NOCIL 2020-21 Annual Report Analysis

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NOCIL 2020-21 Annual Report Analysis
Mon, 6 Sep

NOCIL 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.

NOCIL Income Statement Analysis

  • Operating income during the year rose 9.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 26.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.1% in FY21 as against 21.1% in FY20.
  • Depreciation charges increased by 10.9% and finance costs decreased by 26.5% YoY, respectively.
  • Other income grew by 60.5% YoY.
  • Net profit for the year declined by 32.3% YoY.
  • Net profit margins during the year declined from 15.3% in FY20 to 9.4% in FY21.

NOCIL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,463 9,247 9.3%
Other income Rs m 92 147 60.5%
Total Revenues Rs m 8,555 9,394 9.8%
Gross profit Rs m 1,782 1,308 -26.6%
Depreciation Rs m 337 374 10.9%
Interest Rs m 13 10 -26.5%
Profit before tax Rs m 1,523 1,071 -29.7%
Tax Rs m 217 187 -13.6%
Profit after tax Rs m 1,307 884 -32.3%
Gross profit margin % 21.1 14.1
Effective tax rate % 14.2 17.5
Net profit margin % 15.3 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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NOCIL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 2 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 49.6%.
  • Current assets rose 46% and stood at Rs 6 billion, while fixed assets fell 2% and stood at Rs 10 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 16 billion as against Rs 14 billion during FY20, thereby witnessing a growth of 12%.

NOCIL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 11,794 12,793 8.5
 
Current Liabilities Rs m 1,406 2,104 49.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 14,422 16,146 12.0
 
Current assets Rs m 4,256 6,227 46.3
Fixed Assets Rs m 10,167 9,919 -2.4
Total Assets Rs m 14,422 16,146 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



NOCIL Cash Flow Statement Analysis

  • NOCIL's cash flow from operating activities (CFO) during FY21 stood at Rs 936 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -621 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 million, an improvement of 100% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 355 million from the Rs -276 million net cash flows seen during FY20.

NOCIL 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 1,794 936 -47.8%
Cash Flow from Investing Activities Rs m -1,065 -621 -
Cash Flow from Financing Activities Rs m -1,008 3 -
Net Cash Flow Rs m -276 355 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for NOCIL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.3, an decline from the EPS of Rs 7.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 283.5, stands at 38.1 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 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 37.5 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 51.1 55.6
TTM Earnings per share Rs 7.9 5.3
Diluted earnings per share Rs 7.9 5.3
Price to Cash Flow x 28.6 37.5
TTM P/E ratio x 37.9 38.1
Price / Book Value ratio x 1.4 1.7
Market Cap Rs m 46,949 47,156
Dividends per share (Unadj.) Rs 2.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for NOCIL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.0x during FY21, from 3.0x 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 111.4x during FY21, from 116.4x 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 declined and down at 6.9% during FY21, from 11.1% 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 8.5% during FY21, from 13.0% 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 declined and down at 5.5% during FY21, from 9.2% 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 3.0 3.0
Debtors’ Days Days 876 1,218
Interest coverage x 116.4 111.4
Debt to equity ratio x 0.0 0.0
Return on assets % 9.2 5.5
Return on equity % 11.1 6.9
Return on capital employed % 13.0 8.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

NOCIL Share Price Performance

Over the last one year, NOCIL share price has moved up from Rs 127.7 to Rs 283.5, registering a gain of Rs 155.8 or around 122.0%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 17,436.4 (down 0.7%). Over the last one year it has moved up from 12,935.5 to 17,436.4, a gain of 4,501 points (up 34.8%).

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

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

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Related Views on News

NOCIL Share Price Down by 5%; BSE 500 Index Down 1.1% (Market Updates)

Oct 20, 2021 | Updated on Oct 20, 2021

NOCIL share price is trading down by 5% and its current market price is Rs 299. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are UNION BANK (up 5.9%) and DISH TV (up 4.6%). The top losers are NOCIL (down 5.3%) and CERA SANITARY (down 6.8%).

NOCIL 2020-21 Annual Report Analysis (Annual Result Update)

Oct 18, 2021 | Updated on Oct 18, 2021

Here's an analysis of the annual report of NOCIL for 2020-21. It includes a full income statement, balance sheet and cash flow analysis of NOCIL. Also includes updates on the valuation of NOCIL.

NOCIL Announces Quarterly Results (1QFY22); Net Profit Up 296.7% (Quarterly Result Update)

Aug 5, 2021 | Updated on Aug 5, 2021

For the quarter ended June 2021, NOCIL has posted a net profit of Rs 474 m (up 296.7% YoY). Sales on the other hand came in at Rs 3 bn (up 223.4% YoY). Read on for a complete analysis of NOCIL's quarterly results.

NOCIL Announces Quarterly Results (3QFY21); Net Profit Up 6.8% (Quarterly Result Update)

Feb 3, 2021 | Updated on Feb 3, 2021

For the quarter ended December 2020, NOCIL has posted a net profit of Rs 221 m (up 6.8% YoY). Sales on the other hand came in at Rs 3 bn (up 41.3% YoY). Read on for a complete analysis of NOCIL's quarterly results.

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