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KRBL 2020-21 Annual Report Analysis
Wed, 31 Mar

KRBL 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.

KRBL Income Statement Analysis

  • Operating income during the year fell 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 5.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.6% in FY21 as against 19.3% in FY20.
  • Depreciation charges decreased by 1.3% and finance costs decreased by 62.2% YoY, respectively.
  • Other income grew by 0.8% YoY.
  • Net profit for the year grew by 0.1% YoY.
  • Net profit margins during the year grew from 12.4% in FY20 to 14.0% in FY21.

KRBL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 44,990 39,919 -11.3%
Other income Rs m 225 227 0.8%
Total Revenues Rs m 45,215 40,146 -11.2%
Gross profit Rs m 8,704 8,222 -5.5%
Depreciation Rs m 729 720 -1.3%
Interest Rs m 624 236 -62.2%
Profit before tax Rs m 7,576 7,494 -1.1%
Tax Rs m 1,994 1,905 -4.5%
Profit after tax Rs m 5,582 5,589 0.1%
Gross profit margin % 19.3 20.6
Effective tax rate % 26.3 25.4
Net profit margin % 12.4 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KRBL Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 7 billion as compared to Rs 11 billion in FY20, thereby witnessing an decrease of -30.8%.
  • Long-term debt down at Rs 60 million as compared to Rs 196 million during FY20, a fall of 69.5%.
  • Current assets rose 7% and stood at Rs 34 billion, while fixed assets fell 2% and stood at Rs 12 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 46 billion as against Rs 44 billion during FY20, thereby witnessing a growth of 5%.

KRBL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 31,276 36,925 18.1
 
Current Liabilities Rs m 10,520 7,284 -30.8
Long-term Debt Rs m 196 60 -69.5
Total Liabilities Rs m 44,229 46,278 4.6
 
Current assets Rs m 31,722 34,056 7.4
Fixed Assets Rs m 12,508 12,223 -2.3
Total Assets Rs m 44,229 46,278 4.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KRBL Cash Flow Statement Analysis

  • KRBL's cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -117 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion, an improvement of 80% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs 102 million net cash flows seen during FY20.

KRBL 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 12,119 3,837 -68.3%
Cash Flow from Investing Activities Rs m -535 -117 -
Cash Flow from Financing Activities Rs m -11,482 -2,271 -
Net Cash Flow Rs m 102 1,450 1,324.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KRBL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.7, an improvement from the EPS of Rs 23.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 179.4, stands at 7.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.1 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 191.1 169.6
TTM Earnings per share Rs 23.7 23.7
Diluted earnings per share Rs 23.7 23.7
Price to Cash Flow x 5.1 9.1
TTM P/E ratio x 5.7 7.6
Price / Book Value ratio x 1.7 1.6
Market Cap Rs m 53,698 57,329
Dividends per share (Unadj.) Rs 2.8 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KRBL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 4.7x during FY21, from 3.0x 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 32.8x during FY21, from 13.1x 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 15.1% during FY21, from 17.8% 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 20.9% during FY21, from 26.1% 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 declined and down at 12.6% during FY21, from 14.0% 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 3.0 4.7
Debtors’ Days Days 187 184
Interest coverage x 13.1 32.8
Debt to equity ratio x 0.0 0.0
Return on assets % 14.0 12.6
Return on equity % 17.8 15.1
Return on capital employed % 26.1 20.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

KRBL Share Price Performance

Over the last one year, KRBL share price has moved up from Rs 136.3 to Rs 179.4, registering a gain of Rs 43.1 or around 31.6%.

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

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

Annual Report FAQs

What is the current share price of KRBL?

KRBL currently trades at Rs 290.8 per share. You can check out the latest share price performance of KRBL here...

What was the revenue of KRBL in FY21? How does it compare to earlier years?

The revenues of KRBL stood at Rs 40,146 m in FY21, which was down -11.2% compared to Rs 45,215 m reported in FY20.

KRBL's revenue has grown from Rs 31,579 m in FY17 to Rs 40,146 m in FY21.

Over the past 5 years, the revenue of KRBL has grown at a CAGR of 6.2%.

What was the net profit of KRBL in FY21? How does it compare to earlier years?

The net profit of KRBL stood at Rs 5,589 m in FY21, which was up 0.1% compared to Rs 5,582 m reported in FY20.

This compares to a net profit of Rs 5,030 m in FY19 and a net profit of Rs 4,344 m in FY18.

Over the past 5 years, KRBL net profit has grown at a CAGR of 8.8%.

What does the cash flow statement of KRBL reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of KRBL reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs 3,837 m as compared to Rs 12,119 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -117 m as compared to Rs -535 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs -2,271 m as compared to Rs -11,482 m in FY20.

Here's the cash flow statement of KRBL for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations2,583608-1,14912,1193,837
From Investments-2,079-487202-535-117
From Financial Activity-737247595-11,482-2,271
Net Cashflow-233368-3521021,450

What does the Key Ratio analysis of KRBL reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of KRBL reveals:

  • Operating profit margins witnessed a fall and down at 20.6% in FY21 as against 19.3% in FY20.
  • Net profit margins grew from 12.4% in FY20 to 14.0% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.0 as compared to 0.0 in FY20.

Here's the ratio/financial analysis of KRBL for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)20.423.920.619.320.6
Net Profit Margin (%)12.713.412.212.414.0
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of KRBL

 

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