ELANTAS BECK 2019-20 Annual Report Analysis

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ELANTAS BECK 2019-20 Annual Report Analysis
Fri, 29 Oct

ELANTAS BECK has announced its results for the year ended December 2020. Let us have a look at the detailed performance review of the company during FY19-20.

ELANTAS BECK Income Statement Analysis

  • Operating income during the year fell 2.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.4% in CY20 as against 13.7% in CY19.
  • Depreciation charges increased by 59.1% and finance costs decreased by 35.5% YoY, respectively.
  • Other income grew by 23.4% YoY.
  • Net profit for the year grew by 24.6% YoY.
  • Net profit margins during the year grew from 12.0% in CY19 to 15.3% in CY20.

ELANTAS BECK Income Statement 2019-20

No. of Mths Year Ending 12 Dec-19* 12 Dec-20* % Change
Net Sales Rs m 3,941 3,831 -2.8%
Other income Rs m 177 218 23.4%
Total Revenues Rs m 4,117 4,049 -1.7%
Gross profit Rs m 538 703 30.7%
Depreciation Rs m 74 117 59.1%
Interest Rs m 3 2 -35.5%
Profit before tax Rs m 638 802 25.7%
Tax Rs m 142 184 29.7%
Profit after tax Rs m 496 618 24.6%
Gross profit margin % 13.7 18.4
Effective tax rate % 22.3 23.0
Net profit margin % 12.0 15.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ELANTAS BECK Balance Sheet Analysis

  • The company's current liabilities during CY20 stood at Rs 802 million as compared to Rs 603 million in CY19, thereby witnessing an increase of 33.1%.
  • Current assets rose 21% and stood at Rs 4 billion, while fixed assets rose 10% and stood at Rs 2 billion in CY20.
  • Overall, the total assets and liabilities for CY20 stood at Rs 5 billion as against Rs 5 billion during CY19, thereby witnessing a growth of 18%.

ELANTAS BECK Balance Sheet as on December 2020

No. of Mths Year Ending 12 Dec-19* 12 Dec-20* % Change
Networth Rs m 3,840 4,416 15.0
 
Current Liabilities Rs m 603 802 33.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 4,564 5,363 17.5
 
Current assets Rs m 3,079 3,728 21.1
Fixed Assets Rs m 1,484 1,635 10.1
Total Assets Rs m 4,564 5,363 17.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ELANTAS BECK Cash Flow Statement Analysis

  • ELANTAS BECK's cash flow from operating activities (CFO) during CY20 stood at Rs 794 million, an improvement of 65.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during CY20 stood at Rs -691 million, an improvement of 74.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during CY20 stood at Rs -42 million, an improvement of 10% on a YoY basis.
  • Overall, net cash flows for the company during CY20 stood at Rs 61 million from the Rs 36 million net cash flows seen during CY19.

ELANTAS BECK Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Dec-19 Dec-20
Cash Flow from Operating Activities Rs m 479 794 65.9%
Cash Flow from Investing Activities Rs m -396 -691 -
Cash Flow from Financing Activities Rs m -47 -42 -
Net Cash Flow Rs m 36 61 69.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ELANTAS BECK

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 77.9, an improvement from the EPS of Rs 62.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,725.0, stands at 39.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 4.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 40.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-19* 12 Dec-20*
Sales per share (Unadj.) Rs 496.9 483.1
TTM Earnings per share Rs 62.5 77.9
Diluted earnings per share Rs 62.5 77.9
Price to Cash Flow x 51.9 40.2
TTM P/E ratio x 39.7 39.7
Price / Book Value ratio x 4.7 4.3
Market Cap Rs m 29,531 29,531
Dividends per share (Unadj.) Rs 5.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ELANTAS BECK

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 4.6x during CY20, from 5.1x during CY19. 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 369.0x during CY20, from 189.7x during CY19. 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 14.0% during CY20, from 12.9% during CY20. 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 18.2% during CY20, from 16.7% during CY19. 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 11.6% during CY20, from 10.9% during CY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-19* 12 Dec-20*
Current ratio x 5.1 4.6
Debtors’ Days Days 57 67
Interest coverage x 189.7 369.0
Debt to equity ratio x 0.0 0.0
Return on assets % 10.9 11.6
Return on equity % 12.9 14.0
Return on capital employed % 16.7 18.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ELANTAS BECK has performed over the last 5 years, please visit here.

ELANTAS BECK Share Price Performance

Over the last one year, ELANTAS BECK share price has moved up from Rs 2,263.0 to Rs 3,725.0, registering a gain of Rs 1,462.1 or around 64.6%.

Overall, the S&P BSE SENSEX is up 48.6% over the year.

(To know more, check out historical annual results for ELANTAS BECK and quarterly results for ELANTAS BECK)

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