DHARAMSI CHM. 2020-21 Annual Report Analysis

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DHARAMSI CHM. 2020-21 Annual Report Analysis
Fri, 29 Oct

DHARAMSI CHM. 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.

DHARAMSI CHM. Income Statement Analysis

  • Operating income during the year rose 6.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 27.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.7% in FY21 as against 14.8% in FY20.
  • Depreciation charges increased by 10.8% and finance costs increased by 18.2% YoY, respectively.
  • Other income grew by 25.2% YoY.
  • Net profit for the year grew by 3.5% YoY.
  • Net profit margins during the year declined from 16.2% in FY20 to 15.7% in FY21.

DHARAMSI CHM. Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,877 2,001 6.7%
Other income Rs m 62 78 25.2%
Total Revenues Rs m 1,939 2,080 7.2%
Gross profit Rs m 278 355 27.5%
Depreciation Rs m 62 68 10.8%
Interest Rs m 20 24 18.2%
Profit before tax Rs m 259 340 31.7%
Tax Rs m -56 15 -126.1%
Profit after tax Rs m 315 326 3.5%
Gross profit margin % 14.8 17.7
Effective tax rate % -21.7 4.3
Net profit margin % 16.2 15.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ALERT: Top Investment Recommendation for 2022

DHARAMSI CHM. Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 698 million as compared to Rs 468 million in FY20, thereby witnessing an increase of 49.2%.
  • Long-term debt stood at Rs 192 million as compared to Rs 173 million during FY20, a growth of 10.5%.
  • Current assets rose 17% and stood at Rs 1 billion, while fixed assets rose 32% and stood at Rs 1 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 3 billion as against Rs 2 billion during FY20, thereby witnessing a growth of 25%.

DHARAMSI CHM. Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 1,449 1,732 19.5
 
Current Liabilities Rs m 468 698 49.2
Long-term Debt Rs m 173 192 10.5
Total Liabilities Rs m 2,119 2,648 25.0
 
Current assets Rs m 994 1,163 17.0
Fixed Assets Rs m 1,125 1,486 32.1
Total Assets Rs m 2,119 2,648 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DHARAMSI CHM. Cash Flow Statement Analysis

  • DHARAMSI CHM.'s cash flow from operating activities (CFO) during FY21 stood at Rs 322 million, an improvement of 19.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -397 million, an improvement of 135.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 30 million, an improvement of 153% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -44 million from the Rs 45 million net cash flows seen during FY20.

DHARAMSI CHM. 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 270 322 19.4%
Cash Flow from Investing Activities Rs m -168 -397 -
Cash Flow from Financing Activities Rs m -57 30 -
Net Cash Flow Rs m 45 -44 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DHARAMSI CHM.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an improvement from the EPS of Rs 12.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 349.7, stands at 25.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 3.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.1 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 75.2 80.3
TTM Earnings per share Rs 12.6 13.1
Diluted earnings per share Rs 12.6 13.1
Price to Cash Flow x 23.2 22.1
TTM P/E ratio x 25.2 25.2
Price / Book Value ratio x 2.1 3.6
Market Cap Rs m 8,720 8,720
Dividends per share (Unadj.) Rs 0.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DHARAMSI CHM.

  • 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 improved and stood at 15.2x during FY21, from 13.7x 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 18.8% during FY21, from 21.7% 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 18.9% during FY21, from 17.2% 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 13.2% during FY21, from 15.8% 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 481 589
Interest coverage x 13.7 15.2
Debt to equity ratio x 0.1 0.1
Return on assets % 15.8 13.2
Return on equity % 21.7 18.8
Return on capital employed % 17.2 18.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

DHARAMSI CHM. Share Price Performance

Over the last one year, DHARAMSI CHM. share price has moved up from Rs 137.7 to Rs 349.7, registering a gain of Rs 212.0 or around 153.9%.

Overall, the S&P BSE SENSEX is up 48.6% over the year.

(To know more, check out historical annual results for DHARAMSI CHM. and quarterly results for DHARAMSI CHM.)

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