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TGV SRAAC 2020-21 Annual Report Analysis
Wed, 31 Mar

TGV SRAAC 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.

TGV SRAAC Income Statement Analysis

  • Operating income during the year fell 3.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 4.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.8% in FY21 as against 15.1% in FY20.
  • Depreciation charges increased by 12.2% and finance costs increased by 7.4% YoY, respectively.
  • Other income grew by 21.3% YoY.
  • Net profit for the year declined by 38.8% YoY.
  • Net profit margins during the year declined from 4.5% in FY20 to 2.9% in FY21.

TGV SRAAC Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 10,403 10,087 -3.0%
Other income Rs m 81 99 21.3%
Total Revenues Rs m 10,484 10,186 -2.8%
Gross profit Rs m 1,566 1,492 -4.8%
Depreciation Rs m 563 632 12.2%
Interest Rs m 445 478 7.4%
Profit before tax Rs m 640 481 -24.9%
Tax Rs m 168 191 14.2%
Profit after tax Rs m 473 290 -38.8%
Gross profit margin % 15.1 14.8
Effective tax rate % 26.2 39.8
Net profit margin % 4.5 2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

TGV SRAAC Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 4 billion as compared to Rs 4 billion in FY20, thereby witnessing an increase of 11.3%.
  • Long-term debt stood at Rs 3 billion as compared to Rs 2 billion during FY20, a growth of 43.5%.
  • Current assets rose 13% and stood at Rs 4 billion, while fixed assets rose 15% and stood at Rs 10 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 15 billion as against Rs 13 billion during FY20, thereby witnessing a growth of 14%.

TGV SRAAC Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,316 6,102 14.8
 
Current Liabilities Rs m 3,846 4,280 11.3
Long-term Debt Rs m 1,765 2,533 43.5
Total Liabilities Rs m 12,787 14,587 14.1
 
Current assets Rs m 3,907 4,402 12.7
Fixed Assets Rs m 8,880 10,185 14.7
Total Assets Rs m 12,787 14,587 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TGV SRAAC Cash Flow Statement Analysis

  • TGV SRAAC 's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion, an improvement of 7.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 576 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 257 million from the Rs -5 million net cash flows seen during FY20.

TGV SRAAC 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 1,221 1,316 7.8%
Cash Flow from Investing Activities Rs m -1,878 -1,634 -
Cash Flow from Financing Activities Rs m 652 576 -11.7%
Net Cash Flow Rs m -5 257 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TGV SRAAC

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.7, an decline from the EPS of Rs 4.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 24.3, stands at 8.7 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 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.5 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 102.2 94.2
TTM Earnings per share Rs 4.6 2.7
Diluted earnings per share Rs 4.4 2.7
Price to Cash Flow x 1.2 2.5
TTM P/E ratio x 2.7 8.7
Price / Book Value ratio x 0.5 0.4
Market Cap Rs m 2,762 2,300
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TGV SRAAC

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY21, from 1.0x 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 2.0x during FY21, from 2.4x 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 4.7% during FY21, from 8.9% 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 11.1% during FY21, from 15.3% 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 5.3% during FY21, from 7.2% 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 1.0 1.0
Debtors’ Days Days 290 359
Interest coverage x 2.4 2.0
Debt to equity ratio x 0.3 0.4
Return on assets % 7.2 5.3
Return on equity % 8.9 4.7
Return on capital employed % 15.3 11.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how TGV SRAAC has performed over the last 5 years, please visit here.

TGV SRAAC Share Price Performance

Over the last one year, TGV SRAAC share price has moved up from Rs 11.9 to Rs 24.3, registering a gain of Rs 12.4 or around 103.8%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for TGV SRAAC and quarterly results for TGV SRAAC )

Annual Report FAQs

What is the current share price of TGV SRAAC ?

TGV SRAAC currently trades at Rs 81.1 per share. You can check out the latest share price performance of TGV SRAAC here...

What was the revenue of TGV SRAAC in FY21? How does it compare to earlier years?

The revenues of TGV SRAAC stood at Rs 10,186 m in FY21, which was down -2.8% compared to Rs 10,484 m reported in FY20.

TGV SRAAC 's revenue has grown from Rs 8,425 m in FY17 to Rs 10,186 m in FY21.

Over the past 5 years, the revenue of TGV SRAAC has grown at a CAGR of 4.9%.

What was the net profit of TGV SRAAC in FY21? How does it compare to earlier years?

The net profit of TGV SRAAC stood at Rs 290 m in FY21, which was down -38.8% compared to Rs 473 m reported in FY20.

This compares to a net profit of Rs 684 m in FY19 and a net profit of Rs 296 m in FY18.

Over the past 5 years, TGV SRAAC net profit has grown at a CAGR of 15.0%.

What does the cash flow statement of TGV SRAAC reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of TGV SRAAC reveals:

  • Cash flow from operations increased in FY21 and stood at Rs 1,316 m as compared to Rs 1,221 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -1,634 m as compared to Rs -1,878 m in FY20.
  • Cash flow from financial activity decreased in FY21 and stood at Rs 576 m as compared to Rs 652 m in FY20.

Here's the cash flow statement of TGV SRAAC for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations1,4191,5252,0221,2211,316
From Investments-1,092-747-548-1,878-1,634
From Financial Activity-329-761-1,450652576
Net Cashflow-21723-5257

What does the Key Ratio analysis of TGV SRAAC reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of TGV SRAAC reveals:

  • Operating profit margins witnessed a fall and stood at 14.8% in FY21 as against 15.1% in FY20.
  • Net profit margins declined from 4.5% in FY20 to 2.9% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.4 as compared to 0.3 in FY20.

Here's the ratio/financial analysis of TGV SRAAC for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)16.417.321.815.114.8
Net Profit Margin (%)2.02.56.84.52.9
Debt to Equity Ratio (x)0.50.30.30.30.4

Read: Latest Annual Report Analysis of TGV SRAAC

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