SYMPHONY 2019-20 Annual Report Analysis

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SYMPHONY 2019-20 Annual Report Analysis
Fri, 11 Dec

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

SYMPHONY Income Statement Analysis

  • Operating income during the year rose 30.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 60.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.2% in FY20 as against 15.7% in FY19.
  • Depreciation charges increased by 114.5% and finance costs increased by 54.6% YoY, respectively.
  • Other income grew by 40.6% YoY.
  • Net profit for the year grew by 98.5% YoY.
  • Net profit margins during the year grew from 10.4% in FY19 to 15.7% in FY20.

SYMPHONY Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 8,436 11,026 30.7%
Other income Rs m 389 547 40.6%
Total Revenues Rs m 8,825 11,574 31.1%
Gross profit Rs m 1,321 2,116 60.2%
Depreciation Rs m 99 212 114.5%
Interest Rs m 69 107 54.6%
Profit before tax Rs m 1,542 2,345 52.0%
Tax Rs m 386 487 26.1%
Profit after tax Rs m 916 1,818 98.5%
Gross profit margin % 15.7 19.2
Effective tax rate % 25.0 20.8
Net profit margin % 10.4 15.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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SYMPHONY Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 3 billion as compared to Rs 3 billion in FY19, thereby witnessing an increase of 15.3%.
  • Long-term debt down at Rs 715 million as compared to Rs 1 billion during FY19, a fall of 42.1%.
  • Current assets rose 2% and stood at Rs 6 billion, while fixed assets rose 32% and stood at Rs 3 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 11 billion as against Rs 11 billion during FY19, thereby witnessing a fall of 1%.

SYMPHONY Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 6,661 6,392 -4.0
 
Current Liabilities Rs m 2,648 3,052 15.3
Long-term Debt Rs m 1,236 715 -42.1
Total Liabilities Rs m 10,706 10,643 -0.6
 
Current assets Rs m 6,140 6,261 2.0
Fixed Assets Rs m 2,432 3,202 31.6
Total Assets Rs m 10,706 10,643 -0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SYMPHONY Cash Flow Statement Analysis

  • SYMPHONY's cash flow from operating activities (CFO) during FY20 stood at Rs 2 billion, an improvement of 12.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs 781 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -56 million from the Rs 73 million net cash flows seen during FY19.

SYMPHONY Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 1,396 1,569 12.4%
Cash Flow from Investing Activities Rs m -2,500 781 -
Cash Flow from Financing Activities Rs m 1,178 -2,406 -
Net Cash Flow Rs m 73 -56 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SYMPHONY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.0, an improvement from the EPS of Rs 13.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 912.0, stands at 59.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 12.4 times, while the price to sales ratio stands at 7.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 31.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 120.6 157.6
TTM Earnings per share Rs 13.1 26.0
Diluted earnings per share Rs 13.1 26.0
Price to Cash Flow x 62.9 31.4
TTM P/E ratio x 59.1 59.1
Price / Book Value ratio x 14.5 12.4
Market Cap Rs m 63,804 63,800
Dividends per share (Unadj.) Rs 4.5 23.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SYMPHONY

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY20, from 2.3x during FY19. 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 23.0x during FY20, from 23.3x during FY19. 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 28.4% during FY20, from 13.7% during FY20. 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 33.9% during FY20, from 17.4% during FY19. 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 18.1% during FY20, from 9.2% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 2.3 2.1
Debtors’ Days Days 45 40
Interest coverage x 23.3 23.0
Debt to equity ratio x 0.2 0.1
Return on assets % 9.2 18.1
Return on equity % 13.7 28.4
Return on capital employed % 17.4 33.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SYMPHONY Share Price Performance

Over the last one year, SYMPHONY share price has moved down from Rs 1,080.4 to Rs 912.0, registering a loss of Rs 168.4 or around 15.6%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 28,094.0 (up 0.2%). Over the last one year it has moved up from 24,911.0 to 28,094.0, a gain of 3,183 points (up 12.8%).

Overall, the S&P BSE SENSEX is up 14.2% over the year.

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

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SYMPHONY Announces Quarterly Results (3QFY21); Net Profit Down 47.1% (Quarterly Result Update)

Jan 25, 2021 | Updated on Jan 25, 2021

For the quarter ended December 2020, SYMPHONY has posted a net profit of Rs 270 m (down 47.1% YoY). Sales on the other hand came in at Rs 2 bn (down 25.5% YoY). Read on for a complete analysis of SYMPHONY's quarterly results.

SYMPHONY Announces Quarterly Results (1QFY21); Net Profit Down 93.9% (Quarterly Result Update)

Sep 22, 2020 | Updated on Sep 22, 2020

For the quarter ended June 2020, SYMPHONY has posted a net profit of Rs 20 m (down 93.9% YoY). Sales on the other hand came in at Rs 2 bn (down 47.3% YoY). Read on for a complete analysis of SYMPHONY's quarterly results.

SYMPHONY 2018-19 Annual Report Analysis (Annual Result Update)

Jul 9, 2019 | Updated on Jul 9, 2019

Here's an analysis of the annual report of SYMPHONY for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of SYMPHONY. Also includes updates on the valuation of SYMPHONY.

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