JAMNA AUTO 2020-21 Annual Report Analysis

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JAMNA AUTO 2020-21 Annual Report Analysis
Mon, 6 Sep

JAMNA AUTO 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.

JAMNA AUTO Income Statement Analysis

  • Operating income during the year fell 4.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.4% in FY21 as against 10.1% in FY20.
  • Depreciation charges decreased by 14.0% and finance costs decreased by 59.8% YoY, respectively.
  • Other income declined by 39.4% YoY.
  • Net profit for the year grew by 52.4% YoY.
  • Net profit margins during the year grew from 4.2% in FY20 to 6.7% in FY21.

JAMNA AUTO Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 11,290 10,795 -4.4%
Other income Rs m 167 101 -39.4%
Total Revenues Rs m 11,456 10,896 -4.9%
Gross profit Rs m 1,145 1,337 16.7%
Depreciation Rs m 414 356 -14.0%
Interest Rs m 182 73 -59.8%
Profit before tax Rs m 716 1,009 40.8%
Tax Rs m 238 279 17.5%
Profit after tax Rs m 479 730 52.4%
Gross profit margin % 10.1 12.4
Effective tax rate % 33.2 27.7
Net profit margin % 4.2 6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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JAMNA AUTO Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 41.8%.
  • Current assets rose 49% and stood at Rs 4 billion, while fixed assets fell 6% and stood at Rs 5 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 9 billion as against Rs 8 billion during FY20, thereby witnessing a growth of 11%.

JAMNA AUTO Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,167 5,793 12.1
 
Current Liabilities Rs m 1,831 2,595 41.8
Long-term Debt Rs m 508 0 -100.0
Total Liabilities Rs m 7,874 8,765 11.3
 
Current assets Rs m 2,437 3,638 49.2
Fixed Assets Rs m 5,436 5,127 -5.7
Total Assets Rs m 7,874 8,765 11.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



JAMNA AUTO Cash Flow Statement Analysis

  • JAMNA AUTO'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 -179 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 373 million from the Rs -186 million net cash flows seen during FY20.

JAMNA AUTO 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 -14 2,147 -
Cash Flow from Investing Activities Rs m -969 -179 -
Cash Flow from Financing Activities Rs m 796 -1,595 -
Net Cash Flow Rs m -186 373 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for JAMNA AUTO

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.8, an improvement from the EPS of Rs 1.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 87.4, stands at 33.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 1.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 32.1 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 28.3 27.1
TTM Earnings per share Rs 1.2 1.8
Diluted earnings per share Rs 1.2 1.8
Price to Cash Flow x 39.0 32.1
TTM P/E ratio x 33.1 33.1
Price / Book Value ratio x 3.3 3.4
Market Cap Rs m 34,805 34,806
Dividends per share (Unadj.) Rs 0.4 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for JAMNA AUTO

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.3x 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 14.8x during FY21, from 4.9x 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 improved and stood at 12.6% during FY21, from 9.3% 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 18.7% during FY21, from 15.8% 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 9.2% during FY21, from 8.4% 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 1.3 1.4
Debtors’ Days Days 259 189
Interest coverage x 4.9 14.8
Debt to equity ratio x 0.1 0.0
Return on assets % 8.4 9.2
Return on equity % 9.3 12.6
Return on capital employed % 15.8 18.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how JAMNA AUTO has performed over the last 5 years, please visit here.

JAMNA AUTO Share Price Performance

Over the last one year, JAMNA AUTO share price has moved up from Rs 47.3 to Rs 87.4, registering a gain of Rs 40.1 or around 84.7%.

Overall, the S&P BSE SENSEX is up 49.2% over the year.

(To know more, check out historical annual results for JAMNA AUTO and quarterly results for JAMNA AUTO)

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