INDRAPRASTHA GAS 2020-21 Annual Report Analysis

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INDRAPRASTHA GAS 2020-21 Annual Report Analysis
Wed, 27 Oct

INDRAPRASTHA GAS 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.

INDRAPRASTHA GAS Income Statement Analysis

  • Operating income during the year fell 23.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 2.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 33.6% in FY21 as against 26.4% in FY20.
  • Depreciation charges increased by 15.1% and finance costs increased by 8.4% YoY, respectively.
  • Other income declined by 19.8% YoY.
  • Net profit for the year declined by 4.4% YoY.
  • Net profit margins during the year grew from 18.4% in FY20 to 23.0% in FY21.

INDRAPRASTHA GAS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 58,051 44,429 -23.5%
Other income Rs m 1,432 1,148 -19.8%
Total Revenues Rs m 59,482 45,578 -23.4%
Gross profit Rs m 15,318 14,937 -2.5%
Depreciation Rs m 2,523 2,904 15.1%
Interest Rs m 203 220 8.4%
Profit before tax Rs m 14,025 12,961 -7.6%
Tax Rs m 3,075 2,494 -18.9%
Profit after tax Rs m 10,949 10,467 -4.4%
Gross profit margin % 26.4 33.6
Effective tax rate % 21.9 19.2
Net profit margin % 18.4 23.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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INDRAPRASTHA GAS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 24 billion as compared to Rs 18 billion in FY20, thereby witnessing an increase of 31.0%.
  • Current assets rose 24% and stood at Rs 31 billion, while fixed assets rose 18% and stood at Rs 60 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 91 billion as against Rs 75 billion during FY20, thereby witnessing a growth of 20%.

INDRAPRASTHA GAS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 53,580 63,344 18.2
 
Current Liabilities Rs m 17,955 23,522 31.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 75,444 90,500 20.0
 
Current assets Rs m 24,976 30,955 23.9
Fixed Assets Rs m 50,467 59,545 18.0
Total Assets Rs m 75,444 90,500 20.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INDRAPRASTHA GAS Cash Flow Statement Analysis

  • INDRAPRASTHA GAS's cash flow from operating activities (CFO) during FY21 stood at Rs 15 billion, an improvement of 13.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -18 billion, an improvement of 250.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -6 billion from the Rs 6 billion net cash flows seen during FY20.

INDRAPRASTHA GAS 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 13,608 15,460 13.6%
Cash Flow from Investing Activities Rs m -5,207 -18,264 -
Cash Flow from Financing Activities Rs m -2,435 -2,970 -
Net Cash Flow Rs m 5,966 -5,774 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INDRAPRASTHA GAS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.0, an decline from the EPS of Rs 15.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 472.4, stands at 26.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.3 times, while the price to sales ratio stands at 7.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.7 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 82.9 63.5
TTM Earnings per share Rs 15.6 15.0
Diluted earnings per share Rs 15.6 15.0
Price to Cash Flow x 24.5 24.7
TTM P/E ratio x 26.2 26.2
Price / Book Value ratio x 5.3 5.3
Market Cap Rs m 330,680 330,680
Dividends per share (Unadj.) Rs 2.8 3.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INDRAPRASTHA GAS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x 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 deteriorated and stood at 59.9x during FY21, from 70.1x 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 16.5% during FY21, from 20.4% 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 20.8% during FY21, from 26.6% 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 declined and down at 11.8% during FY21, from 14.8% 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 1.3
Debtors’ Days Days 1 2
Interest coverage x 70.1 59.9
Debt to equity ratio x 0.0 0.0
Return on assets % 14.8 11.8
Return on equity % 20.4 16.5
Return on capital employed % 26.6 20.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INDRAPRASTHA GAS has performed over the last 5 years, please visit here.

INDRAPRASTHA GAS Share Price Performance

Over the last one year, INDRAPRASTHA GAS share price has moved up from Rs 409.1 to Rs 472.4, registering a gain of Rs 63.3 or around 15.5%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 18,720.8 (down 0.7%). Over the last one year it has moved up from 12,043.0 to 18,720.8, a gain of 6,678 points (up 55.4%).

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

(To know more, check out historical annual results for INDRAPRASTHA GAS and quarterly results for INDRAPRASTHA GAS)

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Related Views on News

INDRAPRASTHA GAS Announces Quarterly Results (1QFY22); Net Profit Up 734.9% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, INDRAPRASTHA GAS has posted a net profit of Rs 2 bn (up 734.9% YoY). Sales on the other hand came in at Rs 14 bn (up 99.3% YoY). Read on for a complete analysis of INDRAPRASTHA GAS's quarterly results.

INDRAPRASTHA GAS Announces Quarterly Results (1QFY21); Net Profit Down 85.4% (Quarterly Result Update)

Aug 28, 2020 | Updated on Aug 28, 2020

For the quarter ended June 2020, INDRAPRASTHA GAS has posted a net profit of Rs 318 m (down 85.4% YoY). Sales on the other hand came in at Rs 7 bn (down 60.3% YoY). Read on for a complete analysis of INDRAPRASTHA GAS's quarterly results.

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