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KABRA EXTRUSION 2020-21 Annual Report Analysis

Wed, 31 Mar

KABRA EXTRUSION 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.

KABRA EXTRUSION Income Statement Analysis

• Operating income during the year rose 24.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 225.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.9% in FY21 as against 5.7% in FY20.
• Depreciation charges increased by 25.3% and finance costs increased by 85.4% YoY, respectively.
• Other income declined by 2.6% YoY.
• Net profit for the year grew by 223.7% YoY.
• Net profit margins during the year grew from 3.4% in FY20 to 8.8% in FY21.

KABRA EXTRUSION Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	2,202	2,742	24.5%
Other income	Rs m	29	29	-2.6%
Total Revenues	Rs m	2,231	2,771	24.2%
Gross profit	Rs m	125	408	225.5%
Depreciation	Rs m	77	97	25.3%
Interest	Rs m	15	27	85.4%
Profit before tax	Rs m	63	313	396.9%
Tax	Rs m	-12	71	-698.3%
Profit after tax	Rs m	75	242	223.7%
Gross profit margin	%	5.7	14.9
Effective tax rate	%	-18.8	22.6
Net profit margin	%	3.4	8.8

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KABRA EXTRUSION Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an decrease of -13.0%.
• Long-term debt down at Rs 129 million as compared to Rs 150 million during FY20, a fall of 14.2%.
• Current assets rose 3% and stood at Rs 2 billion, while fixed assets rose 14% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 8%.

KABRA EXTRUSION Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	2,322	2,781	19.8
Current Liabilities	Rs m	1,203	1,047	-13.0
Long-term Debt	Rs m	150	129	-14.2
Total Liabilities	Rs m	3,690	3,991	8.2
Current assets	Rs m	1,955	2,023	3.4
Fixed Assets	Rs m	1,735	1,969	13.5
Total Assets	Rs m	3,690	3,991	8.2

KABRA EXTRUSION Cash Flow Statement Analysis

• KABRA EXTRUSION's cash flow from operating activities (CFO) during FY21 stood at Rs 381 million, an improvement of 33.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -323 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -47 million on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 11 million from the Rs -13 million net cash flows seen during FY20.

KABRA EXTRUSION 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	285	381	33.9%
Cash Flow from Investing Activities	Rs m	-392	-323	-
Cash Flow from Financing Activities	Rs m	94	-47	-
Net Cash Flow	Rs m	-13	11	-

Current Valuations for KABRA EXTRUSION

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.6, an improvement from the EPS of Rs 2.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 179.6, stands at 23.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 12.1 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	69.0	86.0
TTM Earnings per share	Rs	2.3	7.6
Diluted earnings per share	Rs	2.3	7.5
Price to Cash Flow	x	9.1	12.1
TTM P/E ratio	x	18.5	23.8
Price / Book Value ratio	x	0.9	1.5
Market Cap	Rs m	1,984	4,098
Dividends per share (Unadj.)	Rs	1.5	2.5

Ratio Analysis for KABRA EXTRUSION

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY21, from 1.6x 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 improved and stood at 12.6x during FY21, from 5.3x 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 improved and stood at 8.7% during FY21, from 3.2% 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 11.7% during FY21, from 3.1% 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 6.7% during FY21, from 2.4% 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	1.6	1.9
Debtors’ Days	Days	270	287
Interest coverage	x	5.3	12.6
Debt to equity ratio	x	0.1	0.0
Return on assets	%	2.4	6.7
Return on equity	%	3.2	8.7
Return on capital employed	%	3.1	11.7

To see how KABRA EXTRUSION has performed over the last 5 years, please visit here.

KABRA EXTRUSION Share Price Performance

Over the last one year, KABRA EXTRUSION share price has moved up from Rs 43.1 to Rs 179.6, registering a gain of Rs 136.5 or around 316.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 21,095.8 (down 0.4%). Over the last one year it has moved up from 10,979.5 to 21,095.8, a gain of 10,116 points (up 92.1%).

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

(To know more, check out historical annual results for KABRA EXTRUSION and quarterly results for KABRA EXTRUSION)

Read: Latest Annual Report Analysis of KABRA EXTRUSION