E.I.D. PARRY 2020-21 Annual Report Analysis

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E.I.D. PARRY 2020-21 Annual Report Analysis
Tue, 26 Oct

E.I.D. PARRY 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.

E.I.D. PARRY Income Statement Analysis

  • Operating income during the year rose 8.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.7% in FY21 as against 11.0% in FY20.
  • Depreciation charges increased by 4.0% and finance costs decreased by 45.3% YoY, respectively.
  • Other income declined by 20.1% YoY.
  • Net profit for the year grew by 12.0% YoY.
  • Net profit margins during the year grew from 5.2% in FY20 to 5.3% in FY21.

E.I.D. PARRY Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 171,289 186,268 8.7%
Other income Rs m 1,302 1,041 -20.1%
Total Revenues Rs m 172,592 187,309 8.5%
Gross profit Rs m 18,878 20,005 6.0%
Depreciation Rs m 3,190 3,317 4.0%
Interest Rs m 4,305 2,356 -45.3%
Profit before tax Rs m 12,686 15,372 21.2%
Tax Rs m 3,774 5,395 43.0%
Profit after tax Rs m 8,912 9,977 12.0%
Gross profit margin % 11.0 10.7
Effective tax rate % 29.7 35.1
Net profit margin % 5.2 5.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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E.I.D. PARRY Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 57 billion as compared to Rs 86 billion in FY20, thereby witnessing an decrease of -33.1%.
  • Long-term debt down at Rs 794 million as compared to Rs 6 billion during FY20, a fall of 87.0%.
  • Current assets fell 15% and stood at Rs 89 billion, while fixed assets fell 2% and stood at Rs 44 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 133 billion as against Rs 149 billion during FY20, thereby witnessing a fall of 11%.

E.I.D. PARRY Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 35,073 45,718 30.4
 
Current Liabilities Rs m 85,900 57,450 -33.1
Long-term Debt Rs m 6,100 794 -87.0
Total Liabilities Rs m 149,357 132,565 -11.2
 
Current assets Rs m 104,478 88,732 -15.1
Fixed Assets Rs m 44,880 43,833 -2.3
Total Assets Rs m 149,357 132,565 -11.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



E.I.D. PARRY Cash Flow Statement Analysis

  • E.I.D. PARRY's cash flow from operating activities (CFO) during FY21 stood at Rs 48 billion, an improvement of 140.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -6 billion, an improvement of 91.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -36 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 6 billion from the Rs -646 million net cash flows seen during FY20.

E.I.D. PARRY 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 19,860 47,710 140.2%
Cash Flow from Investing Activities Rs m -2,924 -5,600 -
Cash Flow from Financing Activities Rs m -17,690 -35,980 -
Net Cash Flow Rs m -646 6,250 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for E.I.D. PARRY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 56.3, an improvement from the EPS of Rs 50.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 461.3, stands at 7.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.1 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 967.7 1,051.8
TTM Earnings per share Rs 50.4 56.3
Diluted earnings per share Rs 50.3 56.3
Price to Cash Flow x 6.7 6.1
TTM P/E ratio x 7.1 7.1
Price / Book Value ratio x 0.9 1.0
Market Cap Rs m 81,648 81,697
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for E.I.D. PARRY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY21, from 1.2x 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 7.5x during FY21, from 3.9x 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 21.8% during FY21, from 25.4% 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 38.1% during FY21, from 41.3% 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 9.3% during FY21, from 8.8% 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 1.2 1.5
Debtors’ Days Days 451 169
Interest coverage x 3.9 7.5
Debt to equity ratio x 0.2 0.0
Return on assets % 8.8 9.3
Return on equity % 25.4 21.8
Return on capital employed % 41.3 38.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how E.I.D. PARRY has performed over the last 5 years, please visit here.

E.I.D. PARRY Share Price Performance

Over the last one year, E.I.D. PARRY share price has moved up from Rs 285.4 to Rs 461.3, registering a gain of Rs 176.0 or around 61.7%.

Overall, the S&P BSE SENSEX is up 51.2% over the year.

(To know more, check out historical annual results for E.I.D. PARRY and quarterly results for E.I.D. PARRY)

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Related Views on News

E.I.D. PARRY Announces Quarterly Results (1QFY22); Net Profit Up 117.1% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, E.I.D. PARRY has posted a net profit of Rs 3 bn (up 117.1% YoY). Sales on the other hand came in at Rs 44 bn (up 5.1% YoY). Read on for a complete analysis of E.I.D. PARRY's quarterly results.

E.I.D. PARRY Announces Quarterly Results (3QFY20); Net Profit Up 81.2% (Quarterly Result Update)

Feb 11, 2020 | Updated on Feb 11, 2020

For the quarter ended December 2019, E.I.D. PARRY has posted a net profit of Rs 3 bn (up 81.2% YoY). Sales on the other hand came in at Rs 41 bn (up 9.9% YoY). Read on for a complete analysis of E.I.D. PARRY's quarterly results.

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