PRICOL 2020-21 Annual Report Analysis

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PRICOL 2020-21 Annual Report Analysis
Wed, 10 Nov

PRICOL 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.

PRICOL Income Statement Analysis

  • Operating income during the year fell 12.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 446.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.1% in FY21 as against 2.0% in FY20.
  • Depreciation charges decreased by 14.8% and finance costs decreased by 18.6% YoY, respectively.
  • Other income grew by 0.1% YoY.
  • Net profit for the year declined by 142.0% YoY.
  • Net profit margins during the year grew from 5.6% in FY20 to 2.7% in FY21.

PRICOL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 17,151 15,065 -12.2%
Other income Rs m 339 339 0.1%
Total Revenues Rs m 17,490 15,404 -11.9%
Gross profit Rs m 334 1,828 446.4%
Depreciation Rs m 1,153 983 -14.8%
Interest Rs m 543 442 -18.6%
Profit before tax Rs m -1,023 742 -172.5%
Tax Rs m -36 327 -1,017.1%
Profit after tax Rs m -988 415 -142.0%
Gross profit margin % 2.0 12.1
Effective tax rate % 3.5 44.0
Net profit margin % -5.6 2.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PRICOL Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 4 billion as compared to Rs 6 billion in FY20, thereby witnessing an decrease of -32.2%.
  • Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY20, a fall of 16.2%.
  • Current assets rose 5% and stood at Rs 5 billion, while fixed assets fell 14% and stood at Rs 7 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 12 billion as against Rs 13 billion during FY20, thereby witnessing a fall of 7%.

PRICOL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,974 5,248 32.1
 
Current Liabilities Rs m 6,029 4,086 -32.2
Long-term Debt Rs m 2,383 1,997 -16.2
Total Liabilities Rs m 13,299 12,350 -7.1
 
Current assets Rs m 5,062 5,303 4.8
Fixed Assets Rs m 8,237 7,047 -14.4
Total Assets Rs m 13,299 12,350 -7.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PRICOL Cash Flow Statement Analysis

  • PRICOL's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -210 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -705 million, an improvement of 58% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 287 million from the Rs -480 million net cash flows seen during FY20.

PRICOL 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 1,512 1,286 -15.0%
Cash Flow from Investing Activities Rs m -274 -210 -
Cash Flow from Financing Activities Rs m -1,689 -705 -
Net Cash Flow Rs m -480 287 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PRICOL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.4, an improvement from the EPS of Rs -10.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 118.7, stands at 33.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.3 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 180.9 123.6
TTM Earnings per share Rs -10.4 3.4
Diluted earnings per share Rs -8.1 3.4
Price to Cash Flow x 68.0 10.3
TTM P/E ratio x 25.9 33.3
Price / Book Value ratio x 1.1 1.3
Market Cap Rs m 11,252 14,467
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PRICOL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY21, from 0.8x 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 -0.9x 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 7.9% during FY21, from -24.9% 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 16.3% during FY21, from -7.5% 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 6.9% during FY21, from -3.3% 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 0.8 1.3
Debtors’ Days Days 417 455
Interest coverage x -0.9 2.7
Debt to equity ratio x 0.6 0.4
Return on assets % -3.3 6.9
Return on equity % -24.9 7.9
Return on capital employed % -7.5 16.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PRICOL Share Price Performance

Over the last one year, PRICOL share price has moved up from Rs 54.3 to Rs 118.7, registering a gain of Rs 64.5 or around 118.8%.

Overall, the S&P BSE SENSEX is up 41.7% over the year.

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

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