KIRLOSKAR PNEUMATIC 2020-21 Annual Report Analysis

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KIRLOSKAR PNEUMATIC 2020-21 Annual Report Analysis
Tue, 9 Nov

KIRLOSKAR PNEUMATIC 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.

KIRLOSKAR PNEUMATIC Income Statement Analysis

  • Operating income during the year fell 0.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.0% in FY21 as against 11.7% in FY20.
  • Depreciation charges increased by 15.4% and finance costs increased by 13.7% YoY, respectively.
  • Other income declined by 3.8% YoY.
  • Net profit for the year grew by 19.3% YoY.
  • Net profit margins during the year grew from 6.4% in FY20 to 7.7% in FY21.

KIRLOSKAR PNEUMATIC Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,291 8,233 -0.7%
Other income Rs m 105 101 -3.8%
Total Revenues Rs m 8,396 8,334 -0.7%
Gross profit Rs m 973 1,152 18.3%
Depreciation Rs m 326 376 15.4%
Interest Rs m 34 38 13.7%
Profit before tax Rs m 719 839 16.6%
Tax Rs m 184 200 8.8%
Profit after tax Rs m 535 638 19.3%
Gross profit margin % 11.7 14.0
Effective tax rate % 25.6 23.9
Net profit margin % 6.4 7.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KIRLOSKAR PNEUMATIC Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -0.2%.
  • Long-term debt stood at Rs 375 million as compared to Rs 0 million during FY20, a fall of 0.0%.
  • Current assets rose 26% and stood at Rs 7 billion, while fixed assets fell 1% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 9 billion as against Rs 8 billion during FY20, thereby witnessing a growth of 17%.

KIRLOSKAR PNEUMATIC Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,935 5,860 18.7
 
Current Liabilities Rs m 2,893 2,887 -0.2
Long-term Debt Rs m 0 375 0.0
Total Liabilities Rs m 7,899 9,244 17.0
 
Current assets Rs m 5,383 6,765 25.7
Fixed Assets Rs m 2,516 2,479 -1.5
Total Assets Rs m 7,899 9,244 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KIRLOSKAR PNEUMATIC Cash Flow Statement Analysis

  • KIRLOSKAR PNEUMATIC's cash flow from operating activities (CFO) during FY21 stood at Rs 566 million, an improvement of 484.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -488 million, an improvement of 660.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 98 million, an improvement of 272% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 176 million from the Rs -24 million net cash flows seen during FY20.

KIRLOSKAR PNEUMATIC 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 97 566 484.2%
Cash Flow from Investing Activities Rs m -64 -488 -
Cash Flow from Financing Activities Rs m -57 98 -
Net Cash Flow Rs m -24 176 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KIRLOSKAR PNEUMATIC

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.9, an improvement from the EPS of Rs 8.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 415.0, stands at 32.6 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 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.3 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 129.1 128.1
TTM Earnings per share Rs 8.3 9.9
Diluted earnings per share Rs 8.3 9.9
Price to Cash Flow x 31.0 26.3
TTM P/E ratio x 32.5 32.6
Price / Book Value ratio x 1.9 2.1
Market Cap Rs m 26,649 26,705
Dividends per share (Unadj.) Rs 2.7 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KIRLOSKAR PNEUMATIC

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY21, from 1.9x 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 23.0x during FY21, from 22.4x 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 improved and stood at 10.9% during FY21, from 10.8% 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 14.1% during FY21, from 15.3% 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 7.3% during FY21, from 7.2% 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 1.9 2.3
Debtors’ Days Days 83 137
Interest coverage x 22.4 23.0
Debt to equity ratio x 0.0 0.1
Return on assets % 7.2 7.3
Return on equity % 10.8 10.9
Return on capital employed % 15.3 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how KIRLOSKAR PNEUMATIC has performed over the last 5 years, please visit here.

KIRLOSKAR PNEUMATIC Share Price Performance

Over the last one year, KIRLOSKAR PNEUMATIC share price has moved up from Rs 119.2 to Rs 415.0, registering a gain of Rs 295.8 or around 248.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 28,833.3 (up 1.1%). Over the last one year it has moved up from 14,989.1 to 28,833.3, a gain of 13,844 points (up 92.4%).

Overall, the S&P BSE SENSEX is up 48.8% over the year.

(To know more, check out historical annual results for KIRLOSKAR PNEUMATIC and quarterly results for KIRLOSKAR PNEUMATIC)

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