SHIVA CEMENT 2020-21 Annual Report Analysis

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SHIVA CEMENT 2020-21 Annual Report Analysis
Thu, 18 Nov

SHIVA CEMENT 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.

SHIVA CEMENT Income Statement Analysis

  • Operating income during the year fell 12.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 37.9% in FY21 as against 25.9% in FY20.
  • Depreciation charges decreased by 0.6% and finance costs increased by 2.9% YoY, respectively.
  • Other income grew by 2651.7% YoY.
  • Net profit for the year declined by 3.8% YoY.
  • Net profit margins during the year grew from 70.1% in FY20 to 67.4% in FY21.

SHIVA CEMENT Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 324 285 -12.0%
Other income Rs m 1 41 2,651.7%
Total Revenues Rs m 325 326 0.2%
Gross profit Rs m -84 -108 28.9%
Depreciation Rs m 79 78 -0.6%
Interest Rs m 145 150 2.9%
Profit before tax Rs m -306 -295 -3.8%
Tax Rs m -78 -75 -3.8%
Profit after tax Rs m -228 -220 -3.8%
Gross profit margin % -25.9 -37.9
Effective tax rate % 25.5 25.5
Net profit margin % -70.1 -67.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SHIVA CEMENT Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 714 million as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -61.0%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 162 million during FY20, a growth of 1392.3%.
  • Current assets rose 53% and stood at Rs 269 million, while fixed assets rose 45% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 3 billion as against Rs 2 billion during FY20, thereby witnessing a growth of 46%.

SHIVA CEMENT Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 62 -173 -377.6
 
Current Liabilities Rs m 1,833 714 -61.0
Long-term Debt Rs m 162 2,418 1,392.3
Total Liabilities Rs m 1,798 2,627 46.2
 
Current assets Rs m 176 269 52.9
Fixed Assets Rs m 1,622 2,358 45.4
Total Assets Rs m 1,798 2,627 46.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SHIVA CEMENT Cash Flow Statement Analysis

  • SHIVA CEMENT's cash flow from operating activities (CFO) during FY21 stood at Rs -45 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -751 million, an improvement of 1,085.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 864 million, an improvement of 396% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 69 million from the Rs -1 million net cash flows seen during FY20.

SHIVA CEMENT 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 -112 -45 -
Cash Flow from Investing Activities Rs m -63 -751 -
Cash Flow from Financing Activities Rs m 174 864 395.7%
Net Cash Flow Rs m -1 69 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SHIVA CEMENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.1, an improvement from the EPS of Rs -1.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 37.5, stands at -34.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -18.9 times, while the price to sales ratio stands at 11.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -51.6 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 1.7 1.5
TTM Earnings per share Rs -1.2 -1.1
Diluted earnings per share Rs -1.2 -1.1
Price to Cash Flow x -48.8 -51.6
TTM P/E ratio x -34.1 -34.1
Price / Book Value ratio x 36.8 -18.9
Market Cap Rs m 7,303 7,303
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SHIVA CEMENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.4x during FY21, from 0.1x 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 -1.0x during FY21, from -1.1x 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 127.2% during FY21, from -366.9% 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 improved and stood at -6.5% during FY21, from -71.8% 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 -2.7% during FY21, from -4.6% 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 0.1 0.4
Debtors’ Days Days 164 241
Interest coverage x -1.1 -1.0
Debt to equity ratio x 2.6 -14.0
Return on assets % -4.6 -2.7
Return on equity % -366.9 127.2
Return on capital employed % -71.8 -6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SHIVA CEMENT has performed over the last 5 years, please visit here.

SHIVA CEMENT Share Price Performance

Over the last one year, SHIVA CEMENT share price has moved up from Rs 13.5 to Rs 37.5, registering a gain of Rs 23.9 or around 177.2%.

Overall, the S&P BSE SENSEX is up 35.2% over the year.

(To know more, check out historical annual results for SHIVA CEMENT and quarterly results for SHIVA CEMENT)

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