LUX INDUSTRIES 2020-21 Annual Report Analysis

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LUX INDUSTRIES 2020-21 Annual Report Analysis
Tue, 19 Oct

LUX INDUSTRIES 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.

LUX INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 17.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 41.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.5% in FY21 as against 16.1% in FY20.
  • Depreciation charges increased by 18.0% and finance costs decreased by 39.6% YoY, respectively.
  • Other income grew by 85.8% YoY.
  • Net profit for the year grew by 52.0% YoY.
  • Net profit margins during the year grew from 10.6% in FY20 to 13.7% in FY21.

LUX INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 16,678 19,525 17.1%
Other income Rs m 66 123 85.8%
Total Revenues Rs m 16,744 19,649 17.3%
Gross profit Rs m 2,686 3,804 41.6%
Depreciation Rs m 151 179 18.0%
Interest Rs m 211 127 -39.6%
Profit before tax Rs m 2,391 3,621 51.5%
Tax Rs m 618 927 50.0%
Profit after tax Rs m 1,773 2,694 52.0%
Gross profit margin % 16.1 19.5
Effective tax rate % 25.9 25.6
Net profit margin % 10.6 13.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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LUX INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 5 billion as compared to Rs 5 billion in FY20, thereby witnessing an decrease of -5.8%.
  • Long-term debt stood at Rs 155 million as compared to Rs 78 million during FY20, a growth of 98.2%.
  • Current assets rose 19% and stood at Rs 13 billion, while fixed assets rose 23% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 15 billion as against Rs 13 billion during FY20, thereby witnessing a growth of 19%.

LUX INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,403 10,056 35.8
 
Current Liabilities Rs m 4,816 4,539 -5.8
Long-term Debt Rs m 78 155 98.2
Total Liabilities Rs m 12,501 14,917 19.3
 
Current assets Rs m 10,741 12,754 18.7
Fixed Assets Rs m 1,760 2,163 22.9
Total Assets Rs m 12,501 14,917 19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



LUX INDUSTRIES Cash Flow Statement Analysis

  • LUX INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion, an improvement of 154.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 299.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 786 million from the Rs 41 million net cash flows seen during FY20.

LUX INDUSTRIES 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 1,527 3,885 154.5%
Cash Flow from Investing Activities Rs m -442 -1,765 -
Cash Flow from Financing Activities Rs m -1,305 -1,334 -
Net Cash Flow Rs m 41 786 1,808.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for LUX INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 89.6, an improvement from the EPS of Rs 58.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,633.3, stands at 35.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.1 times, while the price to sales ratio stands at 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 31.9 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 554.6 649.3
TTM Earnings per share Rs 58.9 89.6
Diluted earnings per share Rs 70.2 106.7
Price to Cash Flow x 56.8 31.9
TTM P/E ratio x 42.0 35.3
Price / Book Value ratio x 5.1 4.1
Market Cap Rs m 109,258 91,750
Dividends per share (Unadj.) Rs 12.5 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for LUX INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.8x 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 29.5x during FY21, from 12.4x 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 26.8% during FY21, from 23.9% 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 36.7% during FY21, from 34.8% 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 18.9% during FY21, from 15.9% 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 2.8
Debtors’ Days Days 10 9
Interest coverage x 12.4 29.5
Debt to equity ratio x 0.0 0.0
Return on assets % 15.9 18.9
Return on equity % 23.9 26.8
Return on capital employed % 34.8 36.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

LUX INDUSTRIES Share Price Performance

Over the last one year, LUX INDUSTRIES share price has moved up from Rs 1,393.0 to Rs 3,633.3, registering a gain of Rs 2,240.3 or around 160.8%.

Overall, the S&P BSE SENSEX is up 52.0% over the year.

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

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