PAGE INDUSTRIES 2019-20 Annual Report Analysis

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PAGE INDUSTRIES 2019-20 Annual Report Analysis
Wed, 9 Dec

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 13.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.1% in FY20 as against 21.6% in FY19.
  • Depreciation charges increased by 97.6% and finance costs increased by 108.2% YoY, respectively.
  • Other income declined by 32.4% YoY.
  • Net profit for the year declined by 12.9% YoY.
  • Net profit margins during the year declined from 13.6% in FY19 to 11.6% 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 29,454 3.3%
Other income Rs m 364 246 -32.4%
Total Revenues Rs m 28,886 29,701 2.8%
Gross profit Rs m 6,169 5,326 -13.7%
Depreciation Rs m 311 614 97.6%
Interest Rs m 163 339 108.2%
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 % 21.6 18.1
Effective tax rate % 35.0 25.7
Net profit margin % 13.6 11.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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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 1.0%.
  • Current assets rose 1% and stood at Rs 10 billion, while fixed assets rose 41% and stood at Rs 4 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 1.0
Total Liabilities Rs m 13,506 15,129 12.0
 
Current assets Rs m 10,048 10,145 1.0
Fixed Assets Rs m 3,079 4,343 41.1
Total Assets Rs m 13,506 15,129 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, 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 24,292.3, stands at 78.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 29.3 times, while the price to sales ratio stands at 8.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 66.9 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 2,641.6
TTM Earnings per share Rs 353.3 307.8
Diluted earnings per share Rs 353.3 307.8
Price to Cash Flow x 63.7 66.9
TTM P/E ratio x 78.9 78.9
Price / Book Value ratio x 40.0 29.3
Market Cap Rs m 270,859 270,859
Dividends per share (Unadj.) Rs 344.0 161.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 14.6x during FY20, from 38.3x 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 59.0% during FY20, from 78.3% 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 24.9% 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 38.3 14.6
Debt to equity ratio x 0.0 0.0
Return on assets % 30.4 24.9
Return on equity % 50.8 41.9
Return on capital employed % 78.3 59.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 up from Rs 21,907.8 to Rs 24,292.3, registering a gain of Rs 2,384.5 or around 10.9%.

Overall, the S&P BSE SENSEX is up 13.9% over the year.

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

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Related Views on News

PAGE INDUSTRIES Announces Quarterly Results (3QFY21); Net Profit Up 76.6% (Quarterly Result Update)

Feb 11, 2021 | Updated on Feb 11, 2021

For the quarter ended December 2020, PAGE INDUSTRIES has posted a net profit of Rs 2 bn (up 76.6% YoY). Sales on the other hand came in at Rs 9 bn (up 16.8% YoY). Read on for a complete analysis of PAGE INDUSTRIES's quarterly results.

PAGE INDUSTRIES Announces Quarterly Results (3QFY20); Net Profit Down 14.6% (Quarterly Result Update)

Feb 14, 2020 | Updated on Feb 14, 2020

For the quarter ended December 2019, PAGE INDUSTRIES has posted a net profit of Rs 870 m (down 14.6% YoY). Sales on the other hand came in at Rs 8 bn (up 7.5% YoY). Read on for a complete analysis of PAGE INDUSTRIES's quarterly results.

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