EXIDE INDUSTRIES 2020-21 Annual Report Analysis

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EXIDE INDUSTRIES 2020-21 Annual Report Analysis
Thu, 12 Aug

EXIDE 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.

EXIDE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 5.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.1% in FY21 as against 9.7% in FY20.
  • Depreciation charges increased by 3.8% and finance costs increased by 41.3% YoY, respectively.
  • Other income grew by 14.7% YoY.
  • Net profit for the year grew by 5.3% YoY.
  • Net profit margins during the year declined from 5.2% in FY20 to 5.2% in FY21.

EXIDE INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 144,710 152,969 5.7%
Other income Rs m 979 1,122 14.7%
Total Revenues Rs m 145,689 154,091 5.8%
Gross profit Rs m 13,998 15,487 10.6%
Depreciation Rs m 4,176 4,337 3.8%
Interest Rs m 1,082 1,529 41.3%
Profit before tax Rs m 9,719 10,744 10.5%
Tax Rs m 2,094 2,713 29.6%
Profit after tax Rs m 7,625 8,031 5.3%
Gross profit margin % 9.7 10.1
Effective tax rate % 21.5 25.3
Net profit margin % 5.2 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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EXIDE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 48 billion as compared to Rs 33 billion in FY20, thereby witnessing an increase of 47.8%.
  • Long-term debt stood at Rs 856 million as compared to Rs 89 million during FY20, a growth of 867.0%.
  • Current assets rose 16% and stood at Rs 63 billion, while fixed assets rose 18% and stood at Rs 224 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 287 billion as against Rs 244 billion during FY20, thereby witnessing a growth of 18%.

EXIDE INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 64,673 72,723 12.4
 
Current Liabilities Rs m 32,516 48,048 47.8
Long-term Debt Rs m 89 856 867.0
Total Liabilities Rs m 243,515 286,772 17.8
 
Current assets Rs m 54,100 62,559 15.6
Fixed Assets Rs m 189,415 224,212 18.4
Total Assets Rs m 243,515 286,772 17.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



EXIDE INDUSTRIES Cash Flow Statement Analysis

  • EXIDE INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 23 billion, an improvement of 39.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -21 billion, an improvement of 89.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion, an improvement of 68% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 110 million from the Rs -95 million net cash flows seen during FY20.

EXIDE 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 16,192 22,631 39.8%
Cash Flow from Investing Activities Rs m -10,969 -20,803 -
Cash Flow from Financing Activities Rs m -5,318 -1,700 -
Net Cash Flow Rs m -95 110 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for EXIDE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.4, an improvement from the EPS of Rs 9.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 168.2, stands at 16.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.6 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 170.2 180.0
TTM Earnings per share Rs 9.0 9.4
Diluted earnings per share Rs 9.0 9.4
Price to Cash Flow x 12.1 11.6
TTM P/E ratio x 16.8 16.8
Price / Book Value ratio x 2.3 2.0
Market Cap Rs m 142,928 142,928
Dividends per share (Unadj.) Rs 4.1 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for EXIDE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY21, from 1.7x 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 8.0x during FY21, from 10.0x 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 11.0% during FY21, from 11.8% 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 16.7% during FY21, from 16.7% 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 3.3% during FY21, from 3.6% 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 1.7 1.3
Debtors’ Days Days 3 3
Interest coverage x 10.0 8.0
Debt to equity ratio x 0.0 0.0
Return on assets % 3.6 3.3
Return on equity % 11.8 11.0
Return on capital employed % 16.7 16.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 up from Rs 167.8 to Rs 168.2, registering a gain of Rs 0.4 or around 0.2%.

Overall, the S&P BSE SENSEX is up 43.5% 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 (1QFY22); Net Profit Up 334.0% (Quarterly Result Update)

Aug 3, 2021 | Updated on Aug 3, 2021

For the quarter ended June 2021, EXIDE INDUSTRIES has posted a net profit of Rs 315 m (up 334.0% YoY). Sales on the other hand came in at Rs 35 bn (up 40.2% YoY). Read on for a complete analysis of EXIDE INDUSTRIES's quarterly results.

EXIDE INDUSTRIES Announces Quarterly Results (3QFY21); Net Profit Up 23.2% (Quarterly Result Update)

Feb 1, 2021 | Updated on Feb 1, 2021

For the quarter ended December 2020, EXIDE INDUSTRIES has posted a net profit of Rs 2 bn (up 23.2% YoY). Sales on the other hand came in at Rs 28 bn (up 16.2% YoY). Read on for a complete analysis of EXIDE INDUSTRIES's quarterly results.

EXIDE INDUSTRIES 2019-20 Annual Report Analysis (Annual Result Update)

Nov 6, 2020 | Updated on Nov 6, 2020

Here's an analysis of the annual report of EXIDE INDUSTRIES for 2019-20. 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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