SUNDARAM CLAYTON 2020-21 Annual Report Analysis

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SUNDARAM CLAYTON 2020-21 Annual Report Analysis
Mon, 15 Nov

SUNDARAM CLAYTON 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.

SUNDARAM CLAYTON Income Statement Analysis

  • Operating income during the year rose 2.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 0.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.7% in FY21 as against 11.8% in FY20.
  • Depreciation charges decreased by 0.9% and finance costs increased by 2.1% YoY, respectively.
  • Other income grew by 12.1% YoY.
  • Net profit for the year declined by 5.4% YoY.
  • Net profit margins during the year declined from 3.2% in FY20 to 2.9% in FY21.

SUNDARAM CLAYTON Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 198,587 202,987 2.2%
Other income Rs m 562 630 12.1%
Total Revenues Rs m 199,149 203,617 2.2%
Gross profit Rs m 23,501 23,660 0.7%
Depreciation Rs m 6,487 6,427 -0.9%
Interest Rs m 9,099 9,291 2.1%
Profit before tax Rs m 8,477 8,571 1.1%
Tax Rs m 2,187 2,622 19.9%
Profit after tax Rs m 6,291 5,950 -5.4%
Gross profit margin % 11.8 11.7
Effective tax rate % 25.8 30.6
Net profit margin % 3.2 2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SUNDARAM CLAYTON Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 115 billion as compared to Rs 107 billion in FY20, thereby witnessing an increase of 7.1%.
  • Long-term debt stood at Rs 66 billion as compared to Rs 55 billion during FY20, a growth of 21.3%.
  • Current assets rose 7% and stood at Rs 111 billion, while fixed assets rose 19% and stood at Rs 122 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 233 billion as against Rs 206 billion during FY20, thereby witnessing a growth of 13%.

SUNDARAM CLAYTON Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 24,635 29,046 17.9
 
Current Liabilities Rs m 107,071 114,719 7.1
Long-term Debt Rs m 54,690 66,349 21.3
Total Liabilities Rs m 206,121 233,086 13.1
 
Current assets Rs m 103,381 111,043 7.4
Fixed Assets Rs m 102,740 122,044 18.8
Total Assets Rs m 206,121 233,086 13.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SUNDARAM CLAYTON Cash Flow Statement Analysis

  • SUNDARAM CLAYTON's cash flow from operating activities (CFO) during FY21 stood at Rs 12 billion, an improvement of 165.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -10 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 5 billion from the Rs 12 billion net cash flows seen during FY20.

SUNDARAM CLAYTON 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 4,582 12,146 165.1%
Cash Flow from Investing Activities Rs m -10,548 -9,793 -
Cash Flow from Financing Activities Rs m 17,954 2,607 -85.5%
Net Cash Flow Rs m 11,988 4,961 -58.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SUNDARAM CLAYTON

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 294.1, an decline from the EPS of Rs 310.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,633.0, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.6 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 9,816.5 10,034.0
TTM Earnings per share Rs 310.9 294.1
Diluted earnings per share Rs 310.9 294.1
Price to Cash Flow x 7.3 7.6
TTM P/E ratio x 10.4 10.4
Price / Book Value ratio x 1.6 1.8
Market Cap Rs m 93,734 93,734
Dividends per share (Unadj.) Rs 31.0 26.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SUNDARAM CLAYTON

  • 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 1.9x during FY21, from 1.9x 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 20.5% during FY21, from 25.5% 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 18.7% during FY21, from 22.2% 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 6.5% during FY21, from 7.5% 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 3 2
Interest coverage x 1.9 1.9
Debt to equity ratio x 2.2 2.3
Return on assets % 7.5 6.5
Return on equity % 25.5 20.5
Return on capital employed % 22.2 18.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SUNDARAM CLAYTON has performed over the last 5 years, please visit here.

SUNDARAM CLAYTON Share Price Performance

Over the last one year, SUNDARAM CLAYTON share price has moved up from Rs 1,649.0 to Rs 4,633.0, registering a gain of Rs 2,984.0 or around 181.0%.

Overall, the S&P BSE SENSEX is up 39.3% over the year.

(To know more, check out historical annual results for SUNDARAM CLAYTON and quarterly results for SUNDARAM CLAYTON)

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Related Views on News

SUNDARAM CLAYTON Announces Quarterly Results (4QFY20); Net Profit Up 23.4% (Quarterly Result Update)

Jun 1, 2020 | Updated on Jun 1, 2020

For the quarter ended March 2020, SUNDARAM CLAYTON has posted a net profit of Rs 620 m (up 23.4% YoY). Sales on the other hand came in at Rs 3 bn (down 26.0% YoY). Read on for a complete analysis of SUNDARAM CLAYTON's quarterly results.

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