FILATEX INDIA 2020-21 Annual Report Analysis

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FILATEX INDIA 2020-21 Annual Report Analysis
Sat, 30 Oct

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 4.3% 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 % 4.3 7.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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 100.0, stands at 9.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.0 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 12.7 10.0
TTM P/E ratio x 8.9 9.2
Price / Book Value ratio x 1.4 1.3
Market Cap Rs m 21,969 22,527
Dividends per share (Unadj.) Rs 0.0 0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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 26.0 to Rs 100.0, registering a gain of Rs 74.1 or around 285.4%.

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

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

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