KIRI INDUSTRIES 2020-21 Annual Report Analysis

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KIRI INDUSTRIES 2020-21 Annual Report Analysis
Thu, 28 Oct

KIRI 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.

KIRI INDUSTRIES Income Statement Analysis

  • Operating income during the year fell 26.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 55.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.6% in FY21 as against 14.3% in FY20.
  • Depreciation charges increased by 3.9% and finance costs decreased by 17.1% YoY, respectively.
  • Other income declined by 57.7% YoY.
  • Net profit for the year declined by 81.2% YoY.
  • Net profit margins during the year declined from 8.8% in FY20 to 2.3% in FY21.

KIRI INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 13,054 9,570 -26.7%
Other income Rs m 53 22 -57.7%
Total Revenues Rs m 13,107 9,593 -26.8%
Gross profit Rs m 1,861 826 -55.6%
Depreciation Rs m 444 461 3.9%
Interest Rs m 48 40 -17.1%
Profit before tax Rs m 1,421 347 -75.6%
Tax Rs m 264 129 -51.1%
Profit after tax Rs m 1,157 218 -81.2%
Gross profit margin % 14.3 8.6
Effective tax rate % 18.6 37.2
Net profit margin % 8.8 2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KIRI INDUSTRIES 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 12.9%.
  • Long-term debt down at Rs 952 million as compared to Rs 960 million during FY20, a fall of 0.8%.
  • Current assets rose 5% and stood at Rs 5 billion, while fixed assets rose 14% and stood at Rs 22 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 27 billion as against Rs 24 billion during FY20, thereby witnessing a growth of 12%.

KIRI INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 19,334 21,844 13.0
 
Current Liabilities Rs m 3,572 4,031 12.9
Long-term Debt Rs m 960 952 -0.8
Total Liabilities Rs m 24,070 26,928 11.9
 
Current assets Rs m 5,151 5,426 5.3
Fixed Assets Rs m 18,919 21,503 13.7
Total Assets Rs m 24,070 26,928 11.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KIRI INDUSTRIES Cash Flow Statement Analysis

  • KIRI INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 722 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -702 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -70 million, an improvement of 74% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -50 million from the Rs -66 million net cash flows seen during FY20.

KIRI 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 1,243 722 -41.9%
Cash Flow from Investing Activities Rs m -1,042 -702 -
Cash Flow from Financing Activities Rs m -267 -70 -
Net Cash Flow Rs m -66 -50 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KIRI INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.5, an decline from the EPS of Rs 34.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 486.0, stands at 33.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.1 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 388.3 284.7
TTM Earnings per share Rs 34.4 6.5
Diluted earnings per share Rs 34.4 6.5
Price to Cash Flow x 10.2 24.1
TTM P/E ratio x 33.3 33.3
Price / Book Value ratio x 0.7 0.7
Market Cap Rs m 16,338 16,338
Dividends per share (Unadj.) Rs 0.5 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KIRI INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY21, from 1.4x 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 9.7x during FY21, from 30.4x 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 1.0% during FY21, from 6.0% 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 1.7% during FY21, from 7.2% 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 declined and down at 1.0% during FY21, from 5.0% 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 1.4 1.3
Debtors’ Days Days 896 1,256
Interest coverage x 30.4 9.7
Debt to equity ratio x 0.0 0.0
Return on assets % 5.0 1.0
Return on equity % 6.0 1.0
Return on capital employed % 7.2 1.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

KIRI INDUSTRIES Share Price Performance

Over the last one year, KIRI INDUSTRIES share price has moved up from Rs 445.1 to Rs 486.0, registering a gain of Rs 40.9 or around 9.2%.

Overall, the S&P BSE SENSEX is up 49.4% over the year.

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

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