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PAGE INDUSTRIES 2019-20 Annual Report Analysis
Tue, 31 Mar

PAGE INDUSTRIES has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

PAGE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.1% in FY20 as against 21.7% in FY19.
  • Depreciation charges increased by 97.5% and finance costs increased by 99.7% YoY, respectively.
  • Other income declined by 31.7% YoY.
  • Net profit for the year declined by 12.9% YoY.
  • Net profit margins during the year declined from 13.8% in FY19 to 11.7% in FY20.

PAGE INDUSTRIES Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 28,522 29,455 3.3%
Other income Rs m 364 249 -31.7%
Total Revenues Rs m 28,886 29,704 2.8%
Gross profit Rs m 6,179 5,329 -13.8%
Depreciation Rs m 311 614 97.5%
Interest Rs m 172 344 99.7%
Profit before tax Rs m 6,060 4,620 -23.8%
Tax Rs m 2,121 1,188 -44.0%
Profit after tax Rs m 3,939 3,432 -12.9%
Gross profit margin % 21.7 18.1
Effective tax rate % 35.0 25.7
Net profit margin % 13.8 11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

PAGE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 6 billion as compared to Rs 5 billion in FY19, thereby witnessing an increase of 4.3%.
  • Long-term debt stood at Rs 201 million as compared to Rs 199 million during FY19, a growth of 0.9%.
  • Current assets rose 1% and stood at Rs 10 billion, while fixed assets rose 44% and stood at Rs 5 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 15 billion as against Rs 14 billion during FY19, thereby witnessing a growth of 12%.

PAGE INDUSTRIES Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 7,750 8,199 5.8
 
Current Liabilities Rs m 5,339 5,566 4.3
Long-term Debt Rs m 199 201 0.9
Total Liabilities Rs m 13,506 15,129 12.0
 
Current assets Rs m 10,048 10,145 1.0
Fixed Assets Rs m 3,458 4,984 44.1
Total Assets Rs m 13,506 15,129 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PAGE INDUSTRIES Cash Flow Statement Analysis

  • PAGE INDUSTRIES's cash flow from operating activities (CFO) during FY20 stood at Rs 5 billion, an improvement of 124.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -266 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -4 billion, an improvement of 15% on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 1 billion from the Rs -216 million net cash flows seen during FY19.

PAGE INDUSTRIES Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 2,297 5,167 124.9%
Cash Flow from Investing Activities Rs m 1,920 -266 -
Cash Flow from Financing Activities Rs m -4,433 -3,775 -
Net Cash Flow Rs m -216 1,126 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PAGE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 307.8, an decline from the EPS of Rs 353.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 16,927.8, stands at 55.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 23.0 times, while the price to sales ratio stands at 6.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 59.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 2,558.0 2,641.7
TTM Earnings per share Rs 353.3 307.8
Diluted earnings per share Rs 353.2 307.7
Price to Cash Flow x 65.3 59.4
TTM P/E ratio x 70.5 55.0
Price / Book Value ratio x 40.0 29.3
Market Cap Rs m 309,933 240,244
Dividends per share (Unadj.) Rs 344.0 161.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PAGE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY20, from 1.9x during FY19. 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 14.4x during FY20, from 36.2x during FY19. 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 41.9% during FY20, from 50.8% during FY20. 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 59.1% during FY20, from 78.4% during FY19. 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 25.0% during FY20, from 30.4% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.9 1.8
Debtors’ Days Days 16 9
Interest coverage x 36.2 14.4
Debt to equity ratio x 0.0 0.0
Return on assets % 30.4 25.0
Return on equity % 50.8 41.9
Return on capital employed % 78.4 59.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PAGE INDUSTRIES Share Price Performance

Over the last one year, PAGE INDUSTRIES share price has moved down from Rs 24,897.4 to Rs 16,927.8, registering a loss of Rs 7,969.6 or around 32.0%.

Overall, the S&P BSE SENSEX is down 24.2% over the year.

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

Annual Report FAQs

What is the current share price of PAGE INDUSTRIES?

PAGE INDUSTRIES currently trades at Rs 34,428.0 per share. You can check out the latest share price performance of PAGE INDUSTRIES here...

What was the revenue of PAGE INDUSTRIES in FY20? How does it compare to earlier years?

The revenues of PAGE INDUSTRIES stood at Rs 29,704 m in FY20, which was up 2.8% compared to Rs 28,886 m reported in FY19.

PAGE INDUSTRIES' revenue has grown from Rs 18,048 m in FY16 to Rs 29,704 m in FY20.

Over the past 5 years, the revenue of PAGE INDUSTRIES has grown at a CAGR of 13.3%.

What was the net profit of PAGE INDUSTRIES in FY20? How does it compare to earlier years?

The net profit of PAGE INDUSTRIES stood at Rs 3,432 m in FY20, which was down -12.9% compared to Rs 3,939 m reported in FY19.

This compares to a net profit of Rs 3,470 m in FY18 and a net profit of Rs 2,663 m in FY17.

Over the past 5 years, PAGE INDUSTRIES net profit has grown at a CAGR of 10.3%.

What does the cash flow statement of PAGE INDUSTRIES 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 PAGE INDUSTRIES reveals:

  • Cash flow from operations increased in FY20 and stood at Rs 5,167 m as compared to Rs 2,297 m in FY19.
  • Cash flow from investments decreased in FY20 and stood at Rs -266 m as compared to Rs 1,920 m in FY19.
  • Cash flow from financial activity increased in FY20 and stood at Rs -3,775 m as compared to Rs -4,433 m in FY19.

Here's the cash flow statement of PAGE INDUSTRIES for the past 5 years.

(Rs m)FY16FY17FY18FY19FY20
From Operations2,1922,7364,5282,2975,167
From Investments-261-1,076-2,3811,920-266
From Financial Activity-1,889-1,541-1,878-4,433-3,775
Net Cashflow42119268-2161,126

What does the Key Ratio analysis of PAGE INDUSTRIES 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 PAGE INDUSTRIES reveals:

  • Operating profit margins witnessed a fall and stood at 18.1% in FY20 as against 21.7% in FY19.
  • Net profit margins declined from 13.8% in FY19 to 11.7% in FY20.
  • Debt to Equity ratio for FY20 stood at 0.0 as compared to 0.0 in FY19.

Here's the ratio/financial analysis of PAGE INDUSTRIES for the past 5 years.

 FY16FY17FY18FY19FY20
Operating Profit Margin (%)21.019.521.221.718.1
Net Profit Margin (%)12.912.513.613.811.7
Debt to Equity Ratio (x)0.00.10.00.00.0

Read: Latest Annual Report Analysis of PAGE INDUSTRIES

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