NATIONAL PEROXIDE 2020-21 Annual Report Analysis

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NATIONAL PEROXIDE 2020-21 Annual Report Analysis
Wed, 10 Nov

NATIONAL PEROXIDE 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.

NATIONAL PEROXIDE Income Statement Analysis

  • Operating income during the year rose 12.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.8% in FY21 as against 13.4% in FY20.
  • Depreciation charges increased by 55.9% and finance costs increased by 362.4% YoY, respectively.
  • Other income declined by 28.8% YoY.
  • Net profit for the year grew by 18.2% YoY.
  • Net profit margins during the year grew from 8.6% in FY20 to 9.3% in FY21.

NATIONAL PEROXIDE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,912 2,150 12.4%
Other income Rs m 180 128 -28.8%
Total Revenues Rs m 2,092 2,278 8.9%
Gross profit Rs m 256 297 16.0%
Depreciation Rs m 112 175 55.9%
Interest Rs m 27 127 362.4%
Profit before tax Rs m 296 123 -58.4%
Tax Rs m 116 -89 -176.3%
Profit after tax Rs m 179 212 18.2%
Gross profit margin % 13.4 13.8
Effective tax rate % 39.4 -72.3
Net profit margin % 8.6 9.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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NATIONAL PEROXIDE Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -26.4%.
  • Current assets fell 13% and stood at Rs 2 billion, while fixed assets rose 22% and stood at Rs 13 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 14 billion as against Rs 12 billion during FY20, thereby witnessing a growth of 17%.

NATIONAL PEROXIDE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 8,021 10,668 33.0
 
Current Liabilities Rs m 2,171 1,597 -26.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 12,347 14,429 16.9
 
Current assets Rs m 1,894 1,646 -13.1
Fixed Assets Rs m 10,453 12,783 22.3
Total Assets Rs m 12,347 14,429 16.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



NATIONAL PEROXIDE Cash Flow Statement Analysis

  • NATIONAL PEROXIDE's cash flow from operating activities (CFO) during FY21 stood at Rs 610 million, an improvement of 278.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -73 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -492 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 46 million from the Rs -86 million net cash flows seen during FY20.

NATIONAL PEROXIDE 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 161 610 278.9%
Cash Flow from Investing Activities Rs m -388 -73 -
Cash Flow from Financing Activities Rs m 141 -492 -
Net Cash Flow Rs m -86 46 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for NATIONAL PEROXIDE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 36.8, an improvement from the EPS of Rs 31.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,136.0, stands at 99.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 4.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 31.7 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 332.6 373.9
TTM Earnings per share Rs 31.2 36.8
Diluted earnings per share Rs 31.2 36.8
Price to Cash Flow x 42.1 31.7
TTM P/E ratio x 99.6 99.6
Price / Book Value ratio x 1.4 0.9
Market Cap Rs m 12,276 12,276
Dividends per share (Unadj.) Rs 12.5 12.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for NATIONAL PEROXIDE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY21, from 0.9x 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 2.0x during FY21, from 11.8x 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 2.0% during FY21, from 2.2% 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 2.3% during FY21, from 4.0% 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 2.3% during FY21, from 1.7% 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 0.9 1.0
Debtors’ Days Days 616 405
Interest coverage x 11.8 2.0
Debt to equity ratio x 0.0 0.0
Return on assets % 1.7 2.3
Return on equity % 2.2 2.0
Return on capital employed % 4.0 2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

NATIONAL PEROXIDE Share Price Performance

Over the last one year, NATIONAL PEROXIDE share price has moved up from Rs 1,870.0 to Rs 2,136.0, registering a gain of Rs 266.1 or around 14.2%.

Overall, the S&P BSE SENSEX is up 41.7% over the year.

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

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