JUBILANT INDUSTRIES 2020-21 Annual Report Analysis

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JUBILANT INDUSTRIES 2020-21 Annual Report Analysis
Mon, 1 Nov

JUBILANT INDUSTRIES 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 INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 14.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 4.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.1% in FY21 as against 8.9% in FY20.
  • Depreciation charges increased by 10.5% and finance costs decreased by 23.0% YoY, respectively.
  • Other income grew by 117.6% YoY.
  • Net profit for the year declined by 154.1% YoY.
  • Net profit margins during the year declined from 3.1% in FY20 to 1.5% in FY21.

JUBILANT INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 5,444 6,234 14.5%
Other income Rs m 18 39 117.6%
Total Revenues Rs m 5,462 6,272 14.8%
Gross profit Rs m 487 507 4.1%
Depreciation Rs m 114 126 10.5%
Interest Rs m 217 167 -23.0%
Profit before tax Rs m 173 252 45.7%
Tax Rs m 1 345 28,871.4%
Profit after tax Rs m 172 -93 -154.1%
Gross profit margin % 8.9 8.1
Effective tax rate % 0.7 136.9
Net profit margin % 3.1 -1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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JUBILANT INDUSTRIES 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 21.7%.
  • Long-term debt down at Rs 682 million as compared to Rs 1 billion during FY20, a fall of 34.7%.
  • Current assets rose 22% and stood at Rs 2 billion, while fixed assets fell 6% and stood at Rs 1 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 3 billion during FY20, thereby witnessing a growth of 10%.

JUBILANT INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 942 847 -10.0
 
Current Liabilities Rs m 2,107 2,563 21.7
Long-term Debt Rs m 1,044 682 -34.7
Total Liabilities Rs m 3,447 3,781 9.7
 
Current assets Rs m 1,917 2,340 22.1
Fixed Assets Rs m 1,530 1,442 -5.8
Total Assets Rs m 3,447 3,781 9.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



JUBILANT INDUSTRIES Cash Flow Statement Analysis

  • JUBILANT INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 619 million, an improvement of 30.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 37 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -607 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 44 million from the Rs -14 million net cash flows seen during FY20.

JUBILANT INDUSTRIES 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 473 619 30.9%
Cash Flow from Investing Activities Rs m -191 37 -
Cash Flow from Financing Activities Rs m -296 -607 -
Net Cash Flow Rs m -14 44 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for JUBILANT INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.2, an decline from the EPS of Rs 11.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 561.1, stands at 27.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 254.2 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 362.2 414.8
TTM Earnings per share Rs 11.4 -6.2
Diluted earnings per share Rs 11.4 -6.2
Price to Cash Flow x 29.5 254.2
TTM P/E ratio x 27.4 27.4
Price / Book Value ratio x 1.9 3.2
Market Cap Rs m 8,434 8,434
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for JUBILANT INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.9x during FY21, from 0.9x 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 2.5x during FY21, from 1.8x 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 -11.0% during FY21, from 18.2% 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 27.4% during FY21, from 19.6% 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 2.0% during FY21, from 11.3% 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 0.9 0.9
Debtors’ Days Days 62 62
Interest coverage x 1.8 2.5
Debt to equity ratio x 1.1 0.8
Return on assets % 11.3 2.0
Return on equity % 18.2 -11.0
Return on capital employed % 19.6 27.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

JUBILANT INDUSTRIES Share Price Performance

Over the last one year, JUBILANT INDUSTRIES share price has moved up from Rs 129.0 to Rs 561.1, registering a gain of Rs 432.1 or around 335.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 25,033.9 (up 0.4%). Over the last one year it has moved up from 19,257.8 to 25,033.9, a gain of 5,776 points (up 30.0%).

Overall, the S&P BSE SENSEX is up 48.6% over the year.

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

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