EXCEL INDUSTRIES 2020-21 Annual Report Analysis

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EXCEL INDUSTRIES 2020-21 Annual Report Analysis
Sat, 30 Oct

EXCEL INDUSTRIES 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.

EXCEL INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 6.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 6.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.2% in FY21 as against 18.5% in FY20.
  • Depreciation charges increased by 19.2% and finance costs decreased by 20.4% YoY, respectively.
  • Other income declined by 17.9% YoY.
  • Net profit for the year declined by 26.0% YoY.
  • Net profit margins during the year declined from 13.5% in FY20 to 9.4% in FY21.

EXCEL INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 7,025 7,495 6.7%
Other income Rs m 115 94 -17.9%
Total Revenues Rs m 7,139 7,589 6.3%
Gross profit Rs m 1,300 1,216 -6.5%
Depreciation Rs m 228 272 19.2%
Interest Rs m 38 30 -20.4%
Profit before tax Rs m 1,149 1,008 -12.3%
Tax Rs m 188 297 57.8%
Profit after tax Rs m 961 711 -26.0%
Gross profit margin % 18.5 16.2
Effective tax rate % 16.4 29.5
Net profit margin % 13.5 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

EXCEL INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 2 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 6.3%.
  • Long-term debt down at Rs 0 million as compared to Rs 0 million during FY20, a fall of 71.4%.
  • Current assets rose 17% and stood at Rs 3 billion, while fixed assets rose 19% and stood at Rs 8 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 19%.

EXCEL INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,009 8,515 21.5
 
Current Liabilities Rs m 1,481 1,574 6.3
Long-term Debt Rs m 0 0 -71.4
Total Liabilities Rs m 9,373 11,111 18.5
 
Current assets Rs m 2,802 3,292 17.5
Fixed Assets Rs m 6,571 7,820 19.0
Total Assets Rs m 9,373 11,111 18.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



EXCEL INDUSTRIES Cash Flow Statement Analysis

  • EXCEL INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 909 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -526 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -168 million, an improvement of 46% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 214 million from the Rs 173 million net cash flows seen during FY20.

EXCEL INDUSTRIES 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 1,102 909 -17.5%
Cash Flow from Investing Activities Rs m -614 -526 -
Cash Flow from Financing Activities Rs m -315 -168 -
Net Cash Flow Rs m 173 214 23.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for EXCEL INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 56.6, an decline from the EPS of Rs 76.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 954.0, stands at 14.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.2 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 558.9 596.2
TTM Earnings per share Rs 76.4 56.6
Diluted earnings per share Rs 76.4 56.5
Price to Cash Flow x 10.1 12.2
TTM P/E ratio x 14.2 14.2
Price / Book Value ratio x 1.4 1.1
Market Cap Rs m 11,992 11,992
Dividends per share (Unadj.) Rs 10.0 11.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for EXCEL INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY21, from 1.9x 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 34.3x during FY21, from 31.3x 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 8.3% during FY21, from 13.7% 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 declined and down at 12.2% during FY21, from 16.9% 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 6.7% during FY21, from 10.7% 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 1.9 2.1
Debtors’ Days Days 778 841
Interest coverage x 31.3 34.3
Debt to equity ratio x 0.0 0.0
Return on assets % 10.7 6.7
Return on equity % 13.7 8.3
Return on capital employed % 16.9 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how EXCEL INDUSTRIES has performed over the last 5 years, please visit here.

EXCEL INDUSTRIES Share Price Performance

Over the last one year, EXCEL INDUSTRIES share price has moved up from Rs 869.6 to Rs 954.0, registering a gain of Rs 84.4 or around 9.7%.

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

(To know more, check out historical annual results for EXCEL INDUSTRIES and quarterly results for EXCEL INDUSTRIES)

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