FINEOTEX CHEMICAL 2020-21 Annual Report Analysis

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FINEOTEX CHEMICAL 2020-21 Annual Report Analysis
Sat, 30 Oct

FINEOTEX CHEMICAL 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.

FINEOTEX CHEMICAL Income Statement Analysis

  • Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 83.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.6% in FY21 as against 11.3% in FY20.
  • Depreciation charges increased by 26.2% and finance costs increased by 14.9% YoY, respectively.
  • Other income grew by 987.3% YoY.
  • Net profit for the year grew by 211.4% YoY.
  • Net profit margins during the year grew from 7.2% in FY20 to 18.9% in FY21.

FINEOTEX CHEMICAL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,963 2,185 11.3%
Other income Rs m 16 175 987.3%
Total Revenues Rs m 1,979 2,360 19.2%
Gross profit Rs m 222 406 83.1%
Depreciation Rs m 12 15 26.2%
Interest Rs m 6 7 14.9%
Profit before tax Rs m 220 559 154.4%
Tax Rs m 77 113 47.8%
Profit after tax Rs m 143 446 211.4%
Gross profit margin % 11.3 18.6
Effective tax rate % 34.8 20.2
Net profit margin % 7.2 18.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

FINEOTEX CHEMICAL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 497 million as compared to Rs 313 million in FY20, thereby witnessing an increase of 58.8%.
  • Current assets rose 42% and stood at Rs 2 billion, while fixed assets rose 12% and stood at Rs 1 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 3 billion as against Rs 2 billion during FY20, thereby witnessing a growth of 29%.

FINEOTEX CHEMICAL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 1,697 2,093 23.4
 
Current Liabilities Rs m 313 497 58.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 2,073 2,671 28.8
 
Current assets Rs m 1,154 1,641 42.2
Fixed Assets Rs m 919 1,030 12.0
Total Assets Rs m 2,073 2,671 28.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



FINEOTEX CHEMICAL Cash Flow Statement Analysis

  • FINEOTEX CHEMICAL's cash flow from operating activities (CFO) during FY21 stood at Rs 93 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -65 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -44 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -24 million from the Rs 59 million net cash flows seen during FY20.

FINEOTEX CHEMICAL 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 284 93 -67.3%
Cash Flow from Investing Activities Rs m -190 -65 -
Cash Flow from Financing Activities Rs m -39 -44 -
Net Cash Flow Rs m 59 -24 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for FINEOTEX CHEMICAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.0, an improvement from the EPS of Rs 1.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 118.3, stands at 28.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 2.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 28.5 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 17.6 19.7
TTM Earnings per share Rs 1.3 4.0
Diluted earnings per share Rs 1.3 4.0
Price to Cash Flow x 85.0 28.5
TTM P/E ratio x 28.6 28.4
Price / Book Value ratio x 1.9 2.4
Market Cap Rs m 13,161 13,096
Dividends per share (Unadj.) Rs 0.1 0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for FINEOTEX CHEMICAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.3x during FY21, from 3.7x 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 improved and stood at 78.2x during FY21, from 35.9x 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 improved and stood at 21.3% during FY21, from 8.4% 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 improved and stood at 27.0% during FY21, from 13.3% 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 17.0% during FY21, from 7.2% 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 3.7 3.3
Debtors’ Days Days 1,001 1,381
Interest coverage x 35.9 78.2
Debt to equity ratio x 0.0 0.0
Return on assets % 7.2 17.0
Return on equity % 8.4 21.3
Return on capital employed % 13.3 27.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how FINEOTEX CHEMICAL has performed over the last 5 years, please visit here.

FINEOTEX CHEMICAL Share Price Performance

Over the last one year, FINEOTEX CHEMICAL share price has moved up from Rs 30.3 to Rs 118.3, registering a gain of Rs 88.0 or around 290.3%.

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

(To know more, check out historical annual results for FINEOTEX CHEMICAL and quarterly results for FINEOTEX CHEMICAL)

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