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PNC INFRATECH 2020-21 Annual Report Analysis
Wed, 31 Mar

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 9.7% in FY20 to 8.5% 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 % 9.7 8.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

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 257.4, stands at 13.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.7 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 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 2.7 5.7
TTM P/E ratio x 4.5 13.4
Price / Book Value ratio x 1.5 1.6
Market Cap Rs m 38,513 48,877
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 95.2 to Rs 257.4, registering a gain of Rs 162.3 or around 170.5%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 21,095.8 (down 0.4%). Over the last one year it has moved up from 10,979.5 to 21,095.8, a gain of 10,116 points (up 92.1%).

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

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

Annual Report FAQs

What is the current share price of PNC INFRATECH?

PNC INFRATECH currently trades at Rs 436.2 per share. You can check out the latest share price performance of PNC INFRATECH here...

What was the revenue of PNC INFRATECH in FY21? How does it compare to earlier years?

The revenues of PNC INFRATECH stood at Rs 58,989 m in FY21, which was up 2.1% compared to Rs 57,782 m reported in FY20.

PNC INFRATECH's revenue has grown from Rs 22,929 m in FY17 to Rs 58,989 m in FY21.

Over the past 5 years, the revenue of PNC INFRATECH has grown at a CAGR of 26.6%.

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

The net profit of PNC INFRATECH stood at Rs 4,926 m in FY21, which was down -9.3% compared to Rs 5,434 m reported in FY20.

This compares to a net profit of Rs 3,507 m in FY19 and a net profit of Rs 2,490 m in FY18.

Over the past 5 years, PNC INFRATECH net profit has grown at a CAGR of 37.2%.

What does the cash flow statement of PNC INFRATECH 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 PNC INFRATECH reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs 1,858 m as compared to Rs 5,250 m in FY20.
  • Cash flow from investments decreased in FY21 and stood at Rs -2,485 m as compared to Rs -2,297 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs 633 m as compared to Rs 2,536 m in FY20.

Here's the cash flow statement of PNC INFRATECH for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations2,8515,9121,9735,2501,858
From Investments-2,015-2,517-4,438-2,297-2,485
From Financial Activity-1,346-2,1103,9992,536633
Net Cashflow-5101,2851,5345,4896

What does the Key Ratio analysis of PNC INFRATECH 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 PNC INFRATECH reveals:

  • Operating profit margins witnessed a fall and down at 24.5% in FY21 as against 23.7% in FY20.
  • Net profit margins declined from 9.7% in FY20 to 8.5% in FY21.
  • Debt to Equity ratio for FY21 stood at 1.2 as compared to 1.3 in FY20.

Here's the ratio/financial analysis of PNC INFRATECH for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)27.731.926.723.724.5
Net Profit Margin (%)6.210.39.39.78.5
Debt to Equity Ratio (x)1.11.11.21.31.2

Read: Latest Annual Report Analysis of PNC INFRATECH

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