GULF OIL CORP 2020-21 Annual Report Analysis

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GULF OIL CORP 2020-21 Annual Report Analysis
Tue, 9 Nov

GULF OIL CORP 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.

GULF OIL CORP Income Statement Analysis

  • Operating income during the year fell 16.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 38.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.3% in FY21 as against 3.1% in FY20.
  • Depreciation charges increased by 9.6% and finance costs increased by 239.3% YoY, respectively.
  • Other income grew by 135.2% YoY.
  • Net profit for the year grew by 58.7% YoY.
  • Net profit margins during the year grew from 8.9% in FY20 to 14.1% in FY21.

GULF OIL CORP Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 4,988 4,156 -16.7%
Other income Rs m 601 1,414 135.2%
Total Revenues Rs m 5,589 5,570 -0.3%
Gross profit Rs m 153 95 -38.1%
Depreciation Rs m 72 78 9.6%
Interest Rs m 155 526 239.3%
Profit before tax Rs m 528 904 71.4%
Tax Rs m 32 117 269.0%
Profit after tax Rs m 496 787 58.7%
Gross profit margin % 3.1 2.3
Effective tax rate % 6.0 13.0
Net profit margin % 8.9 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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GULF OIL CORP 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 -19.0%.
  • Long-term debt down at Rs 11 billion as compared to Rs 11 billion during FY20, a fall of 5.4%.
  • Current assets rose 31% and stood at Rs 3 billion, while fixed assets rose 5% and stood at Rs 21 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 25 billion as against Rs 23 billion during FY20, thereby witnessing a growth of 8%.

GULF OIL CORP Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 9,096 11,652 28.1
 
Current Liabilities Rs m 1,413 1,144 -19.0
Long-term Debt Rs m 11,399 10,783 -5.4
Total Liabilities Rs m 22,812 24,523 7.5
 
Current assets Rs m 2,437 3,189 30.9
Fixed Assets Rs m 20,375 21,335 4.7
Total Assets Rs m 22,812 24,523 7.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GULF OIL CORP Cash Flow Statement Analysis

  • GULF OIL CORP's cash flow from operating activities (CFO) during FY21 stood at Rs 72 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 42 million from the Rs 66 million net cash flows seen during FY20.

GULF OIL CORP 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 -127 72 -
Cash Flow from Investing Activities Rs m -6,060 1,024 -
Cash Flow from Financing Activities Rs m 6,252 -1,055 -
Net Cash Flow Rs m 66 42 -36.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GULF OIL CORP

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.9, an improvement from the EPS of Rs 10.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 373.6, stands at 22.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.4 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 100.6 83.8
TTM Earnings per share Rs 10.0 15.9
Diluted earnings per share Rs 10.0 15.9
Price to Cash Flow x 32.6 21.4
TTM P/E ratio x 22.0 22.0
Price / Book Value ratio x 1.3 0.9
Market Cap Rs m 18,518 18,518
Dividends per share (Unadj.) Rs 4.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GULF OIL CORP

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.8x during FY21, from 1.7x 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 deteriorated and stood at 2.7x during FY21, from 4.4x 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 6.8% during FY21, from 5.5% 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 6.4% during FY21, from 3.3% 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 5.4% 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 1.7 2.8
Debtors’ Days Days 565 477
Interest coverage x 4.4 2.7
Debt to equity ratio x 1.3 0.9
Return on assets % 2.9 5.4
Return on equity % 5.5 6.8
Return on capital employed % 3.3 6.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how GULF OIL CORP has performed over the last 5 years, please visit here.

GULF OIL CORP Share Price Performance

Over the last one year, GULF OIL CORP share price has moved up from Rs 179.8 to Rs 373.6, registering a gain of Rs 193.8 or around 107.8%.

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for GULF OIL CORP and quarterly results for GULF OIL CORP)

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Related Views on News

GULF OIL CORP Announces Quarterly Results (3QFY20); Net Profit Up 96.1% (Quarterly Result Update)

Jan 31, 2020 | Updated on Jan 31, 2020

For the quarter ended December 2019, GULF OIL CORP has posted a net profit of Rs 249 m (up 96.1% YoY). Sales on the other hand came in at Rs 1 bn (down 17.7% YoY). Read on for a complete analysis of GULF OIL CORP's quarterly results.

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