FILATEX INDIA 2020-21 Annual Report Analysis

Wed, 31 Mar

FILATEX INDIA 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.

FILATEX INDIA Income Statement Analysis

• Operating income during the year fell 19.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 56.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.6% in FY21 as against 8.0% in FY20.
• Depreciation charges increased by 13.8% and finance costs decreased by 4.1% YoY, respectively.
• Other income declined by 23.9% YoY.
• Net profit for the year grew by 36.5% YoY.
• Net profit margins during the year grew from 4.4% in FY20 to 7.4% in FY21.

FILATEX INDIA Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	27,821	22,272	-19.9%
Other income	Rs m	124	95	-23.9%
Total Revenues	Rs m	27,945	22,366	-20.0%
Gross profit	Rs m	2,221	3,473	56.4%
Depreciation	Rs m	513	584	13.8%
Interest	Rs m	613	588	-4.1%
Profit before tax	Rs m	1,220	2,396	96.4%
Tax	Rs m	5	738	14,174.1%
Profit after tax	Rs m	1,215	1,658	36.5%
Gross profit margin	%	8.0	15.6
Effective tax rate	%	0.4	30.8
Net profit margin	%	4.4	7.4

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FILATEX INDIA Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 4 billion as compared to Rs 3 billion in FY20, thereby witnessing an increase of 17.1%.
• Long-term debt down at Rs 5 billion as compared to Rs 6 billion during FY20, a fall of 12.3%.
• Current assets rose 31% and stood at Rs 5 billion, while fixed assets rose 5% and stood at Rs 13 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 18 billion as against Rs 16 billion during FY20, thereby witnessing a growth of 11%.

FILATEX INDIA Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	5,928	7,600	28.2
Current Liabilities	Rs m	3,396	3,978	17.1
Long-term Debt	Rs m	6,114	5,360	-12.3
Total Liabilities	Rs m	16,214	18,064	11.4
Current assets	Rs m	4,044	5,317	31.5
Fixed Assets	Rs m	12,170	12,746	4.7
Total Assets	Rs m	16,214	18,064	11.4

FILATEX INDIA Cash Flow Statement Analysis

• FILATEX INDIA's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 92.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 84 million from the Rs -210 million net cash flows seen during FY20.

FILATEX INDIA 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	1,566	3,014	92.5%
Cash Flow from Investing Activities	Rs m	-2,342	-1,128	-
Cash Flow from Financing Activities	Rs m	566	-1,802	-
Net Cash Flow	Rs m	-210	84	-

Current Valuations for FILATEX INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.5, an improvement from the EPS of Rs 5.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 67.1, stands at 9.1 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 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 4.4 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	126.6	100.9
TTM Earnings per share	Rs	5.5	7.5
Diluted earnings per share	Rs	5.4	7.4
Price to Cash Flow	x	2.3	4.4
TTM P/E ratio	x	3.3	9.1
Price / Book Value ratio	x	1.4	1.3
Market Cap	Rs m	8,189	9,975
Dividends per share (Unadj.)	Rs	0.0	0.4

Ratio Analysis for FILATEX INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x 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 5.1x during FY21, from 3.0x 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 improved and stood at 21.8% during FY21, from 20.5% 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 23.0% during FY21, from 15.2% 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 12.4% during FY21, from 11.3% 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	1.3
Debtors’ Days	Days	156	199
Interest coverage	x	3.0	5.1
Debt to equity ratio	x	1.0	0.7
Return on assets	%	11.3	12.4
Return on equity	%	20.5	21.8
Return on capital employed	%	15.2	23.0

To see how FILATEX INDIA has performed over the last 5 years, please visit here.

FILATEX INDIA Share Price Performance

Over the last one year, FILATEX INDIA share price has moved up from Rs 18.0 to Rs 67.1, registering a gain of Rs 49.1 or around 272.5%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for FILATEX INDIA and quarterly results for FILATEX INDIA)

Read: Latest Annual Report Analysis of FILATEX INDIA