DHANUKA AGRITECH 2020-21 Annual Report Analysis

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DHANUKA AGRITECH 2020-21 Annual Report Analysis
Thu, 12 Aug

DHANUKA AGRITECH 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.

DHANUKA AGRITECH Income Statement Analysis

  • Operating income during the year rose 23.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 55.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.4% in FY21 as against 15.5% in FY20.
  • Depreciation charges decreased by 7.2% and finance costs increased by 66.6% YoY, respectively.
  • Other income grew by 34.3% YoY.
  • Net profit for the year grew by 49.0% YoY.
  • Net profit margins during the year grew from 12.3% in FY20 to 14.8% in FY21.

DHANUKA AGRITECH Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 11,201 13,875 23.9%
Other income Rs m 251 337 34.3%
Total Revenues Rs m 11,452 14,212 24.1%
Gross profit Rs m 1,735 2,693 55.2%
Depreciation Rs m 164 152 -7.2%
Interest Rs m 17 28 66.6%
Profit before tax Rs m 1,805 2,849 57.8%
Tax Rs m 392 744 89.8%
Profit after tax Rs m 1,413 2,106 49.0%
Gross profit margin % 15.5 19.4
Effective tax rate % 21.7 26.1
Net profit margin % 12.3 14.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DHANUKA AGRITECH Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 39.6%.
  • Current assets rose 29% and stood at Rs 9 billion, while fixed assets rose 3% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 11 billion as against Rs 9 billion during FY20, thereby witnessing a growth of 21%.

DHANUKA AGRITECH Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,076 7,962 12.5
 
Current Liabilities Rs m 1,976 2,759 39.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,322 11,310 21.3
 
Current assets Rs m 6,664 8,583 28.8
Fixed Assets Rs m 2,658 2,727 2.6
Total Assets Rs m 9,322 11,310 21.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DHANUKA AGRITECH Cash Flow Statement Analysis

  • DHANUKA AGRITECH's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 42.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion, an improvement of 185.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -246 million from the Rs 247 million net cash flows seen during FY20.

DHANUKA AGRITECH 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 1,621 2,311 42.6%
Cash Flow from Investing Activities Rs m -443 -1,266 -
Cash Flow from Financing Activities Rs m -930 -1,291 -
Net Cash Flow Rs m 247 -246 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DHANUKA AGRITECH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 45.2, an improvement from the EPS of Rs 29.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 892.5, stands at 20.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 18.4 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 235.4 297.9
TTM Earnings per share Rs 29.7 45.2
Diluted earnings per share Rs 30.3 45.2
Price to Cash Flow x 26.9 18.4
TTM P/E ratio x 20.5 20.0
Price / Book Value ratio x 2.8 3.7
Market Cap Rs m 42,464 41,571
Dividends per share (Unadj.) Rs 12.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DHANUKA AGRITECH

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.1x during FY21, from 3.4x 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 deteriorated and stood at 101.2x during FY21, from 106.7x 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 improved and stood at 26.4% during FY21, from 20.0% 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 36.1% during FY21, from 25.8% 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 18.9% during FY21, from 15.3% 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 3.4 3.1
Debtors’ Days Days 790 638
Interest coverage x 106.7 101.2
Debt to equity ratio x 0.0 0.0
Return on assets % 15.3 18.9
Return on equity % 20.0 26.4
Return on capital employed % 25.8 36.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DHANUKA AGRITECH has performed over the last 5 years, please visit here.

DHANUKA AGRITECH Share Price Performance

Over the last one year, DHANUKA AGRITECH share price has moved up from Rs 821.0 to Rs 892.5, registering a gain of Rs 71.5 or around 8.7%.

Overall, the S&P BSE SENSEX is up 43.4% over the year.

(To know more, check out historical annual results for DHANUKA AGRITECH and quarterly results for DHANUKA AGRITECH)

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Related Views on News

DHANUKA AGRITECH Announces Quarterly Results (1QFY22); Net Profit Down 6.2% (Quarterly Result Update)

Jul 31, 2021 | Updated on Jul 31, 2021

For the quarter ended June 2021, DHANUKA AGRITECH has posted a net profit of Rs 486 m (down 6.2% YoY). Sales on the other hand came in at Rs 4 bn (down 2.7% YoY). Read on for a complete analysis of DHANUKA AGRITECH's quarterly results.

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