JUBILANT FOODWORKS 2019-20 Annual Report Analysis

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JUBILANT FOODWORKS 2019-20 Annual Report Analysis
Thu, 17 Dec

JUBILANT FOODWORKS 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.

JUBILANT FOODWORKS Income Statement Analysis

  • Operating income during the year rose 10.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 46.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.3% in FY20 as against 16.8% in FY19.
  • Depreciation charges increased by 123.7% increased by 0.0% YoY, respectively.
  • Other income grew by 47.0% YoY.
  • Net profit for the year declined by 12.3% YoY.
  • Net profit margins during the year declined from 8.8% in FY19 to 7.0% in FY20.

JUBILANT FOODWORKS Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 35,631 39,273 10.2%
Other income Rs m 474 696 47.0%
Total Revenues Rs m 36,105 39,969 10.7%
Gross profit Rs m 5,998 8,756 46.0%
Depreciation Rs m 1,575 3,523 123.7%
Interest Rs m 0 1,652 0.0%
Profit before tax Rs m 4,897 4,277 -12.7%
Tax Rs m 1,717 1,240 -27.8%
Profit after tax Rs m 3,180 2,788 -12.3%
Gross profit margin % 16.8 22.3
Effective tax rate % 35.1 29.0
Net profit margin % 8.8 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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JUBILANT FOODWORKS Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 7 billion as compared to Rs 5 billion in FY19, thereby witnessing an increase of 31.1%.
  • Current assets rose 6% and stood at Rs 9 billion, while fixed assets rose 170% and stood at Rs 22 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 34 billion as against Rs 19 billion during FY19, thereby witnessing a growth of 82%.

JUBILANT FOODWORKS Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 12,596 11,220 -10.9
 
Current Liabilities Rs m 5,430 7,119 31.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 18,557 33,707 81.6
 
Current assets Rs m 8,117 8,591 5.8
Fixed Assets Rs m 8,252 22,299 170.2
Total Assets Rs m 18,557 33,707 81.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JUBILANT FOODWORKS Cash Flow Statement Analysis

  • JUBILANT FOODWORKS's cash flow from operating activities (CFO) during FY20 stood at Rs 7 billion, an improvement of 71.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -987 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -5 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 2 billion from the Rs -507 million net cash flows seen during FY19.

JUBILANT FOODWORKS 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 4,235 7,278 71.8%
Cash Flow from Investing Activities Rs m -4,575 -987 -
Cash Flow from Financing Activities Rs m -167 -4,614 -
Net Cash Flow Rs m -507 1,677 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JUBILANT FOODWORKS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.1, an decline from the EPS of Rs 24.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,848.0, stands at 145.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 17.9 times, while the price to sales ratio stands at 5.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 29.8 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 270.0 297.6
TTM Earnings per share Rs 24.1 21.1
Diluted earnings per share Rs 48.2 42.3
Price to Cash Flow x 79.0 29.8
TTM P/E ratio x 291.3 145.6
Price / Book Value ratio x 19.9 17.9
Market Cap Rs m 375,822 187,922
Dividends per share (Unadj.) Rs 5.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for JUBILANT FOODWORKS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY20, from 1.5x 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 improved and stood at 3.6x during FY20, from 0.0x 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 24.8% during FY20, from 25.2% 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 improved and stood at 50.6% during FY20, from 38.9% 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 13.2% during FY20, from 17.1% 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 1.5 1.2
Debtors’ Days Days 3 2
Interest coverage x 0.0 3.6
Debt to equity ratio x 0.0 0.0
Return on assets % 17.1 13.2
Return on equity % 25.2 24.8
Return on capital employed % 38.9 50.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JUBILANT FOODWORKS has performed over the last 5 years, please visit here.

JUBILANT FOODWORKS Share Price Performance

Over the last one year, JUBILANT FOODWORKS share price has moved up from Rs 1,583.8 to Rs 2,848.0, registering a gain of Rs 1,264.3 or around 79.8%.

Overall, the S&P BSE SENSEX is up 14.4% over the year.

(To know more, check out historical annual results for JUBILANT FOODWORKS and quarterly results for JUBILANT FOODWORKS)

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