GATEWAY DISTRIPARKS 2020-21 Annual Report Analysis

Wed, 31 Mar

GATEWAY DISTRIPARKS 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.

GATEWAY DISTRIPARKS Income Statement Analysis

• Operating income during the year fell 8.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 2.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.6% in FY21 as against 25.0% in FY20.
• Depreciation charges decreased by 1.5% and finance costs decreased by 22.6% YoY, respectively.
• Other income declined by 35.5% YoY.
• Net profit for the year declined by 13.7% YoY.
• Net profit margins during the year declined from 8.5% in FY20 to 8.0% in FY21.

GATEWAY DISTRIPARKS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	12,920	11,794	-8.7%
Other income	Rs m	176	113	-35.5%
Total Revenues	Rs m	13,096	11,907	-9.1%
Gross profit	Rs m	3,224	3,136	-2.8%
Depreciation	Rs m	1,335	1,314	-1.5%
Interest	Rs m	1,034	800	-22.6%
Profit before tax	Rs m	1,031	1,134	10.0%
Tax	Rs m	-63	190	-402.7%
Profit after tax	Rs m	1,094	945	-13.7%
Gross profit margin	%	25.0	26.6
Effective tax rate	%	-6.1	16.7
Net profit margin	%	8.5	8.0

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GATEWAY DISTRIPARKS Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an increase of 13.5%.
• Long-term debt down at Rs 4 billion as compared to Rs 6 billion during FY20, a fall of 30.7%.
• Current assets rose 24% and stood at Rs 3 billion, while fixed assets fell 5% and stood at Rs 21 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 23 billion as against Rs 24 billion during FY20, thereby witnessing a fall of 2%.

GATEWAY DISTRIPARKS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	13,167	14,745	12.0
Current Liabilities	Rs m	2,909	3,301	13.5
Long-term Debt	Rs m	6,477	4,488	-30.7
Total Liabilities	Rs m	24,046	23,495	-2.3
Current assets	Rs m	2,153	2,665	23.8
Fixed Assets	Rs m	21,893	20,830	-4.9
Total Assets	Rs m	24,046	23,495	-2.3

GATEWAY DISTRIPARKS Cash Flow Statement Analysis

• GATEWAY DISTRIPARKS's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 1.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs 240 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion, an improvement of 32% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs -522 million net cash flows seen during FY20.

GATEWAY DISTRIPARKS 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	3,026	3,076	1.7%
Cash Flow from Investing Activities	Rs m	-185	240	-
Cash Flow from Financing Activities	Rs m	-3,363	-2,284	-
Net Cash Flow	Rs m	-522	1,032	-

Current Valuations for GATEWAY DISTRIPARKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.6, an decline from the EPS of Rs 10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 177.5, stands at 23.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 7.2 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	118.8	94.5
TTM Earnings per share	Rs	10.1	7.6
Diluted earnings per share	Rs	8.8	7.6
Price to Cash Flow	x	4.9	7.2
TTM P/E ratio	x	10.8	23.5
Price / Book Value ratio	x	0.9	1.1
Market Cap	Rs m	12,346	16,354
Dividends per share (Unadj.)	Rs	4.5	4.0

Ratio Analysis for GATEWAY DISTRIPARKS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.8x during FY21, from 0.7x 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 2.4x during FY21, from 2.0x 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 declined and down at 6.4% during FY21, from 8.3% 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 10.1% during FY21, from 10.5% 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 7.4% during FY21, from 8.9% 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	0.7	0.8
Debtors’ Days	Days	367	402
Interest coverage	x	2.0	2.4
Debt to equity ratio	x	0.5	0.3
Return on assets	%	8.9	7.4
Return on equity	%	8.3	6.4
Return on capital employed	%	10.5	10.1

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

GATEWAY DISTRIPARKS Share Price Performance

Over the last one year, GATEWAY DISTRIPARKS share price has moved up from Rs 94.7 to Rs 177.5, registering a gain of Rs 82.8 or around 87.4%.

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

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

Read: Latest Annual Report Analysis of GATEWAY DISTRIPARKS