INDO RAMA SYN 2020-21 Annual Report Analysis

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INDO RAMA SYN 2020-21 Annual Report Analysis
Mon, 8 Nov

INDO RAMA SYN 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.

INDO RAMA SYN Income Statement Analysis

  • Operating income during the year fell 3.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 309.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 3.5% in FY21 as against 1.6% in FY20.
  • Depreciation charges decreased by 60.7% and finance costs decreased by 28.6% YoY, respectively.
  • Other income grew by 1.1% YoY.
  • Net profit for the year declined by 135.8% YoY.
  • Net profit margins during the year grew from 14.8% in FY20 to 5.5% in FY21.

INDO RAMA SYN Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 21,075 20,429 -3.1%
Other income Rs m 318 322 1.1%
Total Revenues Rs m 21,393 20,750 -3.0%
Gross profit Rs m -339 710 -309.2%
Depreciation Rs m 860 338 -60.7%
Interest Rs m 923 659 -28.6%
Profit before tax Rs m -1,804 34 -101.9%
Tax Rs m 1,361 -1,100 -180.8%
Profit after tax Rs m -3,165 1,134 -135.8%
Gross profit margin % -1.6 3.5
Effective tax rate % -75.4 -3,244.5
Net profit margin % -14.8 5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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INDO RAMA SYN Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 11 billion as compared to Rs 9 billion in FY20, thereby witnessing an increase of 21.0%.
  • Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY20, a fall of 24.0%.
  • Current assets rose 21% and stood at Rs 8 billion, while fixed assets fell 7% and stood at Rs 8 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 16 billion as against Rs 15 billion during FY20, thereby witnessing a growth of 5%.

INDO RAMA SYN Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,220 3,333 50.1
 
Current Liabilities Rs m 9,101 11,012 21.0
Long-term Debt Rs m 3,065 2,329 -24.0
Total Liabilities Rs m 14,795 15,519 4.9
 
Current assets Rs m 6,307 7,661 21.5
Fixed Assets Rs m 8,488 7,858 -7.4
Total Assets Rs m 14,795 15,519 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INDO RAMA SYN Cash Flow Statement Analysis

  • INDO RAMA SYN'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 -175 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -93 million from the Rs 81 million net cash flows seen during FY20.

INDO RAMA SYN 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 -1,190 1,822 -
Cash Flow from Investing Activities Rs m 397 -175 -
Cash Flow from Financing Activities Rs m 874 -1,740 -
Net Cash Flow Rs m 81 -93 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INDO RAMA SYN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.3, an improvement from the EPS of Rs -12.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 50.5, stands at 4.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.0 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 80.7 78.2
TTM Earnings per share Rs -12.1 4.3
Diluted earnings per share Rs -12.1 4.3
Price to Cash Flow x -5.7 9.0
TTM P/E ratio x 4.9 4.9
Price / Book Value ratio x 2.7 2.3
Market Cap Rs m 13,186 13,186
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INDO RAMA SYN

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY21, from 0.7x 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 1.1x during FY21, from -1.0x 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 34.0% during FY21, from -142.6% 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 12.2% during FY21, from -16.7% 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 11.6% during FY21, from -15.2% 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 0.7 0.7
Debtors’ Days Days 2 2
Interest coverage x -1.0 1.1
Debt to equity ratio x 1.4 0.7
Return on assets % -15.2 11.6
Return on equity % -142.6 34.0
Return on capital employed % -16.7 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INDO RAMA SYN has performed over the last 5 years, please visit here.

INDO RAMA SYN Share Price Performance

Over the last one year, INDO RAMA SYN share price has moved up from Rs 23.7 to Rs 50.5, registering a gain of Rs 26.8 or around 113.1%.

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for INDO RAMA SYN and quarterly results for INDO RAMA SYN)

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