JUBILANT FOODWORKS 2020-21 Annual Report Analysis

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JUBILANT FOODWORKS 2020-21 Annual Report Analysis
Mon, 6 Sep

JUBILANT FOODWORKS 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.

JUBILANT FOODWORKS Income Statement Analysis

  • Operating income during the year fell 15.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 9.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.3% in FY21 as against 21.7% in FY20.
  • Depreciation charges increased by 6.6% and finance costs decreased by 1.5% YoY, respectively.
  • Other income grew by 5.0% YoY.
  • Net profit for the year declined by 17.3% YoY.
  • Net profit margins during the year declined from 7.0% in FY20 to 6.8% in FY21.

JUBILANT FOODWORKS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 39,273 33,119 -15.7%
Other income Rs m 696 731 5.0%
Total Revenues Rs m 39,969 33,849 -15.3%
Gross profit Rs m 8,507 7,712 -9.3%
Depreciation Rs m 3,523 3,754 6.6%
Interest Rs m 1,652 1,627 -1.5%
Profit before tax Rs m 4,028 3,062 -24.0%
Tax Rs m 1,240 757 -39.0%
Profit after tax Rs m 2,788 2,305 -17.3%
Gross profit margin % 21.7 23.3
Effective tax rate % 30.8 24.7
Net profit margin % 7.0 6.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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JUBILANT FOODWORKS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 16 billion as compared to Rs 14 billion in FY20, thereby witnessing an increase of 17.7%.
  • Current assets fell 2% and stood at Rs 8 billion, while fixed assets rose 16% and stood at Rs 36 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 44 billion as against Rs 40 billion during FY20, thereby witnessing a growth of 12%.

JUBILANT FOODWORKS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 11,161 14,199 27.2
 
Current Liabilities Rs m 13,726 16,153 17.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 39,554 44,377 12.2
 
Current assets Rs m 8,591 8,382 -2.4
Fixed Assets Rs m 30,963 35,995 16.3
Total Assets Rs m 39,554 44,377 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



JUBILANT FOODWORKS Cash Flow Statement Analysis

  • JUBILANT FOODWORKS's cash flow from operating activities (CFO) during FY21 stood at Rs 8 billion, an improvement of 3.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -6 billion, an improvement of 510.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 billion, an improvement of 37% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -1 billion from the Rs 2 billion net cash flows seen during FY20.

JUBILANT FOODWORKS 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 7,278 7,506 3.1%
Cash Flow from Investing Activities Rs m -987 -6,021 -
Cash Flow from Financing Activities Rs m -4,614 -2,887 -
Net Cash Flow Rs m 1,677 -1,402 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for JUBILANT FOODWORKS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.5, an decline from the EPS of Rs 21.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,150.0, stands at 149.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 20.8 times, while the price to sales ratio stands at 8.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 90.4 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 297.6 251.0
TTM Earnings per share Rs 21.1 17.5
Diluted earnings per share Rs 21.1 17.5
Price to Cash Flow x 86.8 90.4
TTM P/E ratio x 149.8 149.8
Price / Book Value ratio x 18.0 20.8
Market Cap Rs m 547,671 547,671
Dividends per share (Unadj.) Rs 6.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for JUBILANT FOODWORKS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.5x during FY21, from 0.6x 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 2.9x during FY21, from 3.4x 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 16.2% during FY21, from 25.0% 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 33.0% during FY21, from 50.9% 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 8.9% during FY21, from 11.2% 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 0.6 0.5
Debtors’ Days Days 15 19
Interest coverage x 3.4 2.9
Debt to equity ratio x 0.0 0.0
Return on assets % 11.2 8.9
Return on equity % 25.0 16.2
Return on capital employed % 50.9 33.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 2,244.6 to Rs 4,150.0, registering a gain of Rs 1,905.5 or around 84.9%.

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

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

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