KOPRAN. 2020-21 Annual Report Analysis

Wed, 31 Mar

KOPRAN. 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.

KOPRAN. Income Statement Analysis

• Operating income during the year rose 36.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 76.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.6% in FY21 as against 12.8% in FY20.
• Depreciation charges increased by 6.4% and finance costs decreased by 30.0% YoY, respectively.
• Other income grew by 2776.5% YoY.
• Net profit for the year grew by 193.1% YoY.
• Net profit margins during the year grew from 5.8% in FY20 to 12.5% in FY21.

KOPRAN. Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	3,595	4,918	36.8%
Other income	Rs m	6	182	2,776.5%
Total Revenues	Rs m	3,601	5,100	41.6%
Gross profit	Rs m	461	816	76.9%
Depreciation	Rs m	96	102	6.4%
Interest	Rs m	89	62	-30.0%
Profit before tax	Rs m	283	833	194.6%
Tax	Rs m	73	217	199.2%
Profit after tax	Rs m	210	616	193.1%
Gross profit margin	%	12.8	16.6
Effective tax rate	%	25.7	26.1
Net profit margin	%	5.8	12.5

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KOPRAN. Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 2 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 14.7%.
• Long-term debt down at Rs 212 million as compared to Rs 318 million during FY20, a fall of 33.4%.
• Current assets rose 24% and stood at Rs 3 billion, while fixed assets rose 10% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 19%.

KOPRAN. Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	1,897	2,450	29.2
Current Liabilities	Rs m	1,401	1,607	14.7
Long-term Debt	Rs m	318	212	-33.4
Total Liabilities	Rs m	3,702	4,394	18.7
Current assets	Rs m	2,226	2,769	24.4
Fixed Assets	Rs m	1,476	1,624	10.0
Total Assets	Rs m	3,702	4,394	18.7

KOPRAN. Cash Flow Statement Analysis

• KOPRAN.'s cash flow from operating activities (CFO) during FY21 stood at Rs 600 million, an improvement of 93.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -244 million, an improvement of 95.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -346 million on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 10 million from the Rs 4 million net cash flows seen during FY20.

KOPRAN. 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	310	600	93.4%
Cash Flow from Investing Activities	Rs m	-125	-244	-
Cash Flow from Financing Activities	Rs m	-181	-346	-
Net Cash Flow	Rs m	4	10	131.7%

Current Valuations for KOPRAN.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.2, an improvement from the EPS of Rs 4.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 105.0, stands at 8.2 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 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 5.1 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	83.1	113.7
TTM Earnings per share	Rs	4.9	14.2
Diluted earnings per share	Rs	4.4	12.8
Price to Cash Flow	x	4.0	5.1
TTM P/E ratio	x	5.5	8.2
Price / Book Value ratio	x	0.7	1.5
Market Cap	Rs m	1,346	3,634
Dividends per share (Unadj.)	Rs	0.0	1.5

Ratio Analysis for KOPRAN.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.6x 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 14.4x during FY21, from 4.2x 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 25.1% 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 improved and stood at 33.6% during FY21, from 16.8% 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 15.4% during FY21, from 8.1% 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	1.6	1.7
Debtors’ Days	Days	942	891
Interest coverage	x	4.2	14.4
Debt to equity ratio	x	0.2	0.1
Return on assets	%	8.1	15.4
Return on equity	%	11.1	25.1
Return on capital employed	%	16.8	33.6

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

KOPRAN. Share Price Performance

Over the last one year, KOPRAN. share price has moved up from Rs 25.4 to Rs 105.0, registering a gain of Rs 79.6 or around 314.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,328.2 (up 0.4%). Over the last one year it has moved up from 12,148.6 to 21,328.2, a gain of 9,180 points (up 75.6%).

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

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

Read: Latest Annual Report Analysis of KOPRAN.