KAVERI SEED 2020-21 Annual Report Analysis

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KAVERI SEED 2020-21 Annual Report Analysis
Tue, 19 Oct

KAVERI SEED 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.

KAVERI SEED Income Statement Analysis

  • Operating income during the year rose 11.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.8% in FY21 as against 27.2% in FY20.
  • Depreciation charges decreased by 13.3% and finance costs increased by 5.4% YoY, respectively.
  • Other income grew by 0.3% YoY.
  • Net profit for the year grew by 19.7% YoY.
  • Net profit margins during the year grew from 26.6% in FY20 to 28.8% in FY21.

KAVERI SEED Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 9,303 10,363 11.4%
Other income Rs m 456 457 0.3%
Total Revenues Rs m 9,759 10,821 10.9%
Gross profit Rs m 2,532 2,980 17.7%
Depreciation Rs m 257 222 -13.3%
Interest Rs m 5 5 5.4%
Profit before tax Rs m 2,727 3,210 17.7%
Tax Rs m 127 98 -23.1%
Profit after tax Rs m 2,599 3,112 19.7%
Gross profit margin % 27.2 28.8
Effective tax rate % 4.7 3.1
Net profit margin % 26.6 28.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KAVERI SEED Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 7 billion as compared to Rs 6 billion in FY20, thereby witnessing an increase of 17.0%.
  • Long-term debt down at Rs 11 million as compared to Rs 58 million during FY20, a fall of 81.3%.
  • Current assets rose 29% and stood at Rs 16 billion, while fixed assets rose 9% and stood at Rs 4 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 20 billion as against Rs 16 billion during FY20, thereby witnessing a growth of 24%.

KAVERI SEED Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 9,587 12,444 29.8
 
Current Liabilities Rs m 5,788 6,773 17.0
Long-term Debt Rs m 58 11 -81.3
Total Liabilities Rs m 16,059 19,953 24.2
 
Current assets Rs m 12,598 16,192 28.5
Fixed Assets Rs m 3,461 3,761 8.7
Total Assets Rs m 16,059 19,953 24.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KAVERI SEED Cash Flow Statement Analysis

  • KAVERI SEED's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 31.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -291 million, an improvement of 90% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 55 million from the Rs 28 million net cash flows seen during FY20.

KAVERI SEED 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 1,917 2,519 31.4%
Cash Flow from Investing Activities Rs m 1,125 -2,173 -
Cash Flow from Financing Activities Rs m -3,014 -291 -
Net Cash Flow Rs m 28 55 96.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KAVERI SEED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 51.6, an improvement from the EPS of Rs 43.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 550.0, stands at 15.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 2.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.0 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 154.2 171.8
TTM Earnings per share Rs 43.1 51.6
Diluted earnings per share Rs 43.1 51.6
Price to Cash Flow x 11.6 10.0
TTM P/E ratio x 15.1 15.1
Price / Book Value ratio x 2.7 2.4
Market Cap Rs m 33,181 33,181
Dividends per share (Unadj.) Rs 3.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KAVERI SEED

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.4x during FY21, from 2.2x 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 636.7x during FY21, from 570.2x 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 declined and down at 25.0% during FY21, from 27.1% 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 25.8% during FY21, from 28.3% 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 15.6% during FY21, from 16.2% 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 2.2 2.4
Debtors’ Days Days 463 372
Interest coverage x 570.2 636.7
Debt to equity ratio x 0.0 0.0
Return on assets % 16.2 15.6
Return on equity % 27.1 25.0
Return on capital employed % 28.3 25.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

KAVERI SEED Share Price Performance

Over the last one year, KAVERI SEED share price has moved up from Rs 543.8 to Rs 550.0, registering a gain of Rs 6.2 or around 1.1%.

Overall, the S&P BSE SENSEX is up 51.9% over the year.

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

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Related Views on News

KAVERI SEED Announces Quarterly Results (1QFY22); Net Profit Down 30.9% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, KAVERI SEED has posted a net profit of Rs 2 bn (down 30.9% YoY). Sales on the other hand came in at Rs 6 bn (down 12.5% YoY). Read on for a complete analysis of KAVERI SEED's quarterly results.

KAVERI SEED Announces Quarterly Results (2QFY21); Net Profit Up 73.1% (Quarterly Result Update)

Feb 11, 2021 | Updated on Feb 11, 2021

For the quarter ended September 2020, KAVERI SEED has posted a net profit of Rs 234 m (up 73.1% YoY). Sales on the other hand came in at Rs 1 bn (up 13.9% YoY). Read on for a complete analysis of KAVERI SEED's quarterly results.

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