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INOX WIND 2020-21 Annual Report Analysis
Wed, 31 Mar

INOX WIND 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.

INOX WIND Income Statement Analysis

  • Operating income during the year fell 6.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 94.6% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 35.6% in FY21 as against 17.1% in FY20.
  • Depreciation charges increased by 9.6% and finance costs increased by 4.8% YoY, respectively.
  • Other income grew by 578.8% YoY.
  • Net profit for the year grew by 0.4% YoY.
  • Net profit margins during the year declined from 36.8% in FY20 to 39.5% in FY21.

INOX WIND Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 7,602 7,107 -6.5%
Other income Rs m 242 1,642 578.8%
Total Revenues Rs m 7,844 8,749 11.5%
Gross profit Rs m -1,302 -2,534 94.6%
Depreciation Rs m 803 880 9.6%
Interest Rs m 2,438 2,555 4.8%
Profit before tax Rs m -4,300 -4,327 0.6%
Tax Rs m -1,504 -1,520 1.0%
Profit after tax Rs m -2,796 -2,807 0.4%
Gross profit margin % -17.1 -35.6
Effective tax rate % 35.0 35.1
Net profit margin % -36.8 -39.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



War Profits: A Potential 33x Opportunity by 2030

INOX WIND Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 36 billion as compared to Rs 35 billion in FY20, thereby witnessing an increase of 5.4%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 1 billion during FY20, a growth of 278.1%.
  • Current assets fell 4% and stood at Rs 30 billion, while fixed assets rose 9% and stood at Rs 20 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 51 billion as against Rs 50 billion during FY20, thereby witnessing a growth of 0%.

INOX WIND Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 16,856 13,160 -21.9
 
Current Liabilities Rs m 34,585 36,436 5.4
Long-term Debt Rs m 1,186 4,484 278.1
Total Liabilities Rs m 50,311 50,559 0.5
 
Current assets Rs m 31,929 30,496 -4.5
Fixed Assets Rs m 18,382 20,064 9.1
Total Assets Rs m 50,311 50,559 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INOX WIND Cash Flow Statement Analysis

  • INOX WIND's cash flow from operating activities (CFO) during FY21 stood at Rs -1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -486 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 billion, an improvement of 173% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs 21 million net cash flows seen during FY20.

INOX WIND 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 7,329 -1,116 -
Cash Flow from Investing Activities Rs m -3,457 -486 -
Cash Flow from Financing Activities Rs m -3,851 2,821 -
Net Cash Flow Rs m 21 1,219 5,846.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INOX WIND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -12.6, an decline from the EPS of Rs -12.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 70.1, stands at -5.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 2.2 times.
  • The company's price to cash flow (P/CF) ratio stood at -5.8 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 34.3 32.0
TTM Earnings per share Rs -12.6 -12.6
Diluted earnings per share Rs -12.6 -12.6
Price to Cash Flow x -2.1 -5.8
TTM P/E ratio x -1.5 -5.5
Price / Book Value ratio x 0.6 0.8
Market Cap Rs m 10,075 11,174
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INOX WIND

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY21, from 0.9x 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 -0.7x during FY21, from -0.8x 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 -21.3% during FY21, from -16.6% 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 -10.0% during FY21, from -10.3% 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 -0.5% during FY21, from -0.7% 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 0.9 0.8
Debtors’ Days Days 6,349 5,384
Interest coverage x -0.8 -0.7
Debt to equity ratio x 0.1 0.3
Return on assets % -0.7 -0.5
Return on equity % -16.6 -21.3
Return on capital employed % -10.3 -10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INOX WIND has performed over the last 5 years, please visit here.

INOX WIND Share Price Performance

Over the last one year, INOX WIND share price has moved up from Rs 18.6 to Rs 70.1, registering a gain of Rs 51.5 or around 277.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 21,095.8 (down 0.4%). Over the last one year it has moved up from 10,979.5 to 21,095.8, a gain of 10,116 points (up 92.1%).

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

(To know more, check out historical annual results for INOX WIND and quarterly results for INOX WIND)

Annual Report FAQs

What is the current share price of INOX WIND?

INOX WIND currently trades at Rs 109.1 per share. You can check out the latest share price performance of INOX WIND here...

What was the revenue of INOX WIND in FY21? How does it compare to earlier years?

The revenues of INOX WIND stood at Rs 8,749 m in FY21, which was up 11.5% compared to Rs 7,844 m reported in FY20.

INOX WIND's revenue has fallen from Rs 34,991 m in FY17 to Rs 8,749 m in FY21.

Over the past 5 years, the revenue of INOX WIND has grown at a CAGR of -29.3%.

What was the net profit of INOX WIND in FY21? How does it compare to earlier years?

The net loss of INOX WIND stood at Rs -2,807 m in FY21, which was up 0.4% compared to Rs -2,796 m reported in FY20.

This compares to a net loss of Rs -397 m in FY19 and a net loss of Rs -1,876 m in FY18.

Over the past 5 years, INOX WIND net profit has grown at a CAGR of NaN%.

What does the cash flow statement of INOX WIND 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 INOX WIND reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs -1,116 m as compared to Rs 7,329 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -486 m as compared to Rs -3,457 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs 2,821 m as compared to Rs -3,851 m in FY20.

Here's the cash flow statement of INOX WIND for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations1,1372,6941,4707,329-1,116
From Investments-473,325-2,636-3,457-486
From Financial Activity194-7,605762-3,8512,821
Net Cashflow1,283-1,587-403211,219

What does the Key Ratio analysis of INOX WIND 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 INOX WIND reveals:

  • Operating profit margins witnessed a growth and stood at 35.6% in FY21 as against 17.1% in FY20.
  • Net profit margins declined from 36.8% in FY20 to 39.5% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.3 as compared to 0.1 in FY20.

Here's the ratio/financial analysis of INOX WIND for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)15.9-17.210.4-17.1-35.6
Net Profit Margin (%)8.9-39.1-2.8-36.8-39.5
Debt to Equity Ratio (x)0.10.20.20.10.3

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