GUJ.APOLLO INDUS 2020-21 Annual Report Analysis

Wed, 31 Mar

GUJ.APOLLO INDUS 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.

GUJ.APOLLO INDUS Income Statement Analysis

• Operating income during the year rose 107.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 62.2% YoY during the fiscal. Operating profit margins witnessed a growth and down at 20.1% in FY21 as against 25.7% in FY20.
• Depreciation charges increased by 38.3% and finance costs increased by 60.2% YoY, respectively.
• Other income grew by 264.0% YoY.
• Net profit for the year grew by 228.3% YoY.
• Net profit margins during the year grew from 51.3% in FY20 to 81.0% in FY21.

GUJ.APOLLO INDUS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	265	551	107.8%
Other income	Rs m	271	986	264.0%
Total Revenues	Rs m	536	1,536	186.8%
Gross profit	Rs m	-68	-111	62.2%
Depreciation	Rs m	25	34	38.3%
Interest	Rs m	13	20	60.2%
Profit before tax	Rs m	165	820	397.2%
Tax	Rs m	29	374	1,184.1%
Profit after tax	Rs m	136	446	228.3%
Gross profit margin	%	-25.7	-20.1
Effective tax rate	%	17.7	45.6
Net profit margin	%	51.3	81.0

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GUJ.APOLLO INDUS Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 778 million as compared to Rs 217 million in FY20, thereby witnessing an increase of 258.1%.
• Long-term debt stood at Rs 3 million as compared to Rs 0 million during FY20, a fall of 0.0%.
• Current assets fell 12% and stood at Rs 3 billion, while fixed assets rose 79% and stood at Rs 3 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 6 billion as against Rs 5 billion during FY20, thereby witnessing a growth of 19%.

GUJ.APOLLO INDUS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	4,932	5,333	8.1
Current Liabilities	Rs m	217	778	258.1
Long-term Debt	Rs m	0	3	0.0
Total Liabilities	Rs m	5,176	6,144	18.7
Current assets	Rs m	3,416	3,000	-12.2
Fixed Assets	Rs m	1,760	3,144	78.6
Total Assets	Rs m	5,176	6,144	18.7

GUJ.APOLLO INDUS Cash Flow Statement Analysis

• GUJ.APOLLO INDUS'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 931 million, an improvement of 4,724.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs 428 million, an improvement of 436% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 0 million from the Rs -3 million net cash flows seen during FY20.

GUJ.APOLLO INDUS 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	105	-1,360	-
Cash Flow from Investing Activities	Rs m	19	931	4,724.5%
Cash Flow from Financing Activities	Rs m	-127	428	-
Net Cash Flow	Rs m	-3	0	-

Current Valuations for GUJ.APOLLO INDUS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.2, an improvement from the EPS of Rs 10.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 200.3, stands at 5.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 4.6 times.
• The company's price to cash flow (P/CF) ratio stood at 5.2 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	20.9	43.5
TTM Earnings per share	Rs	10.7	35.2
Diluted earnings per share	Rs	11.5	37.8
Price to Cash Flow	x	8.8	5.2
TTM P/E ratio	x	10.4	5.3
Price / Book Value ratio	x	0.3	0.5
Market Cap	Rs m	1,688	2,488
Dividends per share (Unadj.)	Rs	3.0	2.0

Ratio Analysis for GUJ.APOLLO INDUS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.9x during FY21, from 15.7x 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 41.2x during FY21, from 14.0x 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 8.4% during FY21, from 2.8% 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 15.8% during FY21, from 3.6% 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 7.6% during FY21, from 2.9% 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	15.7	3.9
Debtors’ Days	Days	62,961,691	71,053,503
Interest coverage	x	14.0	41.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	2.9	7.6
Return on equity	%	2.8	8.4
Return on capital employed	%	3.6	15.8

To see how GUJ.APOLLO INDUS has performed over the last 5 years, please visit here.

GUJ.APOLLO INDUS Share Price Performance

Over the last one year, GUJ.APOLLO INDUS share price has moved up from Rs 120.0 to Rs 200.3, registering a gain of Rs 80.3 or around 66.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 21,095.8 (down 0.4%). Over the last one year it has moved up from 10,979.5 to 21,095.8, a gain of 10,116 points (up 92.1%).

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

(To know more, check out historical annual results for GUJ.APOLLO INDUS and quarterly results for GUJ.APOLLO INDUS)

Read: Latest Annual Report Analysis of GUJ.APOLLO INDUS