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DALMIA BHARAT SUG. 2020-21 Annual Report Analysis
Wed, 31 Mar

DALMIA BHARAT SUG. 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.

DALMIA BHARAT SUG. Income Statement Analysis

  • Operating income during the year rose 27.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 40.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.6% in FY21 as against 15.9% in FY20.
  • Depreciation charges increased by 67.0% and finance costs decreased by 30.0% YoY, respectively.
  • Other income declined by 4.5% YoY.
  • Net profit for the year grew by 39.9% YoY.
  • Net profit margins during the year grew from 9.2% in FY20 to 10.1% in FY21.

DALMIA BHARAT SUG. Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 21,108 26,858 27.2%
Other income Rs m 565 539 -4.5%
Total Revenues Rs m 21,673 27,397 26.4%
Gross profit Rs m 3,366 4,714 40.0%
Depreciation Rs m 572 956 67.0%
Interest Rs m 884 619 -30.0%
Profit before tax Rs m 2,475 3,679 48.7%
Tax Rs m 543 976 79.8%
Profit after tax Rs m 1,932 2,703 39.9%
Gross profit margin % 15.9 17.6
Effective tax rate % 21.9 26.5
Net profit margin % 9.2 10.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

DALMIA BHARAT SUG. Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 12 billion as compared to Rs 13 billion in FY20, thereby witnessing an decrease of -12.8%.
  • Long-term debt down at Rs 2 billion as compared to Rs 4 billion during FY20, a fall of 46.6%.
  • Current assets rose 5% and stood at Rs 20 billion, while fixed assets rose 13% and stood at Rs 19 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 39 billion as against Rs 36 billion during FY20, thereby witnessing a growth of 9%.

DALMIA BHARAT SUG. Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 15,188 21,427 41.1
 
Current Liabilities Rs m 13,478 11,750 -12.8
Long-term Debt Rs m 4,244 2,266 -46.6
Total Liabilities Rs m 35,700 38,925 9.0
 
Current assets Rs m 19,304 20,355 5.4
Fixed Assets Rs m 16,396 18,570 13.3
Total Assets Rs m 35,700 38,925 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DALMIA BHARAT SUG. Cash Flow Statement Analysis

  • DALMIA BHARAT SUG.'s cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 486.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 371 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 183 million from the Rs 250 million net cash flows seen during FY20.

DALMIA BHARAT SUG. 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 590 3,455 486.0%
Cash Flow from Investing Activities Rs m -1,793 371 -
Cash Flow from Financing Activities Rs m 1,453 -3,644 -
Net Cash Flow Rs m 250 183 -26.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DALMIA BHARAT SUG.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 33.4, an improvement from the EPS of Rs 23.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 186.6, stands at 5.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.7 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 260.8 331.8
TTM Earnings per share Rs 23.9 33.4
Diluted earnings per share Rs 23.9 33.4
Price to Cash Flow x 1.6 2.7
TTM P/E ratio x 2.0 5.6
Price / Book Value ratio x 0.5 0.5
Market Cap Rs m 7,064 9,725
Dividends per share (Unadj.) Rs 2.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DALMIA BHARAT SUG.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.4x 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 6.9x during FY21, from 3.8x 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 12.6% during FY21, from 12.7% 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 18.1% during FY21, from 17.3% 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 improved and stood at 8.5% during FY21, from 7.9% 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 1.4 1.7
Debtors’ Days Days 3 2
Interest coverage x 3.8 6.9
Debt to equity ratio x 0.3 0.1
Return on assets % 7.9 8.5
Return on equity % 12.7 12.6
Return on capital employed % 17.3 18.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DALMIA BHARAT SUG. has performed over the last 5 years, please visit here.

DALMIA BHARAT SUG. Share Price Performance

Over the last one year, DALMIA BHARAT SUG. share price has moved up from Rs 48.9 to Rs 186.6, registering a gain of Rs 137.7 or around 281.5%.

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

(To know more, check out historical annual results for DALMIA BHARAT SUG. and quarterly results for DALMIA BHARAT SUG.)

Annual Report FAQs

What is the current share price of DALMIA BHARAT SUG.?

DALMIA BHARAT SUG. currently trades at Rs 340.0 per share. You can check out the latest share price performance of DALMIA BHARAT SUG. here...

What was the revenue of DALMIA BHARAT SUG. in FY21? How does it compare to earlier years?

The revenues of DALMIA BHARAT SUG. stood at Rs 27,397 m in FY21, which was up 26.4% compared to Rs 21,673 m reported in FY20.

DALMIA BHARAT SUG.'s revenue has grown from Rs 16,317 m in FY17 to Rs 27,397 m in FY21.

Over the past 5 years, the revenue of DALMIA BHARAT SUG. has grown at a CAGR of 13.8%.

What was the net profit of DALMIA BHARAT SUG. in FY21? How does it compare to earlier years?

The net profit of DALMIA BHARAT SUG. stood at Rs 2,703 m in FY21, which was up 39.9% compared to Rs 1,932 m reported in FY20.

This compares to a net profit of Rs 1,752 m in FY19 and a net profit of Rs 1,223 m in FY18.

Over the past 5 years, DALMIA BHARAT SUG. net profit has grown at a CAGR of 9.8%.

What does the cash flow statement of DALMIA BHARAT SUG. reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of DALMIA BHARAT SUG. reveals:

  • Cash flow from operations increased in FY21 and stood at Rs 3,455 m as compared to Rs 590 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs 371 m as compared to Rs -1,793 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs -3,644 m as compared to Rs 1,453 m in FY20.

Here's the cash flow statement of DALMIA BHARAT SUG. for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations1,5487,062-2,2045903,455
From Investments-1,439-1,781-292-1,793371
From Financial Activity22-5,2752,1871,453-3,644
Net Cashflow1316-310250183

What does the Key Ratio analysis of DALMIA BHARAT SUG. reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of DALMIA BHARAT SUG. reveals:

  • Operating profit margins witnessed a fall and down at 17.6% in FY21 as against 15.9% in FY20.
  • Net profit margins grew from 9.2% in FY20 to 10.1% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.1 as compared to 0.3 in FY20.

Here's the ratio/financial analysis of DALMIA BHARAT SUG. for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)23.510.611.715.917.6
Net Profit Margin (%)11.65.58.79.210.1
Debt to Equity Ratio (x)0.30.20.30.30.1

Read: Latest Annual Report Analysis of DALMIA BHARAT SUG.

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