INDIA TOURISM DEV 2019-20 Annual Report Analysis

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INDIA TOURISM DEV 2019-20 Annual Report Analysis
Wed, 27 Oct

INDIA TOURISM DEV has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

INDIA TOURISM DEV Income Statement Analysis

  • Operating income during the year fell 5.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 45.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.2% in FY20 as against 10.8% in FY19.
  • Depreciation charges decreased by 0.2% and finance costs increased by 52.4% YoY, respectively.
  • Other income declined by 3.8% YoY.
  • Net profit for the year declined by 49.2% YoY.
  • Net profit margins during the year declined from 9.7% in FY19 to 5.2% in FY20.

INDIA TOURISM DEV Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 3,638 3,438 -5.5%
Other income Rs m 222 214 -3.8%
Total Revenues Rs m 3,861 3,652 -5.4%
Gross profit Rs m 394 213 -45.9%
Depreciation Rs m 77 77 -0.2%
Interest Rs m 7 10 52.4%
Profit before tax Rs m 533 341 -36.1%
Tax Rs m 158 150 -5.0%
Profit after tax Rs m 375 191 -49.2%
Gross profit margin % 10.8 6.2
Effective tax rate % 29.6 44.1
Net profit margin % 9.7 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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INDIA TOURISM DEV Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 2 billion as compared to Rs 3 billion in FY19, thereby witnessing an decrease of -18.9%.
  • Current assets fell 9% and stood at Rs 5 billion, while fixed assets rose 10% and stood at Rs 717 million in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 6 billion as against Rs 6 billion during FY19, thereby witnessing a fall of 7%.

INDIA TOURISM DEV Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 3,292 3,205 -2.6
 
Current Liabilities Rs m 2,781 2,255 -18.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,228 5,794 -7.0
 
Current assets Rs m 5,577 5,077 -9.0
Fixed Assets Rs m 651 717 10.1
Total Assets Rs m 6,228 5,794 -7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INDIA TOURISM DEV Cash Flow Statement Analysis

  • INDIA TOURISM DEV's cash flow from operating activities (CFO) during FY20 stood at Rs 90 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs 114 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -225 million on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -20 million from the Rs -253 million net cash flows seen during FY19.

INDIA TOURISM DEV Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m -288 90 -
Cash Flow from Investing Activities Rs m 230 114 -50.5%
Cash Flow from Financing Activities Rs m -196 -225 -
Net Cash Flow Rs m -253 -20 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INDIA TOURISM DEV

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.2, an decline from the EPS of Rs 4.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 389.3, stands at -135.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.0 times, while the price to sales ratio stands at 6.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 124.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 42.4 40.1
TTM Earnings per share Rs 4.4 2.2
Diluted earnings per share Rs 4.4 2.2
Price to Cash Flow x 73.8 124.8
TTM P/E ratio x -135.7 -135.7
Price / Book Value ratio x 9.8 7.0
Market Cap Rs m 33,386 33,386
Dividends per share (Unadj.) Rs 2.1 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INDIA TOURISM DEV

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY20, from 2.0x during FY19. 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 35.0x during FY20, from 82.2x during FY19. 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 5.9% during FY20, from 11.4% during FY20. 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 10.9% during FY20, from 16.4% during FY19. 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 3.5% during FY20, from 6.1% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 2.0 2.3
Debtors’ Days Days 97 101
Interest coverage x 82.2 35.0
Debt to equity ratio x 0.0 0.0
Return on assets % 6.1 3.5
Return on equity % 11.4 5.9
Return on capital employed % 16.4 10.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INDIA TOURISM DEV has performed over the last 5 years, please visit here.

INDIA TOURISM DEV Share Price Performance

Over the last one year, INDIA TOURISM DEV share price has moved up from Rs 224.4 to Rs 389.3, registering a gain of Rs 164.9 or around 73.5%.

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

(To know more, check out historical annual results for INDIA TOURISM DEV and quarterly results for INDIA TOURISM DEV)

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