KOLTE PATIL 2020-21 Annual Report Analysis

Wed, 31 Mar

KOLTE PATIL 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.

KOLTE PATIL Income Statement Analysis

• Operating income during the year fell 38.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 73.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.0% in FY21 as against 20.7% in FY20.
• Depreciation charges decreased by 30.5% and finance costs decreased by 11.7% YoY, respectively.
• Other income declined by 64.4% YoY.
• Net profit for the year declined by 103.9% YoY.
• Net profit margins during the year declined from 8.8% in FY20 to 0.6% in FY21.

KOLTE PATIL Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	11,295	6,917	-38.8%
Other income	Rs m	470	167	-64.4%
Total Revenues	Rs m	11,765	7,085	-39.8%
Gross profit	Rs m	2,336	624	-73.3%
Depreciation	Rs m	172	120	-30.5%
Interest	Rs m	797	703	-11.7%
Profit before tax	Rs m	1,837	-32	-101.7%
Tax	Rs m	840	7	-99.2%
Profit after tax	Rs m	997	-38	-103.9%
Gross profit margin	%	20.7	9.0
Effective tax rate	%	45.7	-21.5
Net profit margin	%	8.8	-0.6

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KOLTE PATIL Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 25 billion as compared to Rs 23 billion in FY20, thereby witnessing an increase of 9.9%.
• Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY20, a fall of 0.5%.
• Current assets rose 5% and stood at Rs 32 billion, while fixed assets fell 4% and stood at Rs 6 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 37 billion as against Rs 36 billion during FY20, thereby witnessing a growth of 4%.

KOLTE PATIL Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	9,013	8,930	-0.9
Current Liabilities	Rs m	22,860	25,114	9.9
Long-term Debt	Rs m	4,225	4,205	-0.5
Total Liabilities	Rs m	35,889	37,222	3.7
Current assets	Rs m	30,063	31,634	5.2
Fixed Assets	Rs m	5,826	5,587	-4.1
Total Assets	Rs m	35,889	37,222	3.7

KOLTE PATIL Cash Flow Statement Analysis

• KOLTE PATIL's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 123.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion, an improvement of 40% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 321 million from the Rs 386 million net cash flows seen during FY20.

KOLTE PATIL 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	3,349	3,238	-3.3%
Cash Flow from Investing Activities	Rs m	-692	-1,547	-
Cash Flow from Financing Activities	Rs m	-2,271	-1,369	-
Net Cash Flow	Rs m	386	321	-16.8%

Current Valuations for KOLTE PATIL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.5, an decline from the EPS of Rs 13.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 225.8, stands at -446.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 2.5 times.
• The company's price to cash flow (P/CF) ratio stood at 185.6 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	149.0	91.0
TTM Earnings per share	Rs	13.2	-0.5
Diluted earnings per share	Rs	13.1	-0.5
Price to Cash Flow	x	7.7	185.6
TTM P/E ratio	x	9.0	-446.9
Price / Book Value ratio	x	1.6	1.7
Market Cap	Rs m	14,826	15,093
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for KOLTE PATIL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY21, from 1.3x 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 1.0x during FY21, from 3.3x 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 declined and down at -0.4% during FY21, from 11.1% 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 5.1% during FY21, from 19.9% 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 declined and down at 1.8% 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	1.3	1.3
Debtors’ Days	Days	199	174
Interest coverage	x	3.3	1.0
Debt to equity ratio	x	0.5	0.5
Return on assets	%	5.0	1.8
Return on equity	%	11.1	-0.4
Return on capital employed	%	19.9	5.1

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

KOLTE PATIL Share Price Performance

Over the last one year, KOLTE PATIL share price has moved up from Rs 117.9 to Rs 225.8, registering a gain of Rs 107.9 or around 91.5%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,670.3 (up 1.9%). Over the last one year it has moved up from 1,353.7 to 2,670.3, a gain of 1,317 points (up 97.3%).

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

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

Read: Latest Annual Report Analysis of KOLTE PATIL