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MAHINDRA HOLIDAYS 2020-21 Annual Report Analysis
Wed, 31 Mar

MAHINDRA HOLIDAYS 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.

MAHINDRA HOLIDAYS Income Statement Analysis

  • Operating income during the year fell 27.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 35.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.9% in FY21 as against 15.8% in FY20.
  • Depreciation charges increased by 6.8% and finance costs increased by 6.6% YoY, respectively.
  • Other income grew by 97.9% YoY.
  • Net profit for the year declined by 89.5% YoY.
  • Net profit margins during the year grew from 5.7% in FY20 to 0.8% in FY21.

MAHINDRA HOLIDAYS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 23,719 17,300 -27.1%
Other income Rs m 593 1,173 97.9%
Total Revenues Rs m 24,311 18,473 -24.0%
Gross profit Rs m 3,743 2,398 -35.9%
Depreciation Rs m 2,471 2,640 6.8%
Interest Rs m 851 907 6.6%
Profit before tax Rs m 1,013 24 -97.6%
Tax Rs m 2,356 165 -93.0%
Profit after tax Rs m -1,343 -140 -89.5%
Gross profit margin % 15.8 13.9
Effective tax rate % 232.5 674.0
Net profit margin % -5.7 -0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Enclosed: Invitation to Access Our Latest Research Project

MAHINDRA HOLIDAYS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 15 billion as compared to Rs 18 billion in FY20, thereby witnessing an decrease of -14.9%.
  • Long-term debt stood at Rs 8 billion as compared to Rs 3 billion during FY20, a growth of 147.1%.
  • Current assets fell 4% and stood at Rs 26 billion, while fixed assets fell 4% and stood at Rs 54 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 80 billion as against Rs 84 billion during FY20, thereby witnessing a fall of 4%.

MAHINDRA HOLIDAYS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 316 686 117.6
 
Current Liabilities Rs m 17,702 15,064 -14.9
Long-term Debt Rs m 3,267 8,071 147.1
Total Liabilities Rs m 83,632 80,140 -4.2
 
Current assets Rs m 27,348 26,243 -4.0
Fixed Assets Rs m 56,284 53,896 -4.2
Total Assets Rs m 83,632 80,140 -4.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MAHINDRA HOLIDAYS Cash Flow Statement Analysis

  • MAHINDRA HOLIDAYS's cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion 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 -2 billion, an improvement of 40% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -64 million from the Rs 256 million net cash flows seen during FY20.

MAHINDRA HOLIDAYS 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 5,606 3,821 -31.8%
Cash Flow from Investing Activities Rs m -2,845 -2,368 -
Cash Flow from Financing Activities Rs m -2,542 -1,536 -
Net Cash Flow Rs m 256 -64 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MAHINDRA HOLIDAYS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.1, an improvement from the EPS of Rs -10.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 210.8, stands at -301.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 61.6 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.9 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 178.4 130.2
TTM Earnings per share Rs -10.1 -1.1
Diluted earnings per share Rs -6.7 -0.7
Price to Cash Flow x 24.7 9.9
TTM P/E ratio x 42.6 -301.2
Price / Book Value ratio x 79.0 35.9
Market Cap Rs m 24,923 24,651
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MAHINDRA HOLIDAYS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.5x 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 1.0x during FY21, from 2.2x 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 -20.4% during FY21, from -425.6% 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 10.6% during FY21, from 52.0% 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 1.0% during FY21, from -0.6% 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 1.5 1.7
Debtors’ Days Days 1,916 2,038
Interest coverage x 2.2 1.0
Debt to equity ratio x 10.4 11.8
Return on assets % -0.6 1.0
Return on equity % -425.6 -20.4
Return on capital employed % 52.0 10.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

MAHINDRA HOLIDAYS Share Price Performance

Over the last one year, MAHINDRA HOLIDAYS share price has moved up from Rs 139.0 to Rs 210.8, registering a gain of Rs 71.8 or around 51.6%.

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

(To know more, check out historical annual results for MAHINDRA HOLIDAYS and quarterly results for MAHINDRA HOLIDAYS)

Annual Report FAQs

What is the current share price of MAHINDRA HOLIDAYS?

MAHINDRA HOLIDAYS currently trades at Rs 264.0 per share. You can check out the latest share price performance of MAHINDRA HOLIDAYS here...

What was the revenue of MAHINDRA HOLIDAYS in FY21? How does it compare to earlier years?

The revenues of MAHINDRA HOLIDAYS stood at Rs 18,473 m in FY21, which was down -24.0% compared to Rs 24,311 m reported in FY20.

MAHINDRA HOLIDAYS' revenue has fallen from Rs 22,944 m in FY17 to Rs 18,473 m in FY21.

Over the past 5 years, the revenue of MAHINDRA HOLIDAYS has grown at a CAGR of -5.3%.

What was the net profit of MAHINDRA HOLIDAYS in FY21? How does it compare to earlier years?

The net loss of MAHINDRA HOLIDAYS stood at Rs -140 m in FY21, which was down -89.5% compared to Rs -1,343 m reported in FY20.

This compares to a net profit of Rs 595 m in FY19 and a net profit of Rs 1,330 m in FY18.

Over the past 5 years, MAHINDRA HOLIDAYS net profit has grown at a CAGR of NaN%.

What does the cash flow statement of MAHINDRA HOLIDAYS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of MAHINDRA HOLIDAYS reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs 3,821 m as compared to Rs 5,606 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -2,368 m as compared to Rs -2,845 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs -1,536 m as compared to Rs -2,542 m in FY20.

Here's the cash flow statement of MAHINDRA HOLIDAYS for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations2,7595,5102,6325,6063,821
From Investments-1,819-5,471-2,376-2,845-2,368
From Financial Activity-57-1,437-207-2,542-1,536
Net Cashflow883-1,39838256-64

What does the Key Ratio analysis of MAHINDRA HOLIDAYS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of MAHINDRA HOLIDAYS reveals:

  • Operating profit margins witnessed a fall and stood at 13.9% in FY21 as against 15.8% in FY20.
  • Net profit margins grew from 5.7% in FY20 to 0.8% in FY21.
  • Debt to Equity ratio for FY21 stood at 11.8 as compared to 10.4 in FY20.

Here's the ratio/financial analysis of MAHINDRA HOLIDAYS for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)14.815.98.215.813.9
Net Profit Margin (%)6.45.72.7-5.7-0.8
Debt to Equity Ratio (x)0.01.02.110.411.8

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