MAYUR UNIQUOTERS 2020-21 Annual Report Analysis

Wed, 31 Mar

MAYUR UNIQUOTERS 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.

MAYUR UNIQUOTERS Income Statement Analysis

• Operating income during the year fell 2.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.7% in FY21 as against 19.7% in FY20.
• Depreciation charges increased by 0.0% and finance costs increased by 102.2% YoY, respectively.
• Other income declined by 0.1% YoY.
• Net profit for the year grew by 12.5% YoY.
• Net profit margins during the year grew from 15.1% in FY20 to 17.5% in FY21.

MAYUR UNIQUOTERS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	5,280	5,127	-2.9%
Other income	Rs m	199	199	-0.1%
Total Revenues	Rs m	5,479	5,326	-2.8%
Gross profit	Rs m	1,039	1,216	17.1%
Depreciation	Rs m	184	184	0.0%
Interest	Rs m	17	35	102.2%
Profit before tax	Rs m	1,036	1,195	15.4%
Tax	Rs m	238	298	25.1%
Profit after tax	Rs m	798	897	12.5%
Gross profit margin	%	19.7	23.7
Effective tax rate	%	23.0	24.9
Net profit margin	%	15.1	17.5

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MAYUR UNIQUOTERS Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 11.7%.
• Long-term debt down at Rs 143 million as compared to Rs 161 million during FY20, a fall of 11.3%.
• Current assets rose 12% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 3 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 8 billion as against Rs 7 billion during FY20, thereby witnessing a growth of 8%.

MAYUR UNIQUOTERS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	5,774	6,232	7.9
Current Liabilities	Rs m	1,246	1,391	11.7
Long-term Debt	Rs m	161	143	-11.3
Total Liabilities	Rs m	7,197	7,782	8.1
Current assets	Rs m	4,479	5,029	12.3
Fixed Assets	Rs m	2,718	2,753	1.3
Total Assets	Rs m	7,197	7,782	8.1

MAYUR UNIQUOTERS Cash Flow Statement Analysis

• MAYUR UNIQUOTERS's cash flow from operating activities (CFO) during FY21 stood at Rs 545 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -202 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -377 million on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs -34 million from the Rs 88 million net cash flows seen during FY20.

MAYUR UNIQUOTERS 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	632	545	-13.8%
Cash Flow from Investing Activities	Rs m	-479	-202	-
Cash Flow from Financing Activities	Rs m	-67	-377	-
Net Cash Flow	Rs m	88	-34	-

Current Valuations for MAYUR UNIQUOTERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.1, an improvement from the EPS of Rs 17.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 416.7, stands at 20.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 3.6 times.
• The company's price to cash flow (P/CF) ratio stood at 12.7 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	116.5	115.0
TTM Earnings per share	Rs	17.6	20.1
Diluted earnings per share	Rs	18.2	20.4
Price to Cash Flow	x	6.8	12.7
TTM P/E ratio	x	8.4	20.4
Price / Book Value ratio	x	1.9	2.2
Market Cap	Rs m	10,974	13,751
Dividends per share (Unadj.)	Rs	4.0	2.0

Ratio Analysis for MAYUR UNIQUOTERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY21, from 3.6x 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 34.9x during FY21, from 60.5x 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 improved and stood at 14.4% during FY21, from 13.8% 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 19.3% during FY21, from 17.7% 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 12.0% during FY21, from 11.3% 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	3.6	3.6
Debtors’ Days	Days	671	806
Interest coverage	x	60.5	34.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.3	12.0
Return on equity	%	13.8	14.4
Return on capital employed	%	17.7	19.3

To see how MAYUR UNIQUOTERS has performed over the last 5 years, please visit here.

MAYUR UNIQUOTERS Share Price Performance

Over the last one year, MAYUR UNIQUOTERS share price has moved up from Rs 151.7 to Rs 416.7, registering a gain of Rs 265.0 or around 174.7%.

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

(To know more, check out historical annual results for MAYUR UNIQUOTERS and quarterly results for MAYUR UNIQUOTERS)

Read: Latest Annual Report Analysis of MAYUR UNIQUOTERS