PILANI INVESTMENT & IND. 2020-21 Annual Report Analysis

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PILANI INVESTMENT & IND. 2020-21 Annual Report Analysis
Wed, 10 Nov

PILANI INVESTMENT & IND. 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.

PILANI INVESTMENT & IND. Income Statement Analysis

  • Operating income during the year rose 57.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 66.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 96.3% in FY21 as against 91.5% in FY20.
  • Depreciation charges increased by 12.8% and finance costs increased by 21.0% YoY, respectively.
  • Other income grew by 0.0% YoY.
  • Net profit for the year grew by 97.6% YoY.
  • Net profit margins during the year grew from 42.9% in FY20 to 53.5% in FY21.

PILANI INVESTMENT & IND. Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,258 1,987 57.9%
Other income Rs m 0 9 0.0%
Total Revenues Rs m 1,258 1,996 58.7%
Gross profit Rs m 1,151 1,914 66.3%
Depreciation Rs m 4 4 12.8%
Interest Rs m 431 521 21.0%
Profit before tax Rs m 716 1,397 95.1%
Tax Rs m 176 330 87.3%
Profit after tax Rs m 540 1,067 97.6%
Gross profit margin % 91.5 96.3
Effective tax rate % 24.6 23.6
Net profit margin % 42.9 53.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PILANI INVESTMENT & IND. Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 156 million as compared to Rs 271 million in FY20, thereby witnessing an decrease of -42.4%.
  • Long-term debt stood at Rs 8 billion as compared to Rs 4 billion during FY20, a growth of 92.9%.
  • Current assets rose 40% and stood at Rs 20 billion, while fixed assets rose 115% and stood at Rs 90 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 111 billion as against Rs 56 billion during FY20, thereby witnessing a growth of 96%.

PILANI INVESTMENT & IND. Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 51,109 98,490 92.7
 
Current Liabilities Rs m 271 156 -42.4
Long-term Debt Rs m 4,200 8,100 92.9
Total Liabilities Rs m 56,456 110,503 95.7
 
Current assets Rs m 14,528 20,401 40.4
Fixed Assets Rs m 41,928 90,102 114.9
Total Assets Rs m 56,456 110,503 95.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PILANI INVESTMENT & IND. Cash Flow Statement Analysis

  • PILANI INVESTMENT & IND.'s cash flow from operating activities (CFO) during FY21 stood at Rs -4 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 3 billion, an improvement of 194% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -29 million from the Rs 38 million net cash flows seen during FY20.

PILANI INVESTMENT & IND. 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 -13,877 -4,422 -
Cash Flow from Investing Activities Rs m 12,835 1,211 -90.6%
Cash Flow from Financing Activities Rs m 1,081 3,182 194.4%
Net Cash Flow Rs m 38 -29 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PILANI INVESTMENT & IND.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 96.4, an improvement from the EPS of Rs 68.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,980.0, stands at 15.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.2 times, while the price to sales ratio stands at 11.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.5 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 159.0 179.5
TTM Earnings per share Rs 68.3 96.4
Diluted earnings per share Rs 48.8 96.4
Price to Cash Flow x 28.8 20.5
TTM P/E ratio x 11.0 15.4
Price / Book Value ratio x 0.3 0.2
Market Cap Rs m 15,659 21,923
Dividends per share (Unadj.) Rs 25.0 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PILANI INVESTMENT & IND.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 130.6x during FY21, from 53.6x 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 3.7x during FY21, from 2.7x 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 1.1% during FY21, from 1.1% 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 1.8% during FY21, from 2.1% 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 1.4% 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 53.6 130.6
Debtors’ Days Days 24 8
Interest coverage x 2.7 3.7
Debt to equity ratio x 0.1 0.1
Return on assets % 1.7 1.4
Return on equity % 1.1 1.1
Return on capital employed % 2.1 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how PILANI INVESTMENT & IND. has performed over the last 5 years, please visit here.

PILANI INVESTMENT & IND. Share Price Performance

Over the last one year, PILANI INVESTMENT & IND. share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 0.2% over the year.

(To know more, check out historical annual results for PILANI INVESTMENT & IND. and quarterly results for PILANI INVESTMENT & IND.)

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