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GUJARAT STATE FERTILIZERS 2020-21 Annual Report Analysis
Wed, 31 Mar

GUJARAT STATE FERTILIZERS 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 STATE FERTILIZERS Income Statement Analysis

  • Operating income during the year fell 2.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 80.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.5% in FY21 as against 4.1% in FY20.
  • Depreciation charges increased by 3.7% and finance costs decreased by 62.5% YoY, respectively.
  • Other income grew by 72.0% YoY.
  • Net profit for the year grew by 321.2% YoY.
  • Net profit margins during the year grew from 1.4% in FY20 to 5.9% in FY21.

GUJARAT STATE FERTILIZERS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 77,980 76,341 -2.1%
Other income Rs m 1,065 1,832 72.0%
Total Revenues Rs m 79,045 78,172 -1.1%
Gross profit Rs m 3,172 5,713 80.1%
Depreciation Rs m 1,709 1,772 3.7%
Interest Rs m 1,148 430 -62.5%
Profit before tax Rs m 1,380 5,343 287.2%
Tax Rs m 313 848 171.3%
Profit after tax Rs m 1,067 4,495 321.2%
Gross profit margin % 4.1 7.5
Effective tax rate % 22.7 15.9
Net profit margin % 1.4 5.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

GUJARAT STATE FERTILIZERS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 10 billion as compared to Rs 24 billion in FY20, thereby witnessing an decrease of -58.2%.
  • Current assets fell 23% and stood at Rs 35 billion, while fixed assets rose 37% and stood at Rs 77 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 111 billion as against Rs 101 billion during FY20, thereby witnessing a growth of 10%.

GUJARAT STATE FERTILIZERS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 68,614 92,402 34.7
 
Current Liabilities Rs m 23,642 9,872 -58.2
Long-term Debt Rs m 933 0 -100.0
Total Liabilities Rs m 100,700 111,215 10.4
 
Current assets Rs m 44,695 34,581 -22.6
Fixed Assets Rs m 56,005 76,634 36.8
Total Assets Rs m 100,700 111,215 10.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GUJARAT STATE FERTILIZERS Cash Flow Statement Analysis

  • GUJARAT STATE FERTILIZERS's cash flow from operating activities (CFO) during FY21 stood at Rs 18 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -228 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -16 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 2 billion from the Rs -68 million net cash flows seen during FY20.

GUJARAT STATE FERTILIZERS 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 -80 17,866 -
Cash Flow from Investing Activities Rs m -2,656 -228 -
Cash Flow from Financing Activities Rs m 2,668 -15,629 -
Net Cash Flow Rs m -68 2,009 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GUJARAT STATE FERTILIZERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.3, an improvement from the EPS of Rs 2.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 81.3, stands at 7.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.6 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 195.7 191.6
TTM Earnings per share Rs 2.7 11.3
Diluted earnings per share Rs 2.7 11.3
Price to Cash Flow x 5.3 4.6
TTM P/E ratio x 13.7 7.2
Price / Book Value ratio x 0.4 0.3
Market Cap Rs m 28,013 28,531
Dividends per share (Unadj.) Rs 1.2 2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GUJARAT STATE FERTILIZERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.5x during FY21, from 1.9x 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 improved and stood at 13.4x during FY21, from 2.2x 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 4.9% during FY21, from 1.6% 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 6.2% during FY21, from 3.6% 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 4.4% during FY21, from 2.2% 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 1.9 3.5
Debtors’ Days Days 1,236 467
Interest coverage x 2.2 13.4
Debt to equity ratio x 0.0 0.0
Return on assets % 2.2 4.4
Return on equity % 1.6 4.9
Return on capital employed % 3.6 6.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

GUJARAT STATE FERTILIZERS Share Price Performance

Over the last one year, GUJARAT STATE FERTILIZERS share price has moved up from Rs 36.6 to Rs 81.3, registering a gain of Rs 44.7 or around 122.1%.

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

(To know more, check out historical annual results for GUJARAT STATE FERTILIZERS and quarterly results for GUJARAT STATE FERTILIZERS)

Annual Report FAQs

What is the current share price of GUJARAT STATE FERTILIZERS?

GUJARAT STATE FERTILIZERS currently trades at Rs 195.7 per share. You can check out the latest share price performance of GUJARAT STATE FERTILIZERS here...

What was the revenue of GUJARAT STATE FERTILIZERS in FY21? How does it compare to earlier years?

The revenues of GUJARAT STATE FERTILIZERS stood at Rs 78,172 m in FY21, which was down -1.1% compared to Rs 79,045 m reported in FY20.

GUJARAT STATE FERTILIZERS' revenue has grown from Rs 51,085 m in FY17 to Rs 78,172 m in FY21.

Over the past 5 years, the revenue of GUJARAT STATE FERTILIZERS has grown at a CAGR of 11.2%.

What was the net profit of GUJARAT STATE FERTILIZERS in FY21? How does it compare to earlier years?

The net profit of GUJARAT STATE FERTILIZERS stood at Rs 4,495 m in FY21, which was up 321.2% compared to Rs 1,067 m reported in FY20.

This compares to a net profit of Rs 4,931 m in FY19 and a net profit of Rs 4,738 m in FY18.

Over the past 5 years, GUJARAT STATE FERTILIZERS net profit has grown at a CAGR of 1.8%.

What does the cash flow statement of GUJARAT STATE FERTILIZERS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of GUJARAT STATE FERTILIZERS reveals:

  • Cash flow from operations increased in FY21 and stood at Rs 17,866 m as compared to Rs -80 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -228 m as compared to Rs -2,656 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs -15,629 m as compared to Rs 2,668 m in FY20.

Here's the cash flow statement of GUJARAT STATE FERTILIZERS for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations9,1133,5755,084-8017,866
From Investments-2,382-4,845-2,806-2,656-228
From Financial Activity-6,5621,341-2,4232,668-15,629
Net Cashflow16971-145-682,009

What does the Key Ratio analysis of GUJARAT STATE FERTILIZERS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of GUJARAT STATE FERTILIZERS reveals:

  • Operating profit margins witnessed a fall and down at 7.5% in FY21 as against 4.1% in FY20.
  • Net profit margins grew from 1.4% in FY20 to 5.9% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.0 as compared to 0.0 in FY20.

Here's the ratio/financial analysis of GUJARAT STATE FERTILIZERS for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)9.79.18.84.17.5
Net Profit Margin (%)8.37.65.81.45.9
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of GUJARAT STATE FERTILIZERS

 

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