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PIX TRANS 2020-21 Annual Report Analysis

Wed, 31 Mar

PIX TRANS 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.

PIX TRANS Income Statement Analysis

• Operating income during the year rose 25.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 85.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.9% in FY21 as against 18.9% in FY20.
• Depreciation charges increased by 6.2% and finance costs decreased by 23.2% YoY, respectively.
• Other income declined by 36.4% YoY.
• Net profit for the year grew by 114.6% YoY.
• Net profit margins during the year grew from 9.5% in FY20 to 16.2% in FY21.

PIX TRANS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	3,186	3,996	25.4%
Other income	Rs m	79	50	-36.4%
Total Revenues	Rs m	3,265	4,046	23.9%
Gross profit	Rs m	602	1,115	85.0%
Depreciation	Rs m	188	200	6.2%
Interest	Rs m	119	91	-23.2%
Profit before tax	Rs m	374	873	133.6%
Tax	Rs m	72	224	213.7%
Profit after tax	Rs m	302	649	114.6%
Gross profit margin	%	18.9	27.9
Effective tax rate	%	19.1	25.7
Net profit margin	%	9.5	16.2

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PIX TRANS Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 803 million as compared to Rs 988 million in FY20, thereby witnessing an decrease of -18.7%.
• Long-term debt down at Rs 378 million as compared to Rs 434 million during FY20, a fall of 12.8%.
• Current assets rose 21% and stood at Rs 2 billion, while fixed assets rose 2% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 10%.

PIX TRANS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	2,363	2,996	26.8
Current Liabilities	Rs m	988	803	-18.7
Long-term Debt	Rs m	434	378	-12.8
Total Liabilities	Rs m	3,998	4,398	10.0
Current assets	Rs m	1,706	2,057	20.6
Fixed Assets	Rs m	2,292	2,341	2.1
Total Assets	Rs m	3,998	4,398	10.0

PIX TRANS Cash Flow Statement Analysis

• PIX TRANS's cash flow from operating activities (CFO) during FY21 stood at Rs 354 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -223 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -166 million, an improvement of 14% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs -35 million from the Rs 53 million net cash flows seen during FY20.

PIX TRANS 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	523	354	-32.3%
Cash Flow from Investing Activities	Rs m	-276	-223	-
Cash Flow from Financing Activities	Rs m	-194	-166	-
Net Cash Flow	Rs m	53	-35	-

Current Valuations for PIX TRANS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 47.6, an improvement from the EPS of Rs 22.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 335.2, stands at 7.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 4.0 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	233.8	293.1
TTM Earnings per share	Rs	22.2	47.6
Diluted earnings per share	Rs	22.2	47.6
Price to Cash Flow	x	2.3	4.0
TTM P/E ratio	x	3.7	7.0
Price / Book Value ratio	x	0.9	1.1
Market Cap	Rs m	2,030	3,386
Dividends per share (Unadj.)	Rs	2.0	5.0

Ratio Analysis for PIX TRANS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x during FY21, from 1.7x 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 10.6x during FY21, from 4.1x 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 21.7% during FY21, from 12.8% 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 28.6% during FY21, from 17.6% 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 improved and stood at 16.8% during FY21, from 10.5% 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	1.7	2.6
Debtors’ Days	Days	774	745
Interest coverage	x	4.1	10.6
Debt to equity ratio	x	0.2	0.1
Return on assets	%	10.5	16.8
Return on equity	%	12.8	21.7
Return on capital employed	%	17.6	28.6

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

PIX TRANS Share Price Performance

Over the last one year, PIX TRANS share price has moved up from Rs 82.7 to Rs 335.2, registering a gain of Rs 252.5 or around 305.3%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

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

Read: Latest Annual Report Analysis of PIX TRANS