GREENPANEL INDUSTRIES 2020-21 Annual Report Analysis

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GREENPANEL INDUSTRIES 2020-21 Annual Report Analysis
Fri, 29 Oct

GREENPANEL 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.

GREENPANEL INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 16.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 60.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.9% in FY21 as against 14.5% in FY20.
  • Depreciation charges decreased by 0.8% and finance costs decreased by 22.9% YoY, respectively.
  • Other income grew by 54.3% YoY.
  • Net profit for the year grew by 375.8% YoY.
  • Net profit margins during the year grew from 1.6% in FY20 to 6.7% in FY21.

GREENPANEL INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,766 10,208 16.4%
Other income Rs m 22 34 54.3%
Total Revenues Rs m 8,788 10,242 16.5%
Gross profit Rs m 1,269 2,034 60.2%
Depreciation Rs m 692 686 -0.8%
Interest Rs m 483 372 -22.9%
Profit before tax Rs m 117 1,010 762.3%
Tax Rs m -28 322 -1,269.6%
Profit after tax Rs m 145 688 375.8%
Gross profit margin % 14.5 19.9
Effective tax rate % -23.5 31.9
Net profit margin % 1.6 6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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GREENPANEL INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -4.9%.
  • Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY20, a fall of 18.1%.
  • Current assets rose 11% and stood at Rs 4 billion, while fixed assets fell 4% and stood at Rs 11 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 15 billion as against Rs 15 billion during FY20, thereby witnessing a fall of 1%.

GREENPANEL INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,616 7,304 10.4
 
Current Liabilities Rs m 3,008 2,860 -4.9
Long-term Debt Rs m 4,351 3,562 -18.1
Total Liabilities Rs m 14,691 14,552 -0.9
 
Current assets Rs m 3,202 3,553 11.0
Fixed Assets Rs m 11,489 11,000 -4.3
Total Assets Rs m 14,691 14,552 -0.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GREENPANEL INDUSTRIES Cash Flow Statement Analysis

  • GREENPANEL INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 54.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -109 million 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 18 million from the Rs -83 million net cash flows seen during FY20.

GREENPANEL 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 998 1,546 54.9%
Cash Flow from Investing Activities Rs m -223 -109 -
Cash Flow from Financing Activities Rs m -858 -1,419 -
Net Cash Flow Rs m -83 18 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GREENPANEL INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.6, an improvement from the EPS of Rs 1.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 384.6, stands at 25.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 34.3 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 71.5 83.2
TTM Earnings per share Rs 1.2 5.6
Diluted earnings per share Rs 1.2 5.6
Price to Cash Flow x 56.4 34.3
TTM P/E ratio x 25.7 25.7
Price / Book Value ratio x 0.8 1.9
Market Cap Rs m 47,162 47,162
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GREENPANEL INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY21, from 1.1x 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 3.7x during FY21, from 1.2x 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 9.4% during FY21, from 2.2% 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 12.7% during FY21, from 5.5% 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 7.3% during FY21, from 4.3% 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 1.1 1.2
Debtors’ Days Days 29 28
Interest coverage x 1.2 3.7
Debt to equity ratio x 0.7 0.5
Return on assets % 4.3 7.3
Return on equity % 2.2 9.4
Return on capital employed % 5.5 12.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

GREENPANEL INDUSTRIES Share Price Performance

Over the last one year, GREENPANEL INDUSTRIES share price has moved up from Rs 70.0 to Rs 384.6, registering a gain of Rs 314.7 or around 449.8%.

Overall, the S&P BSE SENSEX is up 46.4% over the year.

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

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