SHREE RENUKA SUGARS 2020-21 Annual Report Analysis

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SHREE RENUKA SUGARS 2020-21 Annual Report Analysis
Wed, 3 Nov

SHREE RENUKA SUGARS 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.

SHREE RENUKA SUGARS Income Statement Analysis

  • Operating income during the year rose 15.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 81.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.5% in FY21 as against 57.9% in FY20.
  • Depreciation charges decreased by 1.1% and finance costs decreased by 24.9% YoY, respectively.
  • Other income grew by 81.3% YoY.
  • Net profit for the year declined by 106.0% YoY.
  • Net profit margins during the year declined from 39.5% in FY20 to 2.0% in FY21.

SHREE RENUKA SUGARS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 48,812 56,485 15.7%
Other income Rs m 587 1,064 81.3%
Total Revenues Rs m 49,399 57,550 16.5%
Gross profit Rs m 28,247 5,380 -81.0%
Depreciation Rs m 2,108 2,085 -1.1%
Interest Rs m 5,113 3,842 -24.9%
Profit before tax Rs m 21,614 518 -97.6%
Tax Rs m 2,116 1,683 -20.5%
Profit after tax Rs m 19,498 -1,165 -106.0%
Gross profit margin % 57.9 9.5
Effective tax rate % 9.8 325.1
Net profit margin % 39.5 -2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SHREE RENUKA SUGARS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 49 billion as compared to Rs 56 billion in FY20, thereby witnessing an decrease of -12.3%.
  • Long-term debt stood at Rs 26 billion as compared to Rs 19 billion during FY20, a growth of 35.7%.
  • Current assets rose 25% and stood at Rs 30 billion, while fixed assets fell 5% and stood at Rs 39 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 69 billion as against Rs 65 billion during FY20, thereby witnessing a growth of 6%.

SHREE RENUKA SUGARS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m -8,826 -6,626 -24.9
 
Current Liabilities Rs m 56,242 49,334 -12.3
Long-term Debt Rs m 18,916 25,667 35.7
Total Liabilities Rs m 65,166 69,066 6.0
 
Current assets Rs m 23,978 29,903 24.7
Fixed Assets Rs m 41,189 39,163 -4.9
Total Assets Rs m 65,166 69,066 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SHREE RENUKA SUGARS Cash Flow Statement Analysis

  • SHREE RENUKA SUGARS's cash flow from operating activities (CFO) during FY21 stood at Rs -16 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 16 billion, an improvement of 347% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -319 million from the Rs 342 million net cash flows seen during FY20.

SHREE RENUKA SUGARS 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 5,613 -15,641 -
Cash Flow from Investing Activities Rs m -1,883 -1,437 -
Cash Flow from Financing Activities Rs m -6,647 16,405 -
Net Cash Flow Rs m 342 -319 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SHREE RENUKA SUGARS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.5, an decline from the EPS of Rs 10.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 26.5, stands at -10.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -3.0 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 61.3 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 25.5 26.5
TTM Earnings per share Rs 10.2 -0.5
Diluted earnings per share Rs 9.2 -0.5
Price to Cash Flow x 2.4 61.3
TTM P/E ratio x -9.7 -10.7
Price / Book Value ratio x -1.7 -3.0
Market Cap Rs m 50,796 56,405
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SHREE RENUKA SUGARS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY21, from 0.4x 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 1.1x during FY21, from 5.2x 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 improved and stood at 17.6% during FY21, from -220.9% 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 declined and down at 22.9% during FY21, from 264.9% 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 3.9% during FY21, from 37.8% 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 0.4 0.6
Debtors’ Days Days 10 10
Interest coverage x 5.2 1.1
Debt to equity ratio x -2.1 -3.9
Return on assets % 37.8 3.9
Return on equity % -220.9 17.6
Return on capital employed % 264.9 22.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SHREE RENUKA SUGARS has performed over the last 5 years, please visit here.

SHREE RENUKA SUGARS Share Price Performance

Over the last one year, SHREE RENUKA SUGARS share price has moved up from Rs 10.1 to Rs 26.5, registering a gain of Rs 16.4 or around 161.3%.

Overall, the S&P BSE SENSEX is up 50.3% over the year.

(To know more, check out historical annual results for SHREE RENUKA SUGARS and quarterly results for SHREE RENUKA SUGARS)

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