ACCELYA SOLUTIONS 2020-21 Annual Report Analysis

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ACCELYA SOLUTIONS 2020-21 Annual Report Analysis
Wed, 27 Oct

ACCELYA SOLUTIONS has announced its results for the year ended June 2021. Let us have a look at the detailed performance review of the company during FY20-21.

ACCELYA SOLUTIONS Income Statement Analysis

  • Operating income during the year fell 29.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 44.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 29.4% in FY as against 37.2% in FY.
  • Depreciation charges increased by 4.7% and finance costs decreased by 19.7% YoY, respectively.
  • Other income grew by 116.3% YoY.
  • Net profit for the year declined by 51.4% YoY.
  • Net profit margins during the year declined from 20.8% in FY to 14.0% in FY.

ACCELYA SOLUTIONS Income Statement 2020-21

No. of Mths Year Ending 12 Jun-20* 12 Jun-21* % Change
Net Sales Rs m 4,120 2,904 -29.5%
Other income Rs m 50 109 116.3%
Total Revenues Rs m 4,171 3,012 -27.8%
Gross profit Rs m 1,533 853 -44.3%
Depreciation Rs m 324 340 4.7%
Interest Rs m 55 45 -19.7%
Profit before tax Rs m 1,203 578 -52.0%
Tax Rs m 335 156 -53.5%
Profit after tax Rs m 868 422 -51.4%
Gross profit margin % 37.2 29.4
Effective tax rate % 27.9 27.0
Net profit margin % 20.8 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ACCELYA SOLUTIONS Balance Sheet Analysis

  • The company's current liabilities during FY down at Rs 2 billion as compared to Rs 2 billion in FY, thereby witnessing an decrease of -7.1%.
  • Current assets fell 6% and stood at Rs 3 billion, while fixed assets fell 28% and stood at Rs 2 billion in FY.
  • Overall, the total assets and liabilities for FY stood at Rs 4 billion as against Rs 5 billion during FY, thereby witnessing a fall of 15%.

ACCELYA SOLUTIONS Balance Sheet as on June 2021

No. of Mths Year Ending 12 Jun-20* 12 Jun-21* % Change
Networth Rs m 2,448 2,386 -2.5
 
Current Liabilities Rs m 1,888 1,755 -7.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 5,239 4,470 -14.7
 
Current assets Rs m 3,140 2,956 -5.8
Fixed Assets Rs m 2,099 1,514 -27.9
Total Assets Rs m 5,239 4,470 -14.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ACCELYA SOLUTIONS Cash Flow Statement Analysis

  • ACCELYA SOLUTIONS's cash flow from operating activities (CFO) during FY stood at Rs 867 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY stood at Rs -105 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY stood at Rs -663 million on a YoY basis.
  • Overall, net cash flows for the company during FY stood at Rs 92 million from the Rs 173 million net cash flows seen during FY.

ACCELYA SOLUTIONS Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Jun-20 Jun-21
Cash Flow from Operating Activities Rs m 1,309 867 -33.8%
Cash Flow from Investing Activities Rs m -613 -105 -
Cash Flow from Financing Activities Rs m -530 -663 -
Net Cash Flow Rs m 173 92 -46.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ACCELYA SOLUTIONS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.3, an decline from the EPS of Rs 58.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,243.1, stands at 44.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 5.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Jun-20* 12 Jun-21*
Sales per share (Unadj.) Rs 276.0 194.5
TTM Earnings per share Rs 58.1 28.3
Diluted earnings per share Rs 58.2 28.3
Price to Cash Flow x 15.6 24.4
TTM P/E ratio x 44.0 44.0
Price / Book Value ratio x 5.9 6.4
Market Cap Rs m 18,554 18,554
Dividends per share (Unadj.) Rs 10.0 52.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ACCELYA SOLUTIONS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY, from 1.7x during FY. 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 14.0x during FY, from 22.7x during FY. 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 17.7% during FY, from 35.5% during FY. 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 26.1% during FY, from 51.4% during FY. 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 10.4% during FY, from 17.6% during FY. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Jun-20* 12 Jun-21*
Current ratio x 1.7 1.7
Debtors’ Days Days 738 804
Interest coverage x 22.7 14.0
Debt to equity ratio x 0.0 0.0
Return on assets % 17.6 10.4
Return on equity % 35.5 17.7
Return on capital employed % 51.4 26.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ACCELYA SOLUTIONS has performed over the last 5 years, please visit here.

ACCELYA SOLUTIONS Share Price Performance

Over the last one year, ACCELYA SOLUTIONS share price has moved up from Rs 959.2 to Rs 1,243.1, registering a gain of Rs 283.9 or around 29.6%.

Meanwhile, the S&P BSE IT Index is trading at Rs 34,573.2 (up 1.0%). Over the last one year it has moved up from 21,262.7 to 34,573.2, a gain of 13,311 points (up 62.6%).

Overall, the S&P BSE SENSEX is up 52.3% over the year.

(To know more, check out historical annual results for ACCELYA SOLUTIONS and quarterly results for ACCELYA SOLUTIONS)

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