividends per share (Unadj.) Rs 3.0 4.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DABUR

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY21, from 2.0x 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 67.8x during FY21, from 35.9x 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 22.5% during FY21, from 22.2% 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 27.2% during FY21, from 26.6% 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 15.9% during FY21, from 16.0% 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 2.0 1.6
Debtors’ Days Days 3 2
Interest coverage x 35.9 67.8
Debt to equity ratio x 0.0 0.0
Return on assets % 16.0 15.9
Return on equity % 22.2 22.5
Return on capital employed % 26.6 27.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 503.7 to Rs 576.9, registering a gain of Rs 73.3 or around 14.5%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 13,609.1 (up 0.5%). Over the last one year it has moved up from 11,748.2 to 13,609.1, a gain of 1,861 points (up 15.8%).

Overall, the S&P BSE SENSEX is up 43.4% over the year.

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

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