JINDAL DRILLING 2020-21 Annual Report Analysis

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JINDAL DRILLING 2020-21 Annual Report Analysis
Mon, 8 Nov

JINDAL DRILLING 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.

JINDAL DRILLING Income Statement Analysis

  • Operating income during the year rose 84.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 82.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.3% in FY21 as against 18.5% in FY20.
  • Depreciation charges increased by 25.7% and finance costs increased by 119.1% YoY, respectively.
  • Other income declined by 75.9% YoY.
  • Net profit for the year declined by 65.0% YoY.
  • Net profit margins during the year declined from 10.5% in FY20 to 2.3% in FY21.

JINDAL DRILLING Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 2,162 3,979 84.0%
Other income Rs m 336 81 -75.9%
Total Revenues Rs m 2,498 4,059 62.5%
Gross profit Rs m 399 727 82.2%
Depreciation Rs m 258 324 25.7%
Interest Rs m 144 315 119.1%
Profit before tax Rs m 334 169 -49.4%
Tax Rs m 72 77 7.4%
Profit after tax Rs m 262 92 -65.0%
Gross profit margin % 18.5 18.3
Effective tax rate % 21.6 45.7
Net profit margin % 10.5 2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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JINDAL DRILLING Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 4 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 67.7%.
  • Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY20, a fall of 16.8%.
  • Current assets rose 44% and stood at Rs 5 billion, while fixed assets fell 14% and stood at Rs 13 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 17 billion as against Rs 18 billion during FY20, thereby witnessing a fall of 4%.

JINDAL DRILLING Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 12,760 11,216 -12.1
 
Current Liabilities Rs m 2,349 3,941 67.7
Long-term Debt Rs m 2,165 1,801 -16.8
Total Liabilities Rs m 17,964 17,230 -4.1
 
Current assets Rs m 3,129 4,517 44.3
Fixed Assets Rs m 14,835 12,713 -14.3
Total Assets Rs m 17,964 17,230 -4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



JINDAL DRILLING Cash Flow Statement Analysis

  • JINDAL DRILLING's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 269.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -257 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -852 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 803 million from the Rs 17 million net cash flows seen during FY20.

JINDAL DRILLING 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 517 1,912 269.9%
Cash Flow from Investing Activities Rs m -2,718 -257 -
Cash Flow from Financing Activities Rs m 2,219 -852 -
Net Cash Flow Rs m 17 803 4,593.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for JINDAL DRILLING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.2, an decline from the EPS of Rs 9.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 141.8, stands at 17.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.2 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.9 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 74.6 137.3
TTM Earnings per share Rs 9.0 3.2
Diluted earnings per share Rs 9.0 3.2
Price to Cash Flow x 7.9 9.9
TTM P/E ratio x 17.2 17.2
Price / Book Value ratio x 0.2 0.2
Market Cap Rs m 4,110 4,110
Dividends per share (Unadj.) Rs 0.5 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for JINDAL DRILLING

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.1x 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 deteriorated and stood at 1.5x during FY21, from 3.3x 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 0.8% during FY21, from 2.1% 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 3.7% during FY21, from 3.2% 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 2.4% during FY21, from 2.3% 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 1.1
Debtors’ Days Days 2,137 1,522
Interest coverage x 3.3 1.5
Debt to equity ratio x 0.2 0.2
Return on assets % 2.3 2.4
Return on equity % 2.1 0.8
Return on capital employed % 3.2 3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how JINDAL DRILLING has performed over the last 5 years, please visit here.

JINDAL DRILLING Share Price Performance

Over the last one year, JINDAL DRILLING share price has moved up from Rs 70.7 to Rs 141.8, registering a gain of Rs 71.1 or around 100.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 28,527.5 (up 1.5%). Over the last one year it has moved up from 14,807.1 to 28,527.5, a gain of 13,720 points (up 92.7%).

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for JINDAL DRILLING and quarterly results for JINDAL DRILLING)

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