STYLAM INDUSTRIES 2020-21 Annual Report Analysis

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STYLAM INDUSTRIES 2020-21 Annual Report Analysis
Mon, 15 Nov

STYLAM INDUSTRIES 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.

STYLAM INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 3.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 48.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.0% in FY21 as against 13.9% in FY20.
  • Depreciation charges increased by 10.3% and finance costs decreased by 44.8% YoY, respectively.
  • Other income grew by 391.7% YoY.
  • Net profit for the year grew by 192.8% YoY.
  • Net profit margins during the year grew from 4.1% in FY20 to 11.5% in FY21.

STYLAM INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 4,621 4,758 3.0%
Other income Rs m 10 48 391.7%
Total Revenues Rs m 4,631 4,806 3.8%
Gross profit Rs m 644 953 48.0%
Depreciation Rs m 210 232 10.3%
Interest Rs m 109 60 -44.8%
Profit before tax Rs m 335 709 111.9%
Tax Rs m 146 157 7.4%
Profit after tax Rs m 189 553 192.8%
Gross profit margin % 13.9 20.0
Effective tax rate % 43.6 22.1
Net profit margin % 4.1 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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STYLAM INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an decrease of -21.2%.
  • Long-term debt down at Rs 215 million as compared to Rs 357 million during FY20, a fall of 39.7%.
  • Current assets rose 16% and stood at Rs 2 billion, while fixed assets fell 8% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 3%.

STYLAM INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,042 2,595 27.0
 
Current Liabilities Rs m 1,334 1,051 -21.2
Long-term Debt Rs m 357 215 -39.7
Total Liabilities Rs m 3,953 4,071 3.0
 
Current assets Rs m 1,847 2,138 15.8
Fixed Assets Rs m 2,105 1,933 -8.2
Total Assets Rs m 3,953 4,071 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



STYLAM INDUSTRIES Cash Flow Statement Analysis

  • STYLAM INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 789 million, an improvement of 19.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -54 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -644 million, an improvement of 20% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 90 million from the Rs 45 million net cash flows seen during FY20.

STYLAM INDUSTRIES 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 659 789 19.8%
Cash Flow from Investing Activities Rs m 191 -54 -
Cash Flow from Financing Activities Rs m -804 -644 -
Net Cash Flow Rs m 45 90 99.2%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for STYLAM INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 65.2, an improvement from the EPS of Rs 22.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,075.7, stands at 28.1 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 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 23.3 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 545.6 561.8
TTM Earnings per share Rs 22.3 65.2
Diluted earnings per share Rs 11.1 32.6
Price to Cash Flow x 22.9 23.3
TTM P/E ratio x 14.1 28.1
Price / Book Value ratio x 2.1 1.4
Market Cap Rs m 9,116 18,231
Dividends per share (Unadj.) Rs 0.0 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for STYLAM INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x 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 12.8x during FY21, from 4.1x 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 21.3% during FY21, from 9.2% 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 27.4% during FY21, from 18.5% 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 improved and stood at 15.0% during FY21, from 7.5% 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 2.0
Debtors’ Days Days 690 757
Interest coverage x 4.1 12.8
Debt to equity ratio x 0.2 0.1
Return on assets % 7.5 15.0
Return on equity % 9.2 21.3
Return on capital employed % 18.5 27.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

STYLAM INDUSTRIES Share Price Performance

Over the last one year, STYLAM INDUSTRIES share price has moved up from Rs 402.0 to Rs 1,075.7, registering a gain of Rs 673.7 or around 167.6%.

Overall, the S&P BSE SENSEX is up 39.3% over the year.

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

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