PRIVI SPECIALITY CHEMICALS 2020-21 Annual Report Analysis

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PRIVI SPECIALITY CHEMICALS 2020-21 Annual Report Analysis
Wed, 10 Nov

PRIVI SPECIALITY CHEMICALS 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.

PRIVI SPECIALITY CHEMICALS Income Statement Analysis

  • Operating income during the year fell 3.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 10.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.2% in FY21 as against 19.7% in FY20.
  • Depreciation charges increased by 25.1% and finance costs decreased by 37.0% YoY, respectively.
  • Other income declined by 24.3% YoY.
  • Net profit for the year declined by 19.9% YoY.
  • Net profit margins during the year declined from 10.8% in FY20 to 9.0% in FY21.

PRIVI SPECIALITY CHEMICALS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 13,241 12,766 -3.6%
Other income Rs m 264 200 -24.3%
Total Revenues Rs m 13,505 12,965 -4.0%
Gross profit Rs m 2,606 2,329 -10.6%
Depreciation Rs m 568 710 25.1%
Interest Rs m 376 237 -37.0%
Profit before tax Rs m 1,926 1,582 -17.9%
Tax Rs m 466 413 -11.3%
Profit after tax Rs m 1,460 1,169 -19.9%
Gross profit margin % 19.7 18.2
Effective tax rate % 24.2 26.1
Net profit margin % 10.8 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PRIVI SPECIALITY CHEMICALS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 5 billion as compared to Rs 5 billion in FY20, thereby witnessing an decrease of -11.6%.
  • Long-term debt stood at Rs 3 billion as compared to Rs 2 billion during FY20, a growth of 47.0%.
  • Current assets fell 4% and stood at Rs 7 billion, while fixed assets rose 28% and stood at Rs 8 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 15 billion as against Rs 14 billion during FY20, thereby witnessing a growth of 11%.

PRIVI SPECIALITY CHEMICALS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,121 7,225 18.0
 
Current Liabilities Rs m 5,134 4,536 -11.6
Long-term Debt Rs m 2,257 3,318 47.0
Total Liabilities Rs m 13,837 15,402 11.3
 
Current assets Rs m 7,277 7,002 -3.8
Fixed Assets Rs m 6,560 8,401 28.1
Total Assets Rs m 13,837 15,402 11.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PRIVI SPECIALITY CHEMICALS Cash Flow Statement Analysis

  • PRIVI SPECIALITY CHEMICALS's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 37.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 2 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -693 million from the Rs 685 million net cash flows seen during FY20.

PRIVI SPECIALITY CHEMICALS 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 2,161 1,721 -20.3%
Cash Flow from Investing Activities Rs m -1,756 -2,415 -
Cash Flow from Financing Activities Rs m 280 2 -99.4%
Net Cash Flow Rs m 685 -693 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PRIVI SPECIALITY CHEMICALS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 29.9, an decline from the EPS of Rs 37.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,744.8, stands at 56.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 1.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 36.3 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 339.0 326.8
TTM Earnings per share Rs 37.4 29.9
Diluted earnings per share Rs 37.4 29.9
Price to Cash Flow x 33.6 36.3
TTM P/E ratio x 56.2 56.2
Price / Book Value ratio x 3.5 3.4
Market Cap Rs m 68,155 68,155
Dividends per share (Unadj.) Rs 1.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PRIVI SPECIALITY CHEMICALS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY21, from 1.4x 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 7.7x during FY21, from 6.1x 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 16.2% during FY21, from 23.9% 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 17.3% during FY21, from 27.5% 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 declined and down at 9.1% during FY21, from 13.3% 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 1.4 1.5
Debtors’ Days Days 631 683
Interest coverage x 6.1 7.7
Debt to equity ratio x 0.4 0.5
Return on assets % 13.3 9.1
Return on equity % 23.9 16.2
Return on capital employed % 27.5 17.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how PRIVI SPECIALITY CHEMICALS has performed over the last 5 years, please visit here.

PRIVI SPECIALITY CHEMICALS Share Price Performance

Over the last one year, PRIVI SPECIALITY CHEMICALS share price has moved up from Rs 512.4 to Rs 1,744.8, registering a gain of Rs 1,232.4 or around 240.5%.

Overall, the S&P BSE SENSEX is up 41.7% over the year.

(To know more, check out historical annual results for PRIVI SPECIALITY CHEMICALS and quarterly results for PRIVI SPECIALITY CHEMICALS)

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