FINOLEX CABLES 2020-21 Annual Report Analysis

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FINOLEX CABLES 2020-21 Annual Report Analysis
Tue, 19 Oct

FINOLEX CABLES 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.

FINOLEX CABLES Income Statement Analysis

  • Operating income during the year fell 3.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.4% in FY21 as against 13.3% in FY20.
  • Depreciation charges increased by 0.1% and finance costs decreased by 51.0% YoY, respectively.
  • Other income declined by 15.9% YoY.
  • Net profit for the year declined by 24.0% YoY.
  • Net profit margins during the year declined from 10.6% in FY20 to 8.4% in FY21.

FINOLEX CABLES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 28,773 27,681 -3.8%
Other income Rs m 915 770 -15.9%
Total Revenues Rs m 29,688 28,451 -4.2%
Gross profit Rs m 3,834 3,702 -3.5%
Depreciation Rs m 389 390 0.1%
Interest Rs m 16 8 -51.0%
Profit before tax Rs m 4,345 4,075 -6.2%
Tax Rs m 1,211 1,694 40.0%
Profit after tax Rs m 3,134 2,380 -24.0%
Gross profit margin % 13.3 13.4
Effective tax rate % 27.9 41.6
Net profit margin % 10.6 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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FINOLEX CABLES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 4.9%.
  • Long-term debt down at Rs 3 million as compared to Rs 3 million during FY20, a fall of 8.8%.
  • Current assets rose 13% and stood at Rs 23 billion, while fixed assets rose 15% and stood at Rs 15 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 39 billion as against Rs 34 billion during FY20, thereby witnessing a growth of 14%.

FINOLEX CABLES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 30,037 34,145 13.7
 
Current Liabilities Rs m 2,389 2,507 4.9
Long-term Debt Rs m 3 3 -8.8
Total Liabilities Rs m 34,068 38,857 14.1
 
Current assets Rs m 20,692 23,434 13.3
Fixed Assets Rs m 13,376 15,423 15.3
Total Assets Rs m 34,068 38,857 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



FINOLEX CABLES Cash Flow Statement Analysis

  • FINOLEX CABLES's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -9 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -863 million, an improvement of 0% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -8 billion from the Rs 8 billion net cash flows seen during FY20.

FINOLEX CABLES 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 3,088 1,144 -63.0%
Cash Flow from Investing Activities Rs m 5,873 -8,595 -
Cash Flow from Financing Activities Rs m -864 -863 -
Net Cash Flow Rs m 8,096 -8,314 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for FINOLEX CABLES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.6, an decline from the EPS of Rs 20.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 488.7, stands at 29.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.0 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 188.1 181.0
TTM Earnings per share Rs 20.5 15.6
Diluted earnings per share Rs 20.5 15.6
Price to Cash Flow x 21.2 27.0
TTM P/E ratio x 29.8 29.8
Price / Book Value ratio x 1.7 1.4
Market Cap Rs m 74,734 74,734
Dividends per share (Unadj.) Rs 5.5 5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for FINOLEX CABLES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 9.3x during FY21, from 8.7x 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 537.1x during FY21, from 281.3x 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 7.0% during FY21, from 10.4% 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 declined and down at 12.0% during FY21, from 14.5% 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 6.1% during FY21, from 9.2% 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 8.7 9.3
Debtors’ Days Days 2 2
Interest coverage x 281.3 537.1
Debt to equity ratio x 0.0 0.0
Return on assets % 9.2 6.1
Return on equity % 10.4 7.0
Return on capital employed % 14.5 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how FINOLEX CABLES has performed over the last 5 years, please visit here.

FINOLEX CABLES Share Price Performance

Over the last one year, FINOLEX CABLES share price has moved up from Rs 272.5 to Rs 488.7, registering a gain of Rs 216.2 or around 79.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 27,773.1 (up 1.5%). Over the last one year it has moved up from 13,704.4 to 27,773.1, a gain of 14,069 points (up 102.7%).

Overall, the S&P BSE SENSEX is up 52.0% over the year.

(To know more, check out historical annual results for FINOLEX CABLES and quarterly results for FINOLEX CABLES)

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Related Views on News

FINOLEX CABLES Announces Quarterly Results (1QFY22); Net Profit Up 42.1% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, FINOLEX CABLES has posted a net profit of Rs 432 m (up 42.1% YoY). Sales on the other hand came in at Rs 7 bn (up 79.1% YoY). Read on for a complete analysis of FINOLEX CABLES's quarterly results.

FINOLEX CABLES Announces Quarterly Results (1QFY21); Net Profit Down 57.1% (Quarterly Result Update)

Sep 10, 2020 | Updated on Sep 10, 2020

For the quarter ended June 2020, FINOLEX CABLES has posted a net profit of Rs 350 m (down 57.1% YoY). Sales on the other hand came in at Rs 4 bn (down 53.3% YoY). Read on for a complete analysis of FINOLEX CABLES's quarterly results.

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