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POLYPLEX CORPORATION 2020-21 Annual Report Analysis
Wed, 31 Mar

POLYPLEX CORPORATION 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.

POLYPLEX CORPORATION Income Statement Analysis

  • Operating income during the year rose 9.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 43.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.7% in FY21 as against 18.9% in FY20.
  • Depreciation charges increased by 10.4% and finance costs decreased by 2.5% YoY, respectively.
  • Other income declined by 3.8% YoY.
  • Net profit for the year grew by 74.5% YoY.
  • Net profit margins during the year grew from 11.0% in FY20 to 17.5% in FY21.

POLYPLEX CORPORATION Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 44,871 49,183 9.6%
Other income Rs m 614 591 -3.8%
Total Revenues Rs m 45,485 49,773 9.4%
Gross profit Rs m 8,501 12,168 43.1%
Depreciation Rs m 2,533 2,798 10.4%
Interest Rs m 180 176 -2.5%
Profit before tax Rs m 6,402 9,785 52.8%
Tax Rs m 1,464 1,166 -20.4%
Profit after tax Rs m 4,938 8,620 74.5%
Gross profit margin % 18.9 24.7
Effective tax rate % 22.9 11.9
Net profit margin % 11.0 17.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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POLYPLEX CORPORATION Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 11 billion as compared to Rs 9 billion in FY20, thereby witnessing an increase of 19.3%.
  • Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY20, a fall of 15.2%.
  • Current assets rose 7% and stood at Rs 29 billion, while fixed assets rose 9% and stood at Rs 35 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 64 billion as against Rs 59 billion during FY20, thereby witnessing a growth of 8%.

POLYPLEX CORPORATION Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 30,293 30,532 0.8
 
Current Liabilities Rs m 9,309 11,108 19.3
Long-term Debt Rs m 4,312 3,656 -15.2
Total Liabilities Rs m 58,890 63,633 8.1
 
Current assets Rs m 27,233 29,059 6.7
Fixed Assets Rs m 31,657 34,574 9.2
Total Assets Rs m 58,890 63,633 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



POLYPLEX CORPORATION Cash Flow Statement Analysis

  • POLYPLEX CORPORATION's cash flow from operating activities (CFO) during FY21 stood at Rs 11 billion, an improvement of 50.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -4 billion, an improvement of 7.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -81 million from the Rs 1 billion net cash flows seen during FY20.

POLYPLEX CORPORATION 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 7,311 11,024 50.8%
Cash Flow from Investing Activities Rs m -4,050 -4,361 -
Cash Flow from Financing Activities Rs m -2,977 -6,596 -
Net Cash Flow Rs m 1,102 -81 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for POLYPLEX CORPORATION

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 274.6, an improvement from the EPS of Rs 154.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 860.3, stands at 3.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.7 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 1,403.1 1,566.8
TTM Earnings per share Rs 154.4 274.6
Diluted earnings per share Rs 157.3 274.6
Price to Cash Flow x 1.3 1.7
TTM P/E ratio x 1.9 3.1
Price / Book Value ratio x 0.5 0.6
Market Cap Rs m 14,993 19,587
Dividends per share (Unadj.) Rs 17.0 164.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for POLYPLEX CORPORATION

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.6x during FY21, from 2.9x 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 improved and stood at 56.7x during FY21, from 36.5x 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 28.2% during FY21, from 16.3% 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 29.1% during FY21, from 19.0% 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 13.8% during FY21, from 8.7% 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 2.9 2.6
Debtors’ Days Days 552 498
Interest coverage x 36.5 56.7
Debt to equity ratio x 0.1 0.1
Return on assets % 8.7 13.8
Return on equity % 16.3 28.2
Return on capital employed % 19.0 29.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

POLYPLEX CORPORATION Share Price Performance

Over the last one year, POLYPLEX CORPORATION share price has moved up from Rs 299.5 to Rs 860.3, registering a gain of Rs 560.8 or around 187.2%.

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

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

Annual Report FAQs

What is the current share price of POLYPLEX CORPORATION?

POLYPLEX CORPORATION currently trades at Rs 2,307.0 per share. You can check out the latest share price performance of POLYPLEX CORPORATION here...

What was the revenue of POLYPLEX CORPORATION in FY21? How does it compare to earlier years?

The revenues of POLYPLEX CORPORATION stood at Rs 49,773 m in FY21, which was up 9.4% compared to Rs 45,485 m reported in FY20.

POLYPLEX CORPORATION's revenue has grown from Rs 32,717 m in FY17 to Rs 49,773 m in FY21.

Over the past 5 years, the revenue of POLYPLEX CORPORATION has grown at a CAGR of 11.1%.

What was the net profit of POLYPLEX CORPORATION in FY21? How does it compare to earlier years?

The net profit of POLYPLEX CORPORATION stood at Rs 8,620 m in FY21, which was up 74.5% compared to Rs 4,938 m reported in FY20.

This compares to a net profit of Rs 5,837 m in FY19 and a net profit of Rs 2,841 m in FY18.

Over the past 5 years, POLYPLEX CORPORATION net profit has grown at a CAGR of 24.3%.

What does the cash flow statement of POLYPLEX CORPORATION reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of POLYPLEX CORPORATION reveals:

  • Cash flow from operations increased in FY21 and stood at Rs 11,024 m as compared to Rs 7,311 m in FY20.
  • Cash flow from investments decreased in FY21 and stood at Rs -4,361 m as compared to Rs -4,050 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs -6,596 m as compared to Rs -2,977 m in FY20.

Here's the cash flow statement of POLYPLEX CORPORATION for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations4,4123,0715,5127,31111,024
From Investments-1,439-1,263-2,963-4,050-4,361
From Financial Activity-4,358-418-3,115-2,977-6,596
Net Cashflow-2,4011,592-2561,102-81

What does the Key Ratio analysis of POLYPLEX CORPORATION reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of POLYPLEX CORPORATION reveals:

  • Operating profit margins witnessed a fall and down at 24.7% in FY21 as against 18.9% in FY20.
  • Net profit margins grew from 11.0% in FY20 to 17.5% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.1 as compared to 0.1 in FY20.

Here's the ratio/financial analysis of POLYPLEX CORPORATION for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)15.813.916.018.924.7
Net Profit Margin (%)11.58.012.811.017.5
Debt to Equity Ratio (x)0.20.10.10.10.1

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