TGV SRAAC 2020-21 Annual Report Analysis

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TGV SRAAC 2020-21 Annual Report Analysis
Fri, 19 Nov

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 2.8% 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 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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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 49.1, stands at 14.1 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 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.7 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 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 4.8 5.7
TTM P/E ratio x 13.4 14.1
Price / Book Value ratio x 0.5 0.4
Market Cap Rs m 4,990 5,253
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 24.4 to Rs 49.1, registering a gain of Rs 24.7 or around 101.0%.

Overall, the S&P BSE SENSEX is up 35.7% over the year.

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

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