SEAMEC 2020-21 Annual Report Analysis

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SEAMEC 2020-21 Annual Report Analysis
Wed, 3 Nov

SEAMEC 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.

SEAMEC Income Statement Analysis

  • Operating income during the year fell 33.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 23.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 50.4% in FY21 as against 44.0% in FY20.
  • Depreciation charges increased by 3.6% and finance costs increased by 0.0% YoY, respectively.
  • Other income grew by 30.6% YoY.
  • Net profit for the year declined by 25.9% YoY.
  • Net profit margins during the year grew from 32.2% in FY20 to 33.4% in FY21.

SEAMEC Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,841 2,568 -33.1%
Other income Rs m 299 390 30.6%
Total Revenues Rs m 4,140 2,958 -28.5%
Gross profit Rs m 1,691 1,295 -23.4%
Depreciation Rs m 546 566 3.6%
Interest Rs m 57 57 0.0%
Profit before tax Rs m 1,387 1,062 -23.4%
Tax Rs m 54 75 37.1%
Profit after tax Rs m 1,332 988 -25.9%
Gross profit margin % 44.0 50.4
Effective tax rate % 3.9 7.0
Net profit margin % 32.2 33.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SEAMEC Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -38.5%.
  • Long-term debt down at Rs 354 million as compared to Rs 504 million during FY20, a fall of 29.7%.
  • Current assets fell 24% and stood at Rs 3 billion, while fixed assets rose 20% and stood at Rs 6 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 9 billion as against Rs 8 billion during FY20, thereby witnessing a growth of 2%.

SEAMEC Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,611 6,621 18.0
 
Current Liabilities Rs m 1,869 1,149 -38.5
Long-term Debt Rs m 504 354 -29.7
Total Liabilities Rs m 8,485 8,668 2.2
 
Current assets Rs m 3,477 2,635 -24.2
Fixed Assets Rs m 5,008 6,033 20.5
Total Assets Rs m 8,485 8,668 2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SEAMEC Cash Flow Statement Analysis

  • SEAMEC's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -216 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -326 million from the Rs 451 million net cash flows seen during FY20.

SEAMEC 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 2,336 1,063 -54.5%
Cash Flow from Investing Activities Rs m -1,925 -1,246 -
Cash Flow from Financing Activities Rs m 58 -216 -
Net Cash Flow Rs m 451 -326 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SEAMEC

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 38.8, an decline from the EPS of Rs 52.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,171.3, stands at 25.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 4.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 19.2 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 151.0 101.0
TTM Earnings per share Rs 52.4 38.8
Diluted earnings per share Rs 52.4 38.9
Price to Cash Flow x 15.9 19.2
TTM P/E ratio x 25.9 25.9
Price / Book Value ratio x 1.6 1.6
Market Cap Rs m 29,779 29,779
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SEAMEC

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY21, from 1.9x 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 19.6x during FY21, from 25.3x 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 declined and down at 14.9% during FY21, from 23.7% 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 declined and down at 16.1% during FY21, from 23.6% 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 12.1% during FY21, from 16.4% 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 1.9 2.3
Debtors’ Days Days 148 112
Interest coverage x 25.3 19.6
Debt to equity ratio x 0.1 0.1
Return on assets % 16.4 12.1
Return on equity % 23.7 14.9
Return on capital employed % 23.6 16.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

SEAMEC Share Price Performance

Over the last one year, SEAMEC share price has moved up from Rs 400.4 to Rs 1,171.3, registering a gain of Rs 770.9 or around 192.5%.

Overall, the S&P BSE SENSEX is up 50.2% over the year.

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

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