PTC INDIA 2020-21 Annual Report Analysis

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PTC INDIA 2020-21 Annual Report Analysis
Wed, 10 Nov

PTC INDIA 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.

PTC INDIA Income Statement Analysis

  • Operating income during the year rose 1.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.1% in FY21 as against 10.1% in FY20.
  • Depreciation charges decreased by 0.5% and finance costs decreased by 19.9% YoY, respectively.
  • Other income grew by 23.7% YoY.
  • Net profit for the year grew by 12.7% YoY.
  • Net profit margins during the year grew from 2.2% in FY20 to 2.5% in FY21.

PTC INDIA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 181,008 183,455 1.4%
Other income Rs m 228 282 23.7%
Total Revenues Rs m 181,236 183,737 1.4%
Gross profit Rs m 18,258 16,786 -8.1%
Depreciation Rs m 1,005 1,000 -0.5%
Interest Rs m 11,587 9,281 -19.9%
Profit before tax Rs m 5,893 6,786 15.2%
Tax Rs m 1,832 2,209 20.6%
Profit after tax Rs m 4,061 4,577 12.7%
Gross profit margin % 10.1 9.1
Effective tax rate % 31.1 32.6
Net profit margin % 2.2 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PTC INDIA Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 78 billion as compared to Rs 76 billion in FY20, thereby witnessing an increase of 2.2%.
  • Long-term debt down at Rs 77 billion as compared to Rs 85 billion during FY20, a fall of 9.2%.
  • Current assets rose 21% and stood at Rs 106 billion, while fixed assets fell 18% and stood at Rs 101 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 206 billion as against Rs 210 billion during FY20, thereby witnessing a fall of 2%.

PTC INDIA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 41,873 44,200 5.6
 
Current Liabilities Rs m 75,920 77,626 2.2
Long-term Debt Rs m 84,847 77,043 -9.2
Total Liabilities Rs m 210,123 206,151 -1.9
 
Current assets Rs m 87,546 105,627 20.7
Fixed Assets Rs m 122,575 100,522 -18.0
Total Assets Rs m 210,123 206,151 -1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PTC INDIA Cash Flow Statement Analysis

  • PTC INDIA's cash flow from operating activities (CFO) during FY21 stood at Rs 21 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -5 billion, an improvement of 22.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -11 billion, an improvement of 58% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 5 billion from the Rs 3 billion net cash flows seen during FY20.

PTC INDIA 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 32,935 21,081 -36.0%
Cash Flow from Investing Activities Rs m -4,139 -5,049 -
Cash Flow from Financing Activities Rs m -25,705 -10,852 -
Net Cash Flow Rs m 3,092 5,181 67.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PTC INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.5, an improvement from the EPS of Rs 13.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 123.9, stands at 7.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.6 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 611.5 619.8
TTM Earnings per share Rs 13.7 15.5
Diluted earnings per share Rs 13.7 15.5
Price to Cash Flow x 7.2 6.6
TTM P/E ratio x 7.4 7.4
Price / Book Value ratio x 0.4 0.4
Market Cap Rs m 36,661 36,661
Dividends per share (Unadj.) Rs 5.5 7.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PTC INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.2x 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 1.7x during FY21, from 1.5x 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 10.4% during FY21, from 9.7% 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 13.3% during FY21, from 13.8% 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 6.7% during FY21, from 7.4% 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 1.2 1.4
Debtors’ Days Days 14 12
Interest coverage x 1.5 1.7
Debt to equity ratio x 2.0 1.7
Return on assets % 7.4 6.7
Return on equity % 9.7 10.4
Return on capital employed % 13.8 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

PTC INDIA Share Price Performance

Over the last one year, PTC INDIA share price has moved up from Rs 51.7 to Rs 123.9, registering a gain of Rs 72.2 or around 139.8%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 3,494.9 (down 0.7%). Over the last one year it has moved up from 1,817.6 to 3,494.9, a gain of 1,677 points (up 92.3%).

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

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

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