PRATAAP SNACKS 2020-21 Annual Report Analysis

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PRATAAP SNACKS 2020-21 Annual Report Analysis
Wed, 10 Nov

PRATAAP SNACKS 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.

PRATAAP SNACKS Income Statement Analysis

  • Operating income during the year fell 16.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 32.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.4% in FY21 as against 6.7% in FY20.
  • Depreciation charges decreased by 11.6% and finance costs decreased by 16.0% YoY, respectively.
  • Other income declined by 3.9% YoY.
  • Net profit for the year declined by 69.8% YoY.
  • Net profit margins during the year declined from 3.3% in FY20 to 1.2% in FY21.

PRATAAP SNACKS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 13,938 11,711 -16.0%
Other income Rs m 92 88 -3.9%
Total Revenues Rs m 14,030 11,799 -15.9%
Gross profit Rs m 937 631 -32.7%
Depreciation Rs m 617 546 -11.6%
Interest Rs m 75 63 -16.0%
Profit before tax Rs m 337 111 -67.1%
Tax Rs m -132 -31 -76.7%
Profit after tax Rs m 469 142 -69.8%
Gross profit margin % 6.7 5.4
Effective tax rate % -39.3 -27.9
Net profit margin % 3.3 1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

PRATAAP SNACKS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 13.5%.
  • Current assets fell 1% and stood at Rs 2 billion, while fixed assets fell 5% and stood at Rs 6 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 9 billion as against Rs 9 billion during FY20, thereby witnessing a fall of 4%.

PRATAAP SNACKS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,053 6,173 2.0
 
Current Liabilities Rs m 1,190 1,352 13.5
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,206 8,856 -3.8
 
Current assets Rs m 2,418 2,391 -1.1
Fixed Assets Rs m 6,788 6,465 -4.8
Total Assets Rs m 9,206 8,856 -3.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PRATAAP SNACKS Cash Flow Statement Analysis

  • PRATAAP SNACKS 's cash flow from operating activities (CFO) during FY21 stood at Rs 774 million, an improvement of 3.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -778 million, an improvement of 57.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -143 million, an improvement of 49% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -147 million from the Rs -22 million net cash flows seen during FY20.

PRATAAP SNACKS 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 751 774 3.0%
Cash Flow from Investing Activities Rs m -493 -778 -
Cash Flow from Financing Activities Rs m -280 -143 -
Net Cash Flow Rs m -22 -147 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PRATAAP SNACKS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.0, an decline from the EPS of Rs 20.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 715.7, stands at 90.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.4 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 594.4 499.4
TTM Earnings per share Rs 20.0 6.0
Diluted earnings per share Rs 20.0 6.0
Price to Cash Flow x 15.4 24.4
TTM P/E ratio x 90.6 90.6
Price / Book Value ratio x 2.9 2.3
Market Cap Rs m 16,785 16,785
Dividends per share (Unadj.) Rs 1.0 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PRATAAP SNACKS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x 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 deteriorated and stood at 2.8x during FY21, from 5.5x 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 declined and down at 2.3% during FY21, from 7.8% 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 declined and down at 2.8% during FY21, from 6.8% 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 2.3% during FY21, from 5.9% 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 1.8
Debtors’ Days Days 85 83
Interest coverage x 5.5 2.8
Debt to equity ratio x 0.0 0.0
Return on assets % 5.9 2.3
Return on equity % 7.8 2.3
Return on capital employed % 6.8 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PRATAAP SNACKS Share Price Performance

Over the last one year, PRATAAP SNACKS share price has moved up from Rs 610.6 to Rs 715.7, registering a gain of Rs 105.2 or around 17.2%.

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

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

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