RESPONSIVE INDUSTRIES 2020-21 Annual Report Analysis

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RESPONSIVE INDUSTRIES 2020-21 Annual Report Analysis
Mon, 25 Oct

RESPONSIVE INDUSTRIES 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.

RESPONSIVE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 41.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 22.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.0% in FY21 as against 18.3% in FY20.
  • Depreciation charges decreased by 17.3% and finance costs decreased by 82.1% YoY, respectively.
  • Other income declined by 72.2% YoY.
  • Net profit for the year grew by 0.1% YoY.
  • Net profit margins during the year declined from 4.3% in FY20 to 3.2% in FY21.

RESPONSIVE INDUSTRIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 5,331 7,557 41.8%
Other income Rs m 282 78 -72.2%
Total Revenues Rs m 5,613 7,635 36.0%
Gross profit Rs m 975 753 -22.8%
Depreciation Rs m 779 644 -17.3%
Interest Rs m 213 38 -82.1%
Profit before tax Rs m 265 149 -43.8%
Tax Rs m 21 -95 -547.5%
Profit after tax Rs m 244 244 0.1%
Gross profit margin % 18.3 10.0
Effective tax rate % 8.0 -63.9
Net profit margin % 4.3 3.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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RESPONSIVE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 4.8%.
  • Long-term debt stood at Rs 306 million as compared to Rs 4 million during FY20, a growth of 8090.9%.
  • Current assets fell 1% and stood at Rs 3 billion, while fixed assets fell 7% and stood at Rs 9 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 13 billion as against Rs 13 billion during FY20, thereby witnessing a fall of 6%.

RESPONSIVE INDUSTRIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 9,435 9,674 2.5
 
Current Liabilities Rs m 2,119 2,220 4.8
Long-term Debt Rs m 4 306 8,090.9
Total Liabilities Rs m 13,420 12,676 -5.5
 
Current assets Rs m 3,503 3,471 -0.9
Fixed Assets Rs m 9,916 9,205 -7.2
Total Assets Rs m 13,420 12,676 -5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



RESPONSIVE INDUSTRIES Cash Flow Statement Analysis

  • RESPONSIVE INDUSTRIES's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion, an improvement of 61.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 76.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 254 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 44 million from the Rs 283 million net cash flows seen during FY20.

RESPONSIVE INDUSTRIES 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 900 1,452 61.3%
Cash Flow from Investing Activities Rs m -941 -1,662 -
Cash Flow from Financing Activities Rs m 324 254 -21.8%
Net Cash Flow Rs m 283 44 -84.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for RESPONSIVE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.9, an improvement from the EPS of Rs 0.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 118.8, stands at 216.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 4.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 35.7 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 20.3 28.8
TTM Earnings per share Rs 0.9 0.9
Diluted earnings per share Rs 0.9 0.9
Price to Cash Flow x 30.5 35.7
TTM P/E ratio x 213.0 216.6
Price / Book Value ratio x 2.5 3.7
Market Cap Rs m 31,171 31,696
Dividends per share (Unadj.) Rs 0.1 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for RESPONSIVE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY21, from 1.7x 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 4.9x during FY21, from 2.2x 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 2.5% during FY21, from 2.6% 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 1.9% during FY21, from 5.1% 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 2.2% during FY21, from 3.4% 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 1.7 1.6
Debtors’ Days Days 150 79
Interest coverage x 2.2 4.9
Debt to equity ratio x 0.0 0.0
Return on assets % 3.4 2.2
Return on equity % 2.6 2.5
Return on capital employed % 5.1 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

RESPONSIVE INDUSTRIES Share Price Performance

Over the last one year, RESPONSIVE INDUSTRIES share price has moved down from Rs 135.4 to Rs 118.8, registering a loss of Rs 16.6 or around 12.3%.

Overall, the S&P BSE SENSEX is up 49.8% over the year.

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

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