SHARDA CROPCHEM 2020-21 Annual Report Analysis

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SHARDA CROPCHEM 2020-21 Annual Report Analysis
Wed, 3 Nov

SHARDA CROPCHEM 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.

SHARDA CROPCHEM Income Statement Analysis

  • Operating income during the year rose 19.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 52.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.8% in FY21 as against 14.7% in FY20.
  • Depreciation charges increased by 24.3% and finance costs increased by 1.3% YoY, respectively.
  • Other income grew by 6.5% YoY.
  • Net profit for the year grew by 39.2% YoY.
  • Net profit margins during the year grew from 8.0% in FY20 to 9.4% in FY21.

SHARDA CROPCHEM Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 20,030 23,956 19.6%
Other income Rs m 431 459 6.5%
Total Revenues Rs m 20,461 24,415 19.3%
Gross profit Rs m 2,949 4,502 52.7%
Depreciation Rs m 1,371 1,704 24.3%
Interest Rs m 160 162 1.3%
Profit before tax Rs m 1,849 3,095 67.4%
Tax Rs m 202 802 297.6%
Profit after tax Rs m 1,647 2,292 39.2%
Gross profit margin % 14.7 18.8
Effective tax rate % 10.9 25.9
Net profit margin % 8.0 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SHARDA CROPCHEM Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 11 billion as compared to Rs 9 billion in FY20, thereby witnessing an increase of 33.1%.
  • Current assets rose 25% and stood at Rs 21 billion, while fixed assets rose 15% and stood at Rs 12 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 33 billion as against Rs 27 billion during FY20, thereby witnessing a growth of 21%.

SHARDA CROPCHEM Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 14,028 16,143 15.1
 
Current Liabilities Rs m 8,564 11,399 33.1
Long-term Debt Rs m 1 0 -100.0
Total Liabilities Rs m 26,949 32,611 21.0
 
Current assets Rs m 16,812 20,999 24.9
Fixed Assets Rs m 10,137 11,612 14.6
Total Assets Rs m 26,949 32,611 21.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SHARDA CROPCHEM Cash Flow Statement Analysis

  • SHARDA CROPCHEM's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 68.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -3 billion, an improvement of 315.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 434 million, an improvement of 173% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 78 million from the Rs 271 million net cash flows seen during FY20.

SHARDA CROPCHEM 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 1,463 2,464 68.4%
Cash Flow from Investing Activities Rs m -678 -2,816 -
Cash Flow from Financing Activities Rs m -597 434 -
Net Cash Flow Rs m 271 78 -71.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SHARDA CROPCHEM

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.4, an improvement from the EPS of Rs 18.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 317.3, stands at 11.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.2 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 222.0 265.5
TTM Earnings per share Rs 18.3 25.4
Diluted earnings per share Rs 18.3 25.4
Price to Cash Flow x 9.5 7.2
TTM P/E ratio x 11.3 11.3
Price / Book Value ratio x 1.7 1.3
Market Cap Rs m 28,622 28,622
Dividends per share (Unadj.) Rs 4.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SHARDA CROPCHEM

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY21, from 2.0x 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 improved and stood at 20.1x during FY21, from 12.5x 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 14.2% during FY21, from 11.7% 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 improved and stood at 20.2% during FY21, from 14.3% 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 improved and stood at 7.5% during FY21, from 6.7% 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 2.0 1.8
Debtors’ Days Days 1,802 1,771
Interest coverage x 12.5 20.1
Debt to equity ratio x 0.0 0.0
Return on assets % 6.7 7.5
Return on equity % 11.7 14.2
Return on capital employed % 14.3 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SHARDA CROPCHEM has performed over the last 5 years, please visit here.

SHARDA CROPCHEM Share Price Performance

Over the last one year, SHARDA CROPCHEM share price has moved up from Rs 265.8 to Rs 317.3, registering a gain of Rs 51.5 or around 19.4%.

Overall, the S&P BSE SENSEX is up 50.2% over the year.

(To know more, check out historical annual results for SHARDA CROPCHEM and quarterly results for SHARDA CROPCHEM)

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