LUMAX IND 2020-21 Annual Report Analysis

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LUMAX IND 2020-21 Annual Report Analysis
Tue, 9 Nov

LUMAX IND 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.

LUMAX IND Income Statement Analysis

  • Operating income during the year fell 11.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 36.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.0% in FY21 as against 9.9% in FY20.
  • Depreciation charges increased by 1.5% and finance costs increased by 29.9% YoY, respectively.
  • Other income grew by 243.2% YoY.
  • Net profit for the year declined by 72.2% YoY.
  • Net profit margins during the year declined from 3.7% in FY20 to 1.1% in FY21.

LUMAX IND Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 16,016 14,260 -11.0%
Other income Rs m 74 252 243.2%
Total Revenues Rs m 16,089 14,512 -9.8%
Gross profit Rs m 1,583 1,000 -36.8%
Depreciation Rs m 635 645 1.5%
Interest Rs m 225 292 29.9%
Profit before tax Rs m 796 315 -60.4%
Tax Rs m 198 149 -24.8%
Profit after tax Rs m 598 166 -72.2%
Gross profit margin % 9.9 7.0
Effective tax rate % 24.9 47.3
Net profit margin % 3.7 1.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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LUMAX IND Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 8 billion as compared to Rs 7 billion in FY20, thereby witnessing an increase of 12.3%.
  • Long-term debt down at Rs 0 million as compared to Rs 264 million during FY20, a fall of 99.9%.
  • Current assets rose 23% and stood at Rs 5 billion, while fixed assets fell 8% and stood at Rs 9 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 14 billion as against Rs 14 billion during FY20, thereby witnessing a growth of 2%.

LUMAX IND Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,465 4,604 3.1
 
Current Liabilities Rs m 7,445 8,358 12.3
Long-term Debt Rs m 264 0 -99.9
Total Liabilities Rs m 13,695 13,972 2.0
 
Current assets Rs m 4,423 5,455 23.3
Fixed Assets Rs m 9,273 8,517 -8.1
Total Assets Rs m 13,695 13,972 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



LUMAX IND Cash Flow Statement Analysis

  • LUMAX IND's cash flow from operating activities (CFO) during FY21 stood at Rs 762 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -307 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -506 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -51 million from the Rs 59 million net cash flows seen during FY20.

LUMAX IND 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 1,033 762 -26.2%
Cash Flow from Investing Activities Rs m -1,938 -307 -
Cash Flow from Financing Activities Rs m 965 -506 -
Net Cash Flow Rs m 59 -51 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for LUMAX IND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.8, an decline from the EPS of Rs 64.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,338.2, stands at 37.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.4 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 1,712.9 1,525.1
TTM Earnings per share Rs 64.0 17.8
Diluted earnings per share Rs 64.0 17.8
Price to Cash Flow x 10.1 15.4
TTM P/E ratio x 37.0 37.0
Price / Book Value ratio x 2.7 2.6
Market Cap Rs m 12,509 12,509
Dividends per share (Unadj.) Rs 23.5 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for LUMAX IND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY21, from 0.6x 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 deteriorated and stood at 2.1x during FY21, from 4.5x 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 declined and down at 3.6% during FY21, from 13.4% 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 13.2% during FY21, from 21.6% 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 3.3% during FY21, from 6.0% 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 0.6 0.7
Debtors’ Days Days 395 554
Interest coverage x 4.5 2.1
Debt to equity ratio x 0.1 0.0
Return on assets % 6.0 3.3
Return on equity % 13.4 3.6
Return on capital employed % 21.6 13.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

LUMAX IND Share Price Performance

Over the last one year, LUMAX IND share price has moved up from Rs 1,252.5 to Rs 1,338.2, registering a gain of Rs 85.7 or around 6.8%.

Overall, the S&P BSE SENSEX is up 48.8% over the year.

(To know more, check out historical annual results for LUMAX IND and quarterly results for LUMAX IND)

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