PDS MULTI. 2020-21 Annual Report Analysis

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PDS MULTI. 2020-21 Annual Report Analysis
Wed, 10 Nov

PDS MULTI. 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.

PDS MULTI. Income Statement Analysis

  • Operating income during the year fell 6.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 23.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 3.9% in FY21 as against 3.0% in FY20.
  • Depreciation charges increased by 29.7% and finance costs decreased by 45.5% YoY, respectively.
  • Other income grew by 41.0% YoY.
  • Net profit for the year grew by 73.2% YoY.
  • Net profit margins during the year grew from 1.3% in FY20 to 2.4% in FY21.

PDS MULTI. Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 66,480 62,129 -6.5%
Other income Rs m 265 374 41.0%
Total Revenues Rs m 66,746 62,503 -6.4%
Gross profit Rs m 1,975 2,447 23.9%
Depreciation Rs m 522 677 29.7%
Interest Rs m 744 405 -45.5%
Profit before tax Rs m 974 1,739 78.4%
Tax Rs m 95 215 127.5%
Profit after tax Rs m 880 1,523 73.2%
Gross profit margin % 3.0 3.9
Effective tax rate % 9.7 12.4
Net profit margin % 1.3 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PDS MULTI. Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 16 billion as compared to Rs 16 billion in FY20, thereby witnessing an decrease of -5.1%.
  • Long-term debt down at Rs 18 million as compared to Rs 50 million during FY20, a fall of 63.5%.
  • Current assets fell 1% and stood at Rs 18 billion, while fixed assets rose 3% and stood at Rs 6 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 23 billion as against Rs 23 billion during FY20, thereby witnessing a fall of 0%.

PDS MULTI. Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,587 6,469 15.8
 
Current Liabilities Rs m 16,491 15,643 -5.1
Long-term Debt Rs m 50 18 -63.5
Total Liabilities Rs m 23,438 23,373 -0.3
 
Current assets Rs m 17,730 17,518 -1.2
Fixed Assets Rs m 5,708 5,855 2.6
Total Assets Rs m 23,438 23,373 -0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PDS MULTI. Cash Flow Statement Analysis

  • PDS MULTI.'s cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion, an improvement of 35.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -831 million, an improvement of 5.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -550 million from the Rs 973 million net cash flows seen during FY20.

PDS MULTI. 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 2,808 3,793 35.1%
Cash Flow from Investing Activities Rs m -788 -831 -
Cash Flow from Financing Activities Rs m -1,280 -3,466 -
Net Cash Flow Rs m 973 -550 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PDS MULTI.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 58.5, an improvement from the EPS of Rs 33.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,464.9, stands at 15.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.3 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 2,552.0 2,385.0
TTM Earnings per share Rs 33.8 58.5
Diluted earnings per share Rs 33.8 58.5
Price to Cash Flow x 27.2 17.3
TTM P/E ratio x 15.0 15.0
Price / Book Value ratio x 1.5 2.0
Market Cap Rs m 38,156 38,156
Dividends per share (Unadj.) Rs 0.0 15.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PDS MULTI.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY21, from 1.1x 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 improved and stood at 5.3x during FY21, from 2.3x 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 23.5% during FY21, from 15.7% 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 33.0% during FY21, from 30.5% 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 8.3% during FY21, from 6.9% 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 1.1 1.1
Debtors’ Days Days 457 535
Interest coverage x 2.3 5.3
Debt to equity ratio x 0.0 0.0
Return on assets % 6.9 8.3
Return on equity % 15.7 23.5
Return on capital employed % 30.5 33.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PDS MULTI. Share Price Performance

Over the last one year, PDS MULTI. share price has moved up from Rs 382.2 to Rs 1,464.9, registering a gain of Rs 1,082.8 or around 283.3%.

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

(To know more, check out historical annual results for PDS MULTI. and quarterly results for PDS MULTI.)

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