GUJARAT SIDHEE CEM 2020-21 Annual Report Analysis

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GUJARAT SIDHEE CEM 2020-21 Annual Report Analysis
Mon, 22 Nov

GUJARAT SIDHEE CEM 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.

GUJARAT SIDHEE CEM Income Statement Analysis

  • Operating income during the year fell 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 28.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.8% in FY21 as against 13.2% in FY20.
  • Depreciation charges decreased by 2.2% and finance costs decreased by 27.2% YoY, respectively.
  • Other income grew by 14.2% YoY.
  • Net profit for the year declined by 31.9% YoY.
  • Net profit margins during the year declined from 7.6% in FY20 to 5.3% in FY21.

GUJARAT SIDHEE CEM Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 5,848 5,657 -3.3%
Other income Rs m 77 88 14.2%
Total Revenues Rs m 5,924 5,745 -3.0%
Gross profit Rs m 774 555 -28.3%
Depreciation Rs m 108 106 -2.2%
Interest Rs m 69 50 -27.2%
Profit before tax Rs m 674 487 -27.8%
Tax Rs m 225 181 -19.6%
Profit after tax Rs m 448 305 -31.9%
Gross profit margin % 13.2 9.8
Effective tax rate % 33.4 37.2
Net profit margin % 7.6 5.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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GUJARAT SIDHEE CEM Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -4.9%.
  • Long-term debt down at Rs 127 million as compared to Rs 210 million during FY20, a fall of 39.5%.
  • Current assets rose 20% and stood at Rs 2 billion, while fixed assets rose 8% and stood at Rs 5 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 11%.

GUJARAT SIDHEE CEM Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,697 4,512 22.0
 
Current Liabilities Rs m 1,715 1,632 -4.9
Long-term Debt Rs m 210 127 -39.5
Total Liabilities Rs m 6,273 6,975 11.2
 
Current assets Rs m 1,583 1,901 20.1
Fixed Assets Rs m 4,691 5,073 8.2
Total Assets Rs m 6,273 6,975 11.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GUJARAT SIDHEE CEM Cash Flow Statement Analysis

  • GUJARAT SIDHEE CEM's cash flow from operating activities (CFO) during FY21 stood at Rs 417 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -62 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -334 million, an improvement of 1% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 21 million from the Rs 11 million net cash flows seen during FY20.

GUJARAT SIDHEE CEM 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 427 417 -2.3%
Cash Flow from Investing Activities Rs m -78 -62 -
Cash Flow from Financing Activities Rs m -338 -334 -
Net Cash Flow Rs m 11 21 101.2%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GUJARAT SIDHEE CEM

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.5, an decline from the EPS of Rs 5.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 41.8, stands at 11.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.0 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 66.9 64.1
TTM Earnings per share Rs 5.1 3.5
Diluted earnings per share Rs 5.0 3.4
Price to Cash Flow x 6.6 9.0
TTM P/E ratio x 11.3 11.5
Price / Book Value ratio x 0.5 0.6
Market Cap Rs m 3,654 3,717
Dividends per share (Unadj.) Rs 1.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GUJARAT SIDHEE CEM

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY21, from 0.9x 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 10.6x during FY21, from 10.7x 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 6.8% during FY21, from 12.1% 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 11.6% during FY21, from 19.0% 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 5.1% during FY21, from 8.3% 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 0.9 1.2
Debtors’ Days Days 132 114
Interest coverage x 10.7 10.6
Debt to equity ratio x 0.1 0.0
Return on assets % 8.3 5.1
Return on equity % 12.1 6.8
Return on capital employed % 19.0 11.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how GUJARAT SIDHEE CEM has performed over the last 5 years, please visit here.

GUJARAT SIDHEE CEM Share Price Performance

Over the last one year, GUJARAT SIDHEE CEM share price has moved up from Rs 30.5 to Rs 41.8, registering a gain of Rs 11.3 or around 37.0%.

Overall, the S&P BSE SENSEX is up 33.0% over the year.

(To know more, check out historical annual results for GUJARAT SIDHEE CEM and quarterly results for GUJARAT SIDHEE CEM)

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