MANGALAM ORGANICS 2020-21 Annual Report Analysis

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MANGALAM ORGANICS 2020-21 Annual Report Analysis
Tue, 9 Nov

MANGALAM ORGANICS 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.

MANGALAM ORGANICS Income Statement Analysis

  • Operating income during the year fell 9.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 68.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 37.8% in FY21 as against 20.3% in FY20.
  • Depreciation charges increased by 50.8% and finance costs decreased by 80.8% YoY, respectively.
  • Other income grew by 1.9% YoY.
  • Net profit for the year grew by 77.1% YoY.
  • Net profit margins during the year grew from 12.8% in FY20 to 25.0% in FY21.

MANGALAM ORGANICS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,745 3,382 -9.7%
Other income Rs m 10 10 1.9%
Total Revenues Rs m 3,756 3,393 -9.7%
Gross profit Rs m 761 1,278 68.0%
Depreciation Rs m 90 135 50.8%
Interest Rs m 52 10 -80.8%
Profit before tax Rs m 629 1,143 81.7%
Tax Rs m 150 294 96.5%
Profit after tax Rs m 479 849 77.1%
Gross profit margin % 20.3 37.8
Effective tax rate % 23.8 25.7
Net profit margin % 12.8 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MANGALAM ORGANICS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 536 million as compared to Rs 325 million in FY20, thereby witnessing an increase of 64.8%.
  • Long-term debt down at Rs 0 million as compared to Rs 88 million during FY20, a fall of 99.7%.
  • Current assets rose 78% and stood at Rs 2 billion, while fixed assets rose 12% 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 45%.

MANGALAM ORGANICS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 1,679 2,517 49.9
 
Current Liabilities Rs m 325 536 64.8
Long-term Debt Rs m 88 0 -99.7
Total Liabilities Rs m 2,149 3,113 44.9
 
Current assets Rs m 1,069 1,903 78.0
Fixed Assets Rs m 1,080 1,210 12.0
Total Assets Rs m 2,149 3,113 44.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MANGALAM ORGANICS Cash Flow Statement Analysis

  • MANGALAM ORGANICS's cash flow from operating activities (CFO) during FY21 stood at Rs 263 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -281 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 23 million, an improvement of 106% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 4 million from the Rs -19 million net cash flows seen during FY20.

MANGALAM ORGANICS 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 933 263 -71.8%
Cash Flow from Investing Activities Rs m -593 -281 -
Cash Flow from Financing Activities Rs m -359 23 -
Net Cash Flow Rs m -19 4 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MANGALAM ORGANICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 99.2, an improvement from the EPS of Rs 56.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,274.0, stands at 10.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.1 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 437.5 395.1
TTM Earnings per share Rs 56.0 99.2
Diluted earnings per share Rs 56.0 99.1
Price to Cash Flow x 19.2 11.1
TTM P/E ratio x 10.9 10.9
Price / Book Value ratio x 1.9 1.4
Market Cap Rs m 10,911 10,911
Dividends per share (Unadj.) Rs 1.0 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MANGALAM ORGANICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.6x during FY21, from 3.3x 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 improved and stood at 115.1x during FY21, from 13.1x 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 33.7% during FY21, from 28.6% 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 45.8% during FY21, from 38.6% 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 improved and stood at 27.6% during FY21, from 24.7% 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 3.3 3.6
Debtors’ Days Days 30,520,837 37,160,727
Interest coverage x 13.1 115.1
Debt to equity ratio x 0.1 0.0
Return on assets % 24.7 27.6
Return on equity % 28.6 33.7
Return on capital employed % 38.6 45.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

MANGALAM ORGANICS Share Price Performance

Over the last one year, MANGALAM ORGANICS share price has moved up from Rs 417.4 to Rs 1,274.0, registering a gain of Rs 856.6 or around 205.2%.

Overall, the S&P BSE SENSEX is up 48.8% over the year.

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

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