SORIL INFRA RESOURCES 2020-21 Annual Report Analysis

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SORIL INFRA RESOURCES 2020-21 Annual Report Analysis
Thu, 18 Nov

SORIL INFRA RESOURCES 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.

SORIL INFRA RESOURCES Income Statement Analysis

  • Operating income during the year fell 20.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.0% in FY21 as against 14.4% in FY20.
  • Depreciation charges decreased by 8.5% and finance costs decreased by 13.0% YoY, respectively.
  • Other income grew by 34.3% YoY.
  • Net profit for the year grew by 190.5% YoY.
  • Net profit margins during the year grew from 2.9% in FY20 to 10.0% in FY21.

SORIL INFRA RESOURCES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 2,125 1,681 -20.9%
Other income Rs m 186 249 34.3%
Total Revenues Rs m 2,311 1,931 -16.4%
Gross profit Rs m 305 336 10.1%
Depreciation Rs m 252 230 -8.5%
Interest Rs m 135 118 -13.0%
Profit before tax Rs m 104 237 128.3%
Tax Rs m 37 44 17.2%
Profit after tax Rs m 67 194 190.5%
Gross profit margin % 14.4 20.0
Effective tax rate % 35.9 18.4
Net profit margin % 2.9 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SORIL INFRA RESOURCES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 4 billion as compared to Rs 3 billion in FY20, thereby witnessing an increase of 1.2%.
  • Long-term debt stood at Rs 680 million as compared to Rs 259 million during FY20, a growth of 162.5%.
  • Current assets rose 99% and stood at Rs 5 billion, while fixed assets fell 41% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 10%.

SORIL INFRA RESOURCES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 2,332 2,530 8.5
 
Current Liabilities Rs m 3,468 3,510 1.2
Long-term Debt Rs m 259 680 162.5
Total Liabilities Rs m 6,240 6,886 10.4
 
Current assets Rs m 2,271 4,531 99.5
Fixed Assets Rs m 3,969 2,355 -40.6
Total Assets Rs m 6,240 6,886 10.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SORIL INFRA RESOURCES Cash Flow Statement Analysis

  • SORIL INFRA RESOURCES'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 -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 251 million, an improvement of 144% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 144 million from the Rs -9 million net cash flows seen during FY20.

SORIL INFRA RESOURCES 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 -270 1,161 -
Cash Flow from Investing Activities Rs m 834 -1,268 -
Cash Flow from Financing Activities Rs m -573 251 -
Net Cash Flow Rs m -9 144 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SORIL INFRA RESOURCES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.1, an improvement from the EPS of Rs 2.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 102.7, stands at 46.6 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 2.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.6 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 67.5 53.4
TTM Earnings per share Rs 2.1 6.1
Diluted earnings per share Rs 2.1 6.1
Price to Cash Flow x 10.2 7.6
TTM P/E ratio x 46.6 46.6
Price / Book Value ratio x 2.7 1.6
Market Cap Rs m 3,235 3,235
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SORIL INFRA RESOURCES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY21, from 0.7x 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 3.0x during FY21, from 1.8x 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 7.6% during FY21, from 2.9% 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 11.1% during FY21, from 9.2% 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 4.5% during FY21, from 3.2% 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 0.7 1.3
Debtors’ Days Days 12 18
Interest coverage x 1.8 3.0
Debt to equity ratio x 0.1 0.3
Return on assets % 3.2 4.5
Return on equity % 2.9 7.6
Return on capital employed % 9.2 11.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SORIL INFRA RESOURCES has performed over the last 5 years, please visit here.

SORIL INFRA RESOURCES Share Price Performance

Over the last one year, SORIL INFRA RESOURCES share price has moved up from Rs 68.1 to Rs 102.7, registering a gain of Rs 34.7 or around 50.9%.

Overall, the S&P BSE SENSEX is up 35.4% over the year.

(To know more, check out historical annual results for SORIL INFRA RESOURCES and quarterly results for SORIL INFRA RESOURCES)

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