D B CORP 2020-21 Annual Report Analysis

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D B CORP 2020-21 Annual Report Analysis
Mon, 22 Nov

D B CORP 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.

D B CORP Income Statement Analysis

  • Operating income during the year fell 32.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 34.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.1% in FY21 as against 20.6% in FY20.
  • Depreciation charges decreased by 4.8% and finance costs decreased by 3.2% YoY, respectively.
  • Other income declined by 15.6% YoY.
  • Net profit for the year declined by 48.6% YoY.
  • Net profit margins during the year declined from 12.2% in FY20 to 9.2% in FY21.

D B CORP Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 22,238 15,077 -32.2%
Other income Rs m 351 296 -15.6%
Total Revenues Rs m 22,589 15,373 -31.9%
Gross profit Rs m 4,589 3,029 -34.0%
Depreciation Rs m 1,207 1,149 -4.8%
Interest Rs m 251 243 -3.2%
Profit before tax Rs m 3,482 1,932 -44.5%
Tax Rs m 732 518 -29.2%
Profit after tax Rs m 2,750 1,414 -48.6%
Gross profit margin % 20.6 20.1
Effective tax rate % 21.0 26.8
Net profit margin % 12.2 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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D B CORP Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 17 billion as compared to Rs 19 billion in FY20, thereby witnessing an decrease of -8.7%.
  • Current assets rose 1% and stood at Rs 24 billion, while fixed assets rose 2% and stood at Rs 17 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 41 billion as against Rs 40 billion during FY20, thereby witnessing a growth of 1%.

D B CORP Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 16,718 18,110 8.3
 
Current Liabilities Rs m 18,757 17,125 -8.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 40,429 40,942 1.3
 
Current assets Rs m 24,163 24,347 0.8
Fixed Assets Rs m 16,266 16,595 2.0
Total Assets Rs m 40,429 40,942 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



D B CORP Cash Flow Statement Analysis

  • D B CORP's cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion, an improvement of 3.0% 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, an improvement of 51% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 863 million from the Rs -979 million net cash flows seen during FY20.

D B CORP 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 3,631 3,741 3.0%
Cash Flow from Investing Activities Rs m -1,542 -1,365 -
Cash Flow from Financing Activities Rs m -3,068 -1,513 -
Net Cash Flow Rs m -979 863 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for D B CORP

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.1, an decline from the EPS of Rs 15.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 96.2, stands at 8.8 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 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.6 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 127.1 86.2
TTM Earnings per share Rs 15.7 8.1
Diluted earnings per share Rs 15.6 8.0
Price to Cash Flow x 4.3 6.6
TTM P/E ratio x 8.7 8.8
Price / Book Value ratio x 1.4 0.8
Market Cap Rs m 16,831 17,004
Dividends per share (Unadj.) Rs 10.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for D B CORP

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.3x 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 8.9x during FY21, from 14.9x 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 declined and down at 7.8% during FY21, from 16.4% 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 declined and down at 12.0% during FY21, from 22.3% 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 4.0% during FY21, from 7.4% 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 1.3 1.4
Debtors’ Days Days 104 120
Interest coverage x 14.9 8.9
Debt to equity ratio x 0.0 0.0
Return on assets % 7.4 4.0
Return on equity % 16.4 7.8
Return on capital employed % 22.3 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how D B CORP has performed over the last 5 years, please visit here.

D B CORP Share Price Performance

Over the last one year, D B CORP share price has moved up from Rs 80.8 to Rs 96.2, registering a gain of Rs 15.5 or around 19.1%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 15,491.1 (down 0.7%). Over the last one year it has moved up from 9,953.6 to 15,491.1, a gain of 5,538 points (up 55.6%).

Overall, the S&P BSE SENSEX is up 33.0% over the year.

(To know more, check out historical annual results for D B CORP and quarterly results for D B CORP)

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