JBM AUTO. 2020-21 Annual Report Analysis

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JBM AUTO. 2020-21 Annual Report Analysis
Mon, 22 Nov

JBM 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.

JBM AUTO. Income Statement Analysis

  • Operating income during the year rose 1.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 11.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.3% in FY21 as against 11.8% in FY20.
  • Depreciation charges increased by 2.5% and finance costs decreased by 13.8% YoY, respectively.
  • Other income declined by 22.3% YoY.
  • Net profit for the year declined by 18.6% YoY.
  • Net profit margins during the year declined from 3.5% in FY20 to 2.8% in FY21.

JBM AUTO. Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 19,467 19,820 1.8%
Other income Rs m 154 120 -22.3%
Total Revenues Rs m 19,621 19,940 1.6%
Gross profit Rs m 2,302 2,041 -11.3%
Depreciation Rs m 739 757 2.5%
Interest Rs m 643 554 -13.8%
Profit before tax Rs m 1,075 850 -20.9%
Tax Rs m 384 288 -25.2%
Profit after tax Rs m 690 562 -18.6%
Gross profit margin % 11.8 10.3
Effective tax rate % 35.8 33.8
Net profit margin % 3.5 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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JBM AUTO. Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 14 billion as compared to Rs 10 billion in FY20, thereby witnessing an increase of 37.2%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY20, a growth of 16.0%.
  • Current assets rose 17% and stood at Rs 11 billion, while fixed assets rose 28% and stood at Rs 13 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 25 billion as against Rs 20 billion during FY20, thereby witnessing a growth of 23%.

JBM AUTO. Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,035 7,456 6.0
 
Current Liabilities Rs m 9,996 13,718 37.2
Long-term Debt Rs m 1,967 2,282 16.0
Total Liabilities Rs m 20,090 24,640 22.6
 
Current assets Rs m 9,617 11,219 16.7
Fixed Assets Rs m 10,473 13,421 28.1
Total Assets Rs m 20,090 24,640 22.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



JBM AUTO. Cash Flow Statement Analysis

  • JBM 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 -4 billion, an improvement of 194.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 1 billion, an improvement of 159% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -70 million from the Rs 111 million net cash flows seen during FY20.

JBM 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 3,698 2,159 -41.6%
Cash Flow from Investing Activities Rs m -1,230 -3,627 -
Cash Flow from Financing Activities Rs m -2,357 1,398 -
Net Cash Flow Rs m 111 -70 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for JBM AUTO.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.9, an decline from the EPS of Rs 14.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 890.6, stands at 44.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 31.9 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 411.6 419.0
TTM Earnings per share Rs 14.6 11.9
Diluted earnings per share Rs 14.6 11.9
Price to Cash Flow x 29.5 31.9
TTM P/E ratio x 44.1 44.1
Price / Book Value ratio x 1.3 1.9
Market Cap Rs m 42,122 42,122
Dividends per share (Unadj.) Rs 1.8 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for JBM AUTO.

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY21, from 1.0x 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 deteriorated and stood at 2.5x during FY21, from 2.7x 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 7.5% during FY21, from 9.8% 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 14.4% during FY21, from 19.1% 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 4.5% during FY21, from 6.6% 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 1.0 0.8
Debtors’ Days Days 927 913
Interest coverage x 2.7 2.5
Debt to equity ratio x 0.3 0.3
Return on assets % 6.6 4.5
Return on equity % 9.8 7.5
Return on capital employed % 19.1 14.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

JBM AUTO. Share Price Performance

Over the last one year, JBM AUTO. share price has moved up from Rs 253.1 to Rs 890.6, registering a gain of Rs 637.5 or around 251.9%.

Overall, the S&P BSE SENSEX is up 35.7% over the year.

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

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