GUJARAT STATE FERTILIZERS 2020-21 Annual Report Analysis

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GUJARAT STATE FERTILIZERS 2020-21 Annual Report Analysis
Wed, 27 Oct

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 1.3% in FY20 to 5.7% 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 % 1.3 5.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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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 134.7, stands at 9.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.6 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 19.3 8.6
TTM P/E ratio x 9.7 9.7
Price / Book Value ratio x 0.4 0.3
Market Cap Rs m 53,675 53,675
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 64.0 to Rs 134.7, registering a gain of Rs 70.8 or around 110.6%.

Overall, the S&P BSE SENSEX is up 52.3% over the year.

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

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