RAJESH EXPORTS 2019-20 Annual Report Analysis

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RAJESH EXPORTS 2019-20 Annual Report Analysis
Tue, 26 Oct

RAJESH EXPORTS has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

RAJESH EXPORTS Income Statement Analysis

  • Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.8% in FY20 as against 1.0% in FY19.
  • Depreciation charges decreased by 2.3% and finance costs decreased by 49.6% YoY, respectively.
  • Other income declined by 89.5% YoY.
  • Net profit for the year declined by 6.7% YoY.
  • Net profit margins during the year declined from 0.7% in FY19 to 0.6% in FY20.

RAJESH EXPORTS Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 1,757,631 1,956,002 11.3%
Other income Rs m 675 71 -89.5%
Total Revenues Rs m 1,758,307 1,956,072 11.2%
Gross profit Rs m 17,941 15,493 -13.6%
Depreciation Rs m 743 726 -2.3%
Interest Rs m 4,417 2,225 -49.6%
Profit before tax Rs m 13,457 12,613 -6.3%
Tax Rs m 535 554 3.5%
Profit after tax Rs m 12,921 12,058 -6.7%
Gross profit margin % 1.0 0.8
Effective tax rate % 4.0 4.4
Net profit margin % 0.7 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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RAJESH EXPORTS Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 201 billion as compared to Rs 198 billion in FY19, thereby witnessing an increase of 1.5%.
  • Current assets rose 7% and stood at Rs 280 billion, while fixed assets rose 5% and stood at Rs 27 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 307 billion as against Rs 288 billion during FY19, thereby witnessing a growth of 7%.

RAJESH EXPORTS Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 88,400 105,339 19.2
 
Current Liabilities Rs m 197,813 200,869 1.5
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 288,415 307,276 6.5
 
Current assets Rs m 262,401 280,031 6.7
Fixed Assets Rs m 26,014 27,246 4.7
Total Assets Rs m 288,415 307,276 6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



RAJESH EXPORTS Cash Flow Statement Analysis

  • RAJESH EXPORTS's cash flow from operating activities (CFO) during FY20 stood at Rs 26 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -52 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -23 billion from the Rs 6 billion net cash flows seen during FY19.

RAJESH EXPORTS Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 34,824 25,724 -26.1%
Cash Flow from Investing Activities Rs m -3,014 -1,936 -
Cash Flow from Financing Activities Rs m -29,900 -51,723 -
Net Cash Flow Rs m 5,939 -22,758 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for RAJESH EXPORTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 40.8, an decline from the EPS of Rs 43.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 638.9, stands at 19.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 5,952.8 6,624.7
TTM Earnings per share Rs 43.8 40.8
Diluted earnings per share Rs 43.8 40.8
Price to Cash Flow x 13.8 14.8
TTM P/E ratio x 19.4 19.4
Price / Book Value ratio x 2.2 1.9
Market Cap Rs m 188,627 188,627
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for RAJESH EXPORTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY20, from 1.3x during FY19. 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 6.7x during FY20, from 4.0x during FY19. 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 11.4% during FY20, from 14.6% during FY20. 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 14.1% during FY20, from 20.2% during FY19. 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 4.6% during FY20, from 6.0% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.3 1.4
Debtors’ Days Days 13 17
Interest coverage x 4.0 6.7
Debt to equity ratio x 0.0 0.0
Return on assets % 6.0 4.6
Return on equity % 14.6 11.4
Return on capital employed % 20.2 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

RAJESH EXPORTS Share Price Performance

Over the last one year, RAJESH EXPORTS share price has moved up from Rs 450.5 to Rs 638.9, registering a gain of Rs 188.4 or around 41.8%.

Overall, the S&P BSE SENSEX is up 51.1% over the year.

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

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Related Views on News

RAJESH EXPORTS Announces Quarterly Results (3QFY20); Net Profit Up 0.2% (Quarterly Result Update)

Feb 12, 2020 | Updated on Feb 12, 2020

For the quarter ended December 2019, RAJESH EXPORTS has posted a net profit of Rs 3 bn (up 0.2% YoY). Sales on the other hand came in at Rs 406 bn (down 7.8% YoY). Read on for a complete analysis of RAJESH EXPORTS's quarterly results.

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