DISHMAN CARBOGEN AMCIS 2020-21 Annual Report Analysis

Wed, 31 Mar

DISHMAN CARBOGEN AMCIS 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.

DISHMAN CARBOGEN AMCIS Income Statement Analysis

• Operating income during the year fell 6.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 49.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.2% in FY21 as against 24.3% in FY20.
• Depreciation charges increased by 8.9% and finance costs decreased by 23.1% YoY, respectively.
• Other income declined by 13.5% YoY.
• Net profit for the year declined by 204.2% YoY.
• Net profit margins during the year declined from 7.8% in FY20 to 8.6% in FY21.

DISHMAN CARBOGEN AMCIS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	20,436	19,120	-6.4%
Other income	Rs m	445	385	-13.5%
Total Revenues	Rs m	20,881	19,505	-6.6%
Gross profit	Rs m	4,976	2,521	-49.3%
Depreciation	Rs m	2,829	3,079	8.9%
Interest	Rs m	620	476	-23.1%
Profit before tax	Rs m	1,972	-650	-133.0%
Tax	Rs m	387	1,001	158.7%
Profit after tax	Rs m	1,585	-1,651	-204.2%
Gross profit margin	%	24.3	13.2
Effective tax rate	%	19.6	-153.9
Net profit margin	%	7.8	-8.6

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DISHMAN CARBOGEN AMCIS Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 12 billion as compared to Rs 16 billion in FY20, thereby witnessing an decrease of -20.4%.
• Long-term debt stood at Rs 5 billion as compared to Rs 2 billion during FY20, a growth of 108.8%.
• Current assets fell 7% and stood at Rs 17 billion, while fixed assets rose 4% and stood at Rs 67 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 83 billion as against Rs 82 billion during FY20, thereby witnessing a growth of 1%.

DISHMAN CARBOGEN AMCIS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	57,151	56,988	-0.3
Current Liabilities	Rs m	15,690	12,488	-20.4
Long-term Debt	Rs m	2,413	5,039	108.8
Total Liabilities	Rs m	81,934	83,144	1.5
Current assets	Rs m	17,790	16,626	-6.5
Fixed Assets	Rs m	64,144	66,517	3.7
Total Assets	Rs m	81,934	83,144	1.5

DISHMAN CARBOGEN AMCIS Cash Flow Statement Analysis

• DISHMAN CARBOGEN AMCIS's cash flow from operating activities (CFO) during FY21 stood at Rs 5 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -110 million, an improvement of 89% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs 456 million net cash flows seen during FY20.

DISHMAN CARBOGEN AMCIS 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	5,851	5,134	-12.3%
Cash Flow from Investing Activities	Rs m	-4,417	-3,808	-
Cash Flow from Financing Activities	Rs m	-978	-110	-
Net Cash Flow	Rs m	456	1,216	166.5%

Current Valuations for DISHMAN CARBOGEN AMCIS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -10.5, an decline from the EPS of Rs 10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 109.0, stands at -10.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 14.8 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	130.3	122.0
TTM Earnings per share	Rs	10.1	-10.5
Diluted earnings per share	Rs	10.1	-10.5
Price to Cash Flow	x	1.9	14.8
TTM P/E ratio	x	4.7	-10.3
Price / Book Value ratio	x	0.4	0.4
Market Cap	Rs m	23,890	21,142
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DISHMAN CARBOGEN AMCIS

• 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 deteriorated and stood at -0.4x during FY21, from 4.2x 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 -2.9% during FY21, from 2.8% 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 -0.3% during FY21, from 4.4% 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 -1.4% during FY21, from 2.7% 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	10	7
Interest coverage	x	4.2	-0.4
Debt to equity ratio	x	0.0	0.1
Return on assets	%	2.7	-1.4
Return on equity	%	2.8	-2.9
Return on capital employed	%	4.4	-0.3

To see how DISHMAN CARBOGEN AMCIS has performed over the last 5 years, please visit here.

DISHMAN CARBOGEN AMCIS Share Price Performance

Over the last one year, DISHMAN CARBOGEN AMCIS share price has moved up from Rs 53.6 to Rs 109.0, registering a gain of Rs 55.4 or around 103.4%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,328.2 (up 0.4%). Over the last one year it has moved up from 12,148.6 to 21,328.2, a gain of 9,180 points (up 75.6%).

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for DISHMAN CARBOGEN AMCIS and quarterly results for DISHMAN CARBOGEN AMCIS)

Read: Latest Annual Report Analysis of DISHMAN CARBOGEN AMCIS