KRBL 2020-21 Annual Report Analysis

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KRBL 2020-21 Annual Report Analysis
Wed, 20 Oct

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 12.3% in FY20 to 13.9% 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 % 12.3 13.9
* 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 293.5, stands at 12.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.0 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 10.9 11.0
TTM P/E ratio x 12.0 12.0
Price / Book Value ratio x 1.7 1.6
Market Cap Rs m 69,087 69,087
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 256.3 to Rs 293.5, registering a gain of Rs 37.3 or around 14.5%.

Overall, the S&P BSE SENSEX is up 52.6% over the year.

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

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