EXIDE INDUSTRIES 2019-20 Annual Report Analysis

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EXIDE INDUSTRIES 2019-20 Annual Report Analysis
Fri, 6 Nov

EXIDE INDUSTRIES has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

EXIDE INDUSTRIES Income Statement Analysis

  • Operating income during the year fell 1.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 6.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.0% in FY20 as against 10.5% in FY19.
  • Depreciation charges increased by 21.6% and finance costs decreased by 9.8% YoY, respectively.
  • Other income grew by 55.2% YoY.
  • Net profit for the year declined by 10.0% YoY.
  • Net profit margins during the year declined from 5.7% in FY19 to 5.2% in FY20.

EXIDE INDUSTRIES Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 147,209 144,710 -1.7%
Other income Rs m 399 619 55.2%
Total Revenues Rs m 147,608 145,329 -1.5%
Gross profit Rs m 15,515 14,459 -6.8%
Depreciation Rs m 3,435 4,176 21.6%
Interest Rs m 1,071 966 -9.8%
Profit before tax Rs m 11,407 9,936 -12.9%
Tax Rs m 4,017 2,094 -47.9%
Profit after tax Rs m 8,474 7,625 -10.0%
Gross profit margin % 10.5 10.0
Effective tax rate % 35.2 21.1
Net profit margin % 5.7 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Know More: Which way are the markets & the mutual fund industry headed?

EXIDE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 33 billion as compared to Rs 34 billion in FY19, thereby witnessing an decrease of -3.7%.
  • Long-term debt down at Rs 89 million as compared to Rs 98 million during FY19, a fall of 9.2%.
  • Current assets fell 1% and stood at Rs 54 billion, while fixed assets rose 10% and stood at Rs 38 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 244 billion as against Rs 224 billion during FY19, thereby witnessing a growth of 9%.

EXIDE INDUSTRIES Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 61,069 64,673 5.9
 
Current Liabilities Rs m 33,751 32,516 -3.7
Long-term Debt Rs m 98 89 -9.2
Total Liabilities Rs m 224,410 243,676 8.6
 
Current assets Rs m 54,605 54,100 -0.9
Fixed Assets Rs m 34,623 37,923 9.5
Total Assets Rs m 224,410 243,676 8.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



EXIDE INDUSTRIES Cash Flow Statement Analysis

  • EXIDE INDUSTRIES's cash flow from operating activities (CFO) during FY20 stood at Rs 16 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -11 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -5 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -95 million from the Rs 323 million net cash flows seen during FY19.

EXIDE INDUSTRIES Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 16,868 16,192 -4.0%
Cash Flow from Investing Activities Rs m -14,374 -10,969 -
Cash Flow from Financing Activities Rs m -2,167 -5,318 -
Net Cash Flow Rs m 323 -95 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for EXIDE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.0, an decline from the EPS of Rs 10.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 162.8, stands at 21.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 173.2 170.2
TTM Earnings per share Rs 10.0 9.0
Diluted earnings per share Rs 10.0 9.0
Price to Cash Flow x 11.6 11.7
TTM P/E ratio x 21.4 21.4
Price / Book Value ratio x 3.5 2.3
Market Cap Rs m 138,380 138,380
Dividends per share (Unadj.) Rs 2.4 4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for EXIDE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY20, from 1.6x during FY19. 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 11.3x during FY20, from 11.7x during FY19. 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 11.8% during FY20, from 13.9% during FY20. 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 16.5% during FY20, from 22.2% during FY19. 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 3.5% during FY20, from 4.3% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.6 1.7
Debtors’ Days Days 31 27
Interest coverage x 11.7 11.3
Debt to equity ratio x 0.0 0.0
Return on assets % 4.3 3.5
Return on equity % 13.9 11.8
Return on capital employed % 22.2 16.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

EXIDE INDUSTRIES Share Price Performance

Over the last one year, EXIDE INDUSTRIES share price has moved down from Rs 186.6 to Rs 162.8, registering a loss of Rs 23.8 or around 12.7%.

Overall, the S&P BSE SENSEX is up 3.7% over the year.

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

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Related Views on News

EXIDE INDUSTRIES Announces Quarterly Results (1QFY21); Net Profit Down 80.4% (Quarterly Result Update)

Aug 24, 2020 | Updated on Aug 24, 2020

For the quarter ended June 2020, EXIDE INDUSTRIES has posted a net profit of Rs 440 m (down 80.4% YoY). Sales on the other hand came in at Rs 15 bn (down 44.3% YoY). Read on for a complete analysis of EXIDE INDUSTRIES's quarterly results.

EXIDE INDUSTRIES Announces Quarterly Results (3QFY20); Net Profit Up 26.4% (Quarterly Result Update)

Feb 6, 2020 | Updated on Feb 6, 2020

For the quarter ended December 2019, EXIDE INDUSTRIES has posted a net profit of Rs 2 bn (up 26.4% YoY). Sales on the other hand came in at Rs 24 bn (down 3.4% YoY). Read on for a complete analysis of EXIDE INDUSTRIES's quarterly results.

EXIDE INDUSTRIES 2018-19 Annual Report Analysis (Annual Result Update)

Sep 16, 2019 | Updated on Sep 16, 2019

Here's an analysis of the annual report of EXIDE INDUSTRIES for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of EXIDE INDUSTRIES. Also includes updates on the valuation of EXIDE INDUSTRIES.

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