Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

War Profits
Revealing a Potential 33x
Opportunity in Defence




**Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
**By submitting your email address, you also sign up for Profit Hunter, a Free-for-life newsletter from Equitymaster,
which offers the most profitable investing ideas in India.


AD

UFLEX 2020-21 Annual Report Analysis
Wed, 31 Mar

UFLEX 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.

UFLEX Income Statement Analysis

  • Operating income during the year rose 20.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 65.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.2% in FY21 as against 14.6% in FY20.
  • Depreciation charges increased by 13.0% and finance costs increased by 1.9% YoY, respectively.
  • Other income grew by 8.1% YoY.
  • Net profit for the year grew by 126.1% YoY.
  • Net profit margins during the year grew from 5.0% in FY20 to 9.5% in FY21.

UFLEX Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 74,048 88,908 20.1%
Other income Rs m 291 314 8.1%
Total Revenues Rs m 74,339 89,222 20.0%
Gross profit Rs m 10,814 17,942 65.9%
Depreciation Rs m 4,032 4,557 13.0%
Interest Rs m 2,248 2,291 1.9%
Profit before tax Rs m 4,825 11,409 136.4%
Tax Rs m 1,100 2,985 171.4%
Profit after tax Rs m 3,726 8,424 126.1%
Gross profit margin % 14.6 20.2
Effective tax rate % 22.8 26.2
Net profit margin % 5.0 9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Get Bullish: 3 Next-Generation Defence Stocks

UFLEX Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 31 billion as compared to Rs 26 billion in FY20, thereby witnessing an increase of 17.9%.
  • Long-term debt stood at Rs 28 billion as compared to Rs 25 billion during FY20, a growth of 14.5%.
  • Current assets rose 30% and stood at Rs 48 billion, while fixed assets rose 11% and stood at Rs 70 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 118 billion as against Rs 100 billion during FY20, thereby witnessing a growth of 18%.

UFLEX Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 46,898 55,485 18.3
 
Current Liabilities Rs m 26,077 30,748 17.9
Long-term Debt Rs m 24,511 28,067 14.5
Total Liabilities Rs m 100,164 118,237 18.0
 
Current assets Rs m 36,738 47,759 30.0
Fixed Assets Rs m 63,426 70,478 11.1
Total Assets Rs m 100,164 118,237 18.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



UFLEX Cash Flow Statement Analysis

  • UFLEX's cash flow from operating activities (CFO) during FY21 stood at Rs 14 billion, an improvement of 65.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -11 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -621 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 2 billion from the Rs 2 billion net cash flows seen during FY20.

UFLEX 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 8,485 14,062 65.7%
Cash Flow from Investing Activities Rs m -20,620 -11,286 -
Cash Flow from Financing Activities Rs m 13,689 -621 -
Net Cash Flow Rs m 1,554 2,155 38.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for UFLEX

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 116.7, an improvement from the EPS of Rs 51.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 377.7, stands at 3.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.6 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 1,025.5 1,231.2
TTM Earnings per share Rs 51.6 116.7
Diluted earnings per share Rs 51.6 116.7
Price to Cash Flow x 1.3 1.6
TTM P/E ratio x 2.7 3.2
Price / Book Value ratio x 0.3 0.4
Market Cap Rs m 14,305 21,003
Dividends per share (Unadj.) Rs 2.0 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for UFLEX

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY21, from 1.4x 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 6.0x during FY21, from 3.1x 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 15.2% during FY21, from 7.9% 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 16.4% during FY21, from 9.9% 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 9.1% during FY21, from 6.0% 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 1.4 1.6
Debtors’ Days Days 960 988
Interest coverage x 3.1 6.0
Debt to equity ratio x 0.5 0.5
Return on assets % 6.0 9.1
Return on equity % 7.9 15.2
Return on capital employed % 9.9 16.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

UFLEX Share Price Performance

Over the last one year, UFLEX share price has moved up from Rs 138.0 to Rs 377.7, registering a gain of Rs 239.7 or around 173.7%.

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

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

Annual Report FAQs

What is the current share price of UFLEX?

UFLEX currently trades at Rs 670.3 per share. You can check out the latest share price performance of UFLEX here...

What was the revenue of UFLEX in FY21? How does it compare to earlier years?

The revenues of UFLEX stood at Rs 89,222 m in FY21, which was up 20.0% compared to Rs 74,339 m reported in FY20.

UFLEX's revenue has grown from Rs 58,455 m in FY17 to Rs 89,222 m in FY21.

Over the past 5 years, the revenue of UFLEX has grown at a CAGR of 11.2%.

What was the net profit of UFLEX in FY21? How does it compare to earlier years?

The net profit of UFLEX stood at Rs 8,424 m in FY21, which was up 126.1% compared to Rs 3,726 m reported in FY20.

This compares to a net profit of Rs 3,152 m in FY19 and a net profit of Rs 3,122 m in FY18.

Over the past 5 years, UFLEX net profit has grown at a CAGR of 24.5%.

What does the cash flow statement of UFLEX reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of UFLEX reveals:

  • Cash flow from operations increased in FY21 and stood at Rs 14,062 m as compared to Rs 8,485 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -11,286 m as compared to Rs -20,620 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs -621 m as compared to Rs 13,689 m in FY20.

Here's the cash flow statement of UFLEX for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations7,7926,5105,5348,48514,062
From Investments-6,691-4,267-3,440-20,620-11,286
From Financial Activity-2,017-2,051-2,36813,689-621
Net Cashflow-916192-2741,5542,155

What does the Key Ratio analysis of UFLEX reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of UFLEX reveals:

  • Operating profit margins witnessed a fall and down at 20.2% in FY21 as against 14.6% in FY20.
  • Net profit margins grew from 5.0% in FY20 to 9.5% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.5 as compared to 0.5 in FY20.

Here's the ratio/financial analysis of UFLEX for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)14.813.212.314.620.2
Net Profit Margin (%)6.04.74.05.09.5
Debt to Equity Ratio (x)0.30.30.20.50.5

Equitymaster requests your view! Post a comment on "UFLEX 2020-21 Annual Report Analysis". Click here!