KPR MILL 2020-21 Annual Report Analysis

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KPR MILL 2020-21 Annual Report Analysis
Wed, 20 Oct

KPR MILL 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.

KPR MILL Income Statement Analysis

  • Operating income during the year rose 5.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 33.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.5% in FY21 as against 18.6% in FY20.
  • Depreciation charges increased by 7.0% and finance costs decreased by 33.9% YoY, respectively.
  • Other income grew by 6.5% YoY.
  • Net profit for the year grew by 36.8% YoY.
  • Net profit margins during the year grew from 11.1% in FY20 to 14.4% in FY21.

KPR MILL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 33,526 35,302 5.3%
Other income Rs m 365 388 6.5%
Total Revenues Rs m 33,891 35,690 5.3%
Gross profit Rs m 6,220 8,296 33.4%
Depreciation Rs m 1,371 1,467 7.0%
Interest Rs m 497 328 -33.9%
Profit before tax Rs m 4,717 6,889 46.0%
Tax Rs m 950 1,736 82.8%
Profit after tax Rs m 3,767 5,153 36.8%
Gross profit margin % 18.6 23.5
Effective tax rate % 20.1 25.2
Net profit margin % 11.1 14.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KPR MILL Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 7 billion as compared to Rs 8 billion in FY20, thereby witnessing an decrease of -10.7%.
  • Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY20, a fall of 13.4%.
  • Current assets rose 16% and stood at Rs 18 billion, while fixed assets rose 9% and stood at Rs 15 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 33 billion as against Rs 29 billion during FY20, thereby witnessing a growth of 13%.

KPR MILL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 18,659 23,502 26.0
 
Current Liabilities Rs m 7,703 6,881 -10.7
Long-term Debt Rs m 2,068 1,791 -13.4
Total Liabilities Rs m 28,824 32,514 12.8
 
Current assets Rs m 15,102 17,544 16.2
Fixed Assets Rs m 13,723 14,970 9.1
Total Assets Rs m 28,824 32,514 12.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KPR MILL Cash Flow Statement Analysis

  • KPR MILL's cash flow from operating activities (CFO) during FY21 stood at Rs 7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -5 billion, an improvement of 93.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion, an improvement of 53% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -839 million from the Rs 877 million net cash flows seen during FY20.

KPR MILL 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 7,883 6,589 -16.4%
Cash Flow from Investing Activities Rs m -2,828 -5,483 -
Cash Flow from Financing Activities Rs m -4,178 -1,944 -
Net Cash Flow Rs m 877 -839 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KPR MILL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 74.9, an improvement from the EPS of Rs 54.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 451.1, stands at 5.0 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 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.7 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 487.2 513.0
TTM Earnings per share Rs 54.7 74.9
Diluted earnings per share Rs 54.7 74.9
Price to Cash Flow x 6.0 4.7
TTM P/E ratio x 5.0 5.0
Price / Book Value ratio x 1.9 2.1
Market Cap Rs m 31,040 31,040
Dividends per share (Unadj.) Rs 0.9 0.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KPR MILL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during FY21, from 2.0x 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 22.0x during FY21, from 10.5x 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 21.9% during FY21, from 20.2% 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 28.5% during FY21, from 25.2% 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 16.9% during FY21, from 14.8% 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 2.0 2.5
Debtors’ Days Days 446 332
Interest coverage x 10.5 22.0
Debt to equity ratio x 0.1 0.1
Return on assets % 14.8 16.9
Return on equity % 20.2 21.9
Return on capital employed % 25.2 28.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

KPR MILL Share Price Performance

Over the last one year, KPR MILL share price has moved up from Rs 129.1 to Rs 451.1, registering a gain of Rs 322.0 or around 249.4%.

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

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

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