SWAN ENERGY 2020-21 Annual Report Analysis

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SWAN ENERGY 2020-21 Annual Report Analysis
Thu, 21 Oct

SWAN ENERGY 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.

SWAN ENERGY Income Statement Analysis

  • Operating income during the year fell 6.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.1% in FY21 as against 15.3% in FY20.
  • Depreciation charges increased by 186.9% and finance costs increased by 114.7% YoY, respectively.
  • Other income declined by 53.8% YoY.
  • Net profit for the year grew by 1319.7% YoY.
  • Net profit margins during the year declined from 1.4% in FY20 to 21.2% in FY21.

SWAN ENERGY Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,408 3,205 -6.0%
Other income Rs m 85 39 -53.8%
Total Revenues Rs m 3,494 3,244 -7.1%
Gross profit Rs m 521 677 30.1%
Depreciation Rs m 145 417 186.9%
Interest Rs m 503 1,080 114.7%
Profit before tax Rs m -42 -780 1,736.9%
Tax Rs m 6 -94 -1,715.4%
Profit after tax Rs m -48 -686 1,319.7%
Gross profit margin % 15.3 21.1
Effective tax rate % -13.7 12.1
Net profit margin % -1.4 -21.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SWAN ENERGY Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 15 billion as compared to Rs 18 billion in FY20, thereby witnessing an decrease of -16.2%.
  • Long-term debt stood at Rs 20 billion as compared to Rs 2 billion during FY20, a growth of 980.9%.
  • Current assets rose 22% and stood at Rs 5 billion, while fixed assets rose 44% and stood at Rs 44 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 49 billion as against Rs 35 billion during FY20, thereby witnessing a growth of 41%.

SWAN ENERGY Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 9,148 8,743 -4.4
 
Current Liabilities Rs m 18,026 15,110 -16.2
Long-term Debt Rs m 1,847 19,964 980.9
Total Liabilities Rs m 34,890 49,292 41.3
 
Current assets Rs m 4,377 5,356 22.4
Fixed Assets Rs m 30,513 43,936 44.0
Total Assets Rs m 34,890 49,292 41.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SWAN ENERGY Cash Flow Statement Analysis

  • SWAN ENERGY's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -20 billion, an improvement of 517.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 18 billion, an improvement of 312% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 619 million from the Rs 84 million net cash flows seen during FY20.

SWAN ENERGY 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 -951 3,025 -
Cash Flow from Investing Activities Rs m -3,239 -20,007 -
Cash Flow from Financing Activities Rs m 4,274 17,601 311.8%
Net Cash Flow Rs m 84 619 633.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SWAN ENERGY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.8, an decline from the EPS of Rs -0.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 128.6, stands at -29.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 9.7 times.
  • The company's price to cash flow (P/CF) ratio stood at -116.5 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 14.0 13.1
TTM Earnings per share Rs -0.2 -2.8
Diluted earnings per share Rs -0.2 -2.8
Price to Cash Flow x 324.0 -116.5
TTM P/E ratio x -29.5 -29.5
Price / Book Value ratio x 3.4 3.6
Market Cap Rs m 31,399 31,399
Dividends per share (Unadj.) Rs 0.1 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SWAN ENERGY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.4x during FY21, from 0.2x 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 0.3x during FY21, from 0.9x 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 -7.8% during FY21, from -0.5% 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 1.0% during FY21, from 4.2% 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 0.8% during FY21, from 1.3% 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 0.2 0.4
Debtors’ Days Days 580 327
Interest coverage x 0.9 0.3
Debt to equity ratio x 0.2 2.3
Return on assets % 1.3 0.8
Return on equity % -0.5 -7.8
Return on capital employed % 4.2 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how SWAN ENERGY has performed over the last 5 years, please visit here.

SWAN ENERGY Share Price Performance

Over the last one year, SWAN ENERGY share price has moved down from Rs 138.7 to Rs 128.6, registering a loss of Rs 10.1 or around 7.3%.

Overall, the S&P BSE SENSEX is up 50.7% over the year.

(To know more, check out historical annual results for SWAN ENERGY and quarterly results for SWAN ENERGY)

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