MINDA CORPORATION 2020-21 Annual Report Analysis

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MINDA CORPORATION 2020-21 Annual Report Analysis
Mon, 6 Sep

MINDA CORPORATION 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.

MINDA CORPORATION Income Statement Analysis

  • Operating income during the year rose 6.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 319.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.6% in FY21 as against 3.7% in FY20.
  • Depreciation charges increased by 8.1% and finance costs decreased by 6.1% YoY, respectively.
  • Other income declined by 22.1% YoY.
  • Net profit for the year declined by 123.0% YoY.
  • Net profit margins during the year grew from 9.4% in FY20 to 2.0% in FY21.

MINDA CORPORATION Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 22,226 23,679 6.5%
Other income Rs m 426 332 -22.1%
Total Revenues Rs m 22,652 24,011 6.0%
Gross profit Rs m -816 1,793 -319.7%
Depreciation Rs m 866 936 8.1%
Interest Rs m 413 388 -6.1%
Profit before tax Rs m -1,669 801 -148.0%
Tax Rs m 454 312 -31.3%
Profit after tax Rs m -2,123 489 -123.0%
Gross profit margin % -3.7 7.6
Effective tax rate % -27.2 39.0
Net profit margin % -9.4 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MINDA CORPORATION Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 10 billion as compared to Rs 12 billion in FY20, thereby witnessing an decrease of -11.9%.
  • Long-term debt down at Rs 933 million as compared to Rs 1 billion during FY20, a fall of 18.9%.
  • Current assets fell 3% and stood at Rs 15 billion, while fixed assets rose 5% and stood at Rs 8 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 23 billion as against Rs 23 billion during FY20, thereby witnessing a growth of 0%.

MINDA CORPORATION Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 9,734 11,441 17.5
 
Current Liabilities Rs m 11,675 10,287 -11.9
Long-term Debt Rs m 1,150 933 -18.9
Total Liabilities Rs m 23,268 23,281 0.1
 
Current assets Rs m 15,257 14,862 -2.6
Fixed Assets Rs m 8,011 8,419 5.1
Total Assets Rs m 23,268 23,281 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MINDA CORPORATION Cash Flow Statement Analysis

  • MINDA CORPORATION's cash flow from operating activities (CFO) during FY21 stood at Rs 855 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 27.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 652 million, an improvement of 126% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -416 million from the Rs 644 million net cash flows seen during FY20.

MINDA CORPORATION 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 4,504 855 -81.0%
Cash Flow from Investing Activities Rs m -1,371 -1,742 -
Cash Flow from Financing Activities Rs m -2,490 652 -
Net Cash Flow Rs m 644 -416 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MINDA CORPORATION

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.0, an improvement from the EPS of Rs -9.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 128.0, stands at 36.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.5 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 97.8 99.0
TTM Earnings per share Rs -9.3 2.0
Diluted earnings per share Rs -8.9 2.0
Price to Cash Flow x -23.1 21.5
TTM P/E ratio x 35.0 36.9
Price / Book Value ratio x 2.3 1.7
Market Cap Rs m 29,073 30,590
Dividends per share (Unadj.) Rs 0.4 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MINDA CORPORATION

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.3x 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 3.1x during FY21, from -3.0x 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 4.3% during FY21, from -21.8% 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 9.6% during FY21, from -11.5% 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 3.8% during FY21, from -7.3% 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 1.3 1.4
Debtors’ Days Days 64 68
Interest coverage x -3.0 3.1
Debt to equity ratio x 0.1 0.1
Return on assets % -7.3 3.8
Return on equity % -21.8 4.3
Return on capital employed % -11.5 9.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how MINDA CORPORATION has performed over the last 5 years, please visit here.

MINDA CORPORATION Share Price Performance

Over the last one year, MINDA CORPORATION share price has moved up from Rs 74.3 to Rs 128.0, registering a gain of Rs 53.7 or around 72.3%.

Overall, the S&P BSE SENSEX is up 49.2% over the year.

(To know more, check out historical annual results for MINDA CORPORATION and quarterly results for MINDA CORPORATION)

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