PNC INFRATECH 2020-21 Annual Report Analysis

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PNC INFRATECH 2020-21 Annual Report Analysis
Tue, 26 Oct

PNC INFRATECH 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.

PNC INFRATECH Income Statement Analysis

  • Operating income during the year rose 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.5% in FY21 as against 23.7% in FY20.
  • Depreciation charges increased by 3.6% and finance costs decreased by 3.0% YoY, respectively.
  • Other income declined by 36.6% YoY.
  • Net profit for the year declined by 9.3% YoY.
  • Net profit margins during the year declined from 9.4% in FY20 to 8.4% in FY21.

PNC INFRATECH Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 56,026 57,876 3.3%
Other income Rs m 1,756 1,113 -36.6%
Total Revenues Rs m 57,782 58,989 2.1%
Gross profit Rs m 13,272 14,179 6.8%
Depreciation Rs m 3,507 3,632 3.6%
Interest Rs m 4,393 4,261 -3.0%
Profit before tax Rs m 7,128 7,399 3.8%
Tax Rs m 1,694 2,472 46.0%
Profit after tax Rs m 5,434 4,926 -9.3%
Gross profit margin % 23.7 24.5
Effective tax rate % 23.8 33.4
Net profit margin % 9.4 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PNC INFRATECH Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 16 billion as compared to Rs 12 billion in FY20, thereby witnessing an increase of 34.5%.
  • Long-term debt stood at Rs 37 billion as compared to Rs 32 billion during FY20, a growth of 15.1%.
  • Current assets rose 18% and stood at Rs 28 billion, while fixed assets rose 13% and stood at Rs 67 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 95 billion as against Rs 83 billion during FY20, thereby witnessing a growth of 14%.

PNC INFRATECH Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 25,543 30,532 19.5
 
Current Liabilities Rs m 12,163 16,355 34.5
Long-term Debt Rs m 32,460 37,349 15.1
Total Liabilities Rs m 83,319 95,337 14.4
 
Current assets Rs m 23,839 28,100 17.9
Fixed Assets Rs m 59,480 67,237 13.0
Total Assets Rs m 83,319 95,337 14.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PNC INFRATECH Cash Flow Statement Analysis

  • PNC INFRATECH's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 8.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 633 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 6 million from the Rs 5 billion net cash flows seen during FY20.

PNC INFRATECH 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 5,250 1,858 -64.6%
Cash Flow from Investing Activities Rs m -2,297 -2,485 -
Cash Flow from Financing Activities Rs m 2,536 633 -75.0%
Net Cash Flow Rs m 5,489 6 -99.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PNC INFRATECH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.2, an decline from the EPS of Rs 21.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 335.7, stands at 16.9 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 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.1 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 218.4 225.6
TTM Earnings per share Rs 21.2 19.2
Diluted earnings per share Rs 21.2 19.2
Price to Cash Flow x 9.6 10.1
TTM P/E ratio x 16.9 16.9
Price / Book Value ratio x 1.5 1.6
Market Cap Rs m 86,120 86,120
Dividends per share (Unadj.) Rs 0.5 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PNC INFRATECH

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY21, from 2.0x 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 2.7x during FY21, from 2.6x 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 16.1% during FY21, from 21.3% 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 declined and down at 17.2% during FY21, from 19.9% 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 9.6% during FY21, from 11.8% 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 2.0 1.7
Debtors’ Days Days 185 248
Interest coverage x 2.6 2.7
Debt to equity ratio x 1.3 1.2
Return on assets % 11.8 9.6
Return on equity % 21.3 16.1
Return on capital employed % 19.9 17.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PNC INFRATECH Share Price Performance

Over the last one year, PNC INFRATECH share price has moved up from Rs 168.1 to Rs 335.7, registering a gain of Rs 167.6 or around 99.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 26,852.7 (up 0.8%). Over the last one year it has moved up from 14,119.2 to 26,852.7, a gain of 12,734 points (up 90.2%).

Overall, the S&P BSE SENSEX is up 51.0% over the year.

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

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