AGRO TECH FOODS 2020-21 Annual Report Analysis

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AGRO TECH FOODS 2020-21 Annual Report Analysis
Wed, 27 Oct

AGRO TECH FOODS 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.

AGRO TECH FOODS Income Statement Analysis

  • Operating income during the year rose 6.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 0.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.5% in FY21 as against 7.0% in FY20.
  • Depreciation charges decreased by 4.0% and finance costs decreased by 0.5% YoY, respectively.
  • Other income grew by 38.0% YoY.
  • Net profit for the year declined by 7.6% YoY.
  • Net profit margins during the year declined from 4.0% in FY20 to 3.5% in FY21.

AGRO TECH FOODS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,355 8,925 6.8%
Other income Rs m 35 49 38.0%
Total Revenues Rs m 8,390 8,974 7.0%
Gross profit Rs m 583 584 0.1%
Depreciation Rs m 194 186 -4.0%
Interest Rs m 19 18 -0.5%
Profit before tax Rs m 406 428 5.4%
Tax Rs m 68 116 70.2%
Profit after tax Rs m 338 313 -7.6%
Gross profit margin % 7.0 6.5
Effective tax rate % 16.7 27.0
Net profit margin % 4.0 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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AGRO TECH FOODS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 842 million as compared to Rs 690 million in FY20, thereby witnessing an increase of 22.1%.
  • Current assets rose 4% and stood at Rs 2 billion, while fixed assets rose 10% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 5 billion as against Rs 5 billion during FY20, thereby witnessing a growth of 8%.

AGRO TECH FOODS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,939 4,220 7.2
 
Current Liabilities Rs m 690 842 22.1
Long-term Debt Rs m 38 0 -100.0
Total Liabilities Rs m 5,049 5,434 7.6
 
Current assets Rs m 2,076 2,153 3.7
Fixed Assets Rs m 2,973 3,282 10.4
Total Assets Rs m 5,049 5,434 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



AGRO TECH FOODS Cash Flow Statement Analysis

  • AGRO TECH FOODS's cash flow from operating activities (CFO) during FY21 stood at Rs 624 million, an improvement of 45.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -425 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -131 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 66 million from the Rs 6 million net cash flows seen during FY20.

AGRO TECH FOODS 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 429 624 45.6%
Cash Flow from Investing Activities Rs m -435 -425 -
Cash Flow from Financing Activities Rs m 6 -131 -
Net Cash Flow Rs m 6 66 953.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for AGRO TECH FOODS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.8, an decline from the EPS of Rs 13.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 994.1, stands at 107.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 1.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 48.6 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 342.8 366.2
TTM Earnings per share Rs 13.9 12.8
Diluted earnings per share Rs 13.9 12.8
Price to Cash Flow x 45.5 48.6
TTM P/E ratio x 107.0 107.0
Price / Book Value ratio x 3.4 3.8
Market Cap Rs m 24,226 24,226
Dividends per share (Unadj.) Rs 3.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for AGRO TECH FOODS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.6x during FY21, from 3.0x 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 24.2x during FY21, from 22.9x 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 7.4% during FY21, from 8.6% 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 declined and down at 10.6% during FY21, from 10.7% 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 declined and down at 6.1% during FY21, from 7.1% 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 3.0 2.6
Debtors’ Days Days 33 15
Interest coverage x 22.9 24.2
Debt to equity ratio x 0.0 0.0
Return on assets % 7.1 6.1
Return on equity % 8.6 7.4
Return on capital employed % 10.7 10.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how AGRO TECH FOODS has performed over the last 5 years, please visit here.

AGRO TECH FOODS Share Price Performance

Over the last one year, AGRO TECH FOODS share price has moved up from Rs 743.0 to Rs 994.1, registering a gain of Rs 251.2 or around 33.8%.

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

(To know more, check out historical annual results for AGRO TECH FOODS and quarterly results for AGRO TECH FOODS)

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Related Views on News

AGRO TECH FOODS Announces Quarterly Results (3QFY21); Net Profit Up 8.5% (Quarterly Result Update)

Jan 22, 2021 | Updated on Jan 22, 2021

For the quarter ended December 2020, AGRO TECH FOODS has posted a net profit of Rs 81 m (up 8.5% YoY). Sales on the other hand came in at Rs 2 bn (up 7.8% YoY). Read on for a complete analysis of AGRO TECH FOODS's quarterly results.

AGRO TECH FOODS Announces Quarterly Results (3QFY20); Net Profit Down 24.8% (Quarterly Result Update)

Jan 27, 2020 | Updated on Jan 27, 2020

For the quarter ended December 2019, AGRO TECH FOODS has posted a net profit of Rs 75 m (down 24.8% YoY). Sales on the other hand came in at Rs 2 bn (up 6.2% YoY). Read on for a complete analysis of AGRO TECH FOODS's quarterly results.

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