JAY BHARAT MARUTI 2020-21 Annual Report Analysis

Wed, 31 Mar

JAY BHARAT MARUTI 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.

JAY BHARAT MARUTI Income Statement Analysis

• Operating income during the year fell 9.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 3.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.1% in FY21 as against 8.5% in FY20.
• Depreciation charges increased by 5.5% and finance costs decreased by 13.4% YoY, respectively.
• Other income grew by 166.9% YoY.
• Net profit for the year declined by 7.1% YoY.
• Net profit margins during the year grew from 1.7% in FY20 to 1.7% in FY21.

JAY BHARAT MARUTI Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	16,585	14,988	-9.6%
Other income	Rs m	17	45	166.9%
Total Revenues	Rs m	16,602	15,033	-9.4%
Gross profit	Rs m	1,410	1,359	-3.6%
Depreciation	Rs m	625	659	5.5%
Interest	Rs m	381	330	-13.4%
Profit before tax	Rs m	421	415	-1.4%
Tax	Rs m	142	156	9.9%
Profit after tax	Rs m	280	260	-7.1%
Gross profit margin	%	8.5	9.1
Effective tax rate	%	33.6	37.5
Net profit margin	%	1.7	1.7

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JAY BHARAT MARUTI Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 4 billion as compared to Rs 4 billion in FY20, thereby witnessing an increase of 14.2%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY20, a fall of 16.1%.
• Current assets rose 20% and stood at Rs 2 billion, while fixed assets fell 1% and stood at Rs 10 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 12 billion as against Rs 12 billion during FY20, thereby witnessing a growth of 2%.

JAY BHARAT MARUTI Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	4,232	4,499	6.3
Current Liabilities	Rs m	3,871	4,421	14.2
Long-term Debt	Rs m	2,791	2,342	-16.1
Total Liabilities	Rs m	12,068	12,332	2.2
Current assets	Rs m	1,860	2,232	20.0
Fixed Assets	Rs m	10,209	10,099	-1.1
Total Assets	Rs m	12,068	12,332	2.2

JAY BHARAT MARUTI Cash Flow Statement Analysis

• JAY BHARAT MARUTI's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 6.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -499 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 7 million from the Rs 6 million net cash flows seen during FY20.

JAY BHARAT MARUTI 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	1,540	1,634	6.1%
Cash Flow from Investing Activities	Rs m	-1,438	-499	-
Cash Flow from Financing Activities	Rs m	-96	-1,128	-
Net Cash Flow	Rs m	6	7	14.0%

Current Valuations for JAY BHARAT MARUTI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.0, an decline from the EPS of Rs 12.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 227.8, stands at 38.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 4.4 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	766.1	692.3
TTM Earnings per share	Rs	12.9	12.0
Diluted earnings per share	Rs	6.5	6.0
Price to Cash Flow	x	4.8	4.4
TTM P/E ratio	x	15.5	38.0
Price / Book Value ratio	x	1.0	0.9
Market Cap	Rs m	4,373	4,079
Dividends per share (Unadj.)	Rs	1.3	1.3

Ratio Analysis for JAY BHARAT MARUTI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.5x during FY21, from 0.5x 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 2.3x during FY21, from 2.1x 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 5.8% during FY21, from 6.6% 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 10.9% during FY21, from 11.4% 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 4.8% during FY21, from 5.5% 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	0.5	0.5
Debtors’ Days	Days	114	150
Interest coverage	x	2.1	2.3
Debt to equity ratio	x	0.7	0.5
Return on assets	%	5.5	4.8
Return on equity	%	6.6	5.8
Return on capital employed	%	11.4	10.9

To see how JAY BHARAT MARUTI has performed over the last 5 years, please visit here.

JAY BHARAT MARUTI Share Price Performance

Over the last one year, JAY BHARAT MARUTI share price has moved up from Rs 100.0 to Rs 227.8, registering a gain of Rs 127.8 or around 127.8%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for JAY BHARAT MARUTI and quarterly results for JAY BHARAT MARUTI)

Read: Latest Annual Report Analysis of JAY BHARAT MARUTI