KIOCL 2020-21 Annual Report Analysis

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KIOCL 2020-21 Annual Report Analysis
Tue, 9 Nov

KIOCL 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.

KIOCL Income Statement Analysis

  • Operating income during the year rose 23.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 2145.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.0% in FY21 as against 0.9% in FY20.
  • Depreciation charges decreased by 0.1% and finance costs increased by 49.2% YoY, respectively.
  • Other income declined by 20.7% YoY.
  • Net profit for the year grew by 592.7% YoY.
  • Net profit margins during the year grew from 2.1% in FY20 to 12.2% in FY21.

KIOCL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 19,376 23,836 23.0%
Other income Rs m 1,189 942 -20.7%
Total Revenues Rs m 20,565 24,778 20.5%
Gross profit Rs m -175 3,587 -2,145.0%
Depreciation Rs m 275 275 -0.1%
Interest Rs m 102 152 49.2%
Profit before tax Rs m 637 4,102 544.3%
Tax Rs m 202 1,091 439.9%
Profit after tax Rs m 435 3,012 592.7%
Gross profit margin % -0.9 15.0
Effective tax rate % 31.7 26.6
Net profit margin % 2.1 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

KIOCL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 5 billion as compared to Rs 4 billion in FY20, thereby witnessing an increase of 37.6%.
  • Current assets rose 9% and stood at Rs 24 billion, while fixed assets rose 3% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 27 billion as against Rs 25 billion during FY20, thereby witnessing a growth of 8%.

KIOCL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 19,159 19,860 3.7
 
Current Liabilities Rs m 3,762 5,178 37.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 24,893 27,009 8.5
 
Current assets Rs m 21,748 23,755 9.2
Fixed Assets Rs m 3,145 3,254 3.5
Total Assets Rs m 24,893 27,009 8.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KIOCL Cash Flow Statement Analysis

  • KIOCL's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 3 billion, an improvement of 515.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 2 billion from the Rs -854 million net cash flows seen during FY20.

KIOCL 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 -218 1,106 -
Cash Flow from Investing Activities Rs m 485 2,985 515.1%
Cash Flow from Financing Activities Rs m -1,122 -2,451 -
Net Cash Flow Rs m -854 1,640 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KIOCL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.0, an improvement from the EPS of Rs 0.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 265.5, stands at 31.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 49.1 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 31.2 39.2
TTM Earnings per share Rs 0.7 5.0
Diluted earnings per share Rs 0.7 5.0
Price to Cash Flow x 232.6 49.1
TTM P/E ratio x 32.7 31.9
Price / Book Value ratio x 3.2 3.8
Market Cap Rs m 165,090 161,328
Dividends per share (Unadj.) Rs 0.7 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KIOCL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 4.6x during FY21, from 5.8x 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 28.0x during FY21, from 7.3x 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 15.2% during FY21, from 2.3% 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 21.4% during FY21, from 3.9% 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 11.7% during FY21, from 2.2% 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 5.8 4.6
Debtors’ Days Days 231 372
Interest coverage x 7.3 28.0
Debt to equity ratio x 0.0 0.0
Return on assets % 2.2 11.7
Return on equity % 2.3 15.2
Return on capital employed % 3.9 21.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

KIOCL Share Price Performance

Over the last one year, KIOCL share price has moved up from Rs 111.0 to Rs 265.5, registering a gain of Rs 154.5 or around 139.1%.

Overall, the S&P BSE SENSEX is up 49.1% over the year.

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

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