TAJ GVK 2019-20 Annual Report Analysis

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TAJ GVK 2019-20 Annual Report Analysis
Fri, 11 Dec

TAJ GVK 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.

TAJ GVK Income Statement Analysis

  • Operating income during the year fell 1.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.5% in FY20 as against 21.8% in FY19.
  • Depreciation charges decreased by 4.3% and finance costs increased by 4.9% YoY, respectively.
  • Other income declined by 83.1% YoY.
  • Net profit for the year declined by 1.9% YoY.
  • Net profit margins during the year grew from 7.5% in FY19 to 7.6% in FY20.

TAJ GVK Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 3,169 3,126 -1.3%
Other income Rs m 72 12 -83.1%
Total Revenues Rs m 3,241 3,138 -3.2%
Gross profit Rs m 692 733 6.0%
Depreciation Rs m 167 160 -4.3%
Interest Rs m 216 226 4.9%
Profit before tax Rs m 381 359 -5.7%
Tax Rs m 138 121 -12.5%
Profit after tax Rs m 243 239 -1.9%
Gross profit margin % 21.8 23.5
Effective tax rate % 36.2 33.6
Net profit margin % 7.5 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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TAJ GVK Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 832 million as compared to Rs 932 million in FY19, thereby witnessing an decrease of -10.8%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY19, a fall of 12.3%.
  • Current assets rose 15% and stood at Rs 490 million, while fixed assets rose 4% and stood at Rs 5 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 7 billion as against Rs 7 billion during FY19, thereby witnessing a growth of 4%.

TAJ GVK Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 3,919 4,067 3.8
 
Current Liabilities Rs m 932 832 -10.8
Long-term Debt Rs m 1,601 1,404 -12.3
Total Liabilities Rs m 7,107 7,381 3.9
 
Current assets Rs m 426 490 14.9
Fixed Assets Rs m 5,080 5,262 3.6
Total Assets Rs m 7,107 7,381 3.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TAJ GVK Cash Flow Statement Analysis

  • TAJ GVK's cash flow from operating activities (CFO) during FY20 stood at Rs 746 million, an improvement of 26.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -29 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -658 million on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 59 million from the Rs -134 million net cash flows seen during FY19.

TAJ GVK 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 590 746 26.5%
Cash Flow from Investing Activities Rs m -162 -29 -
Cash Flow from Financing Activities Rs m -561 -658 -
Net Cash Flow Rs m -134 59 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TAJ GVK

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.8, an decline from the EPS of Rs 3.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 141.7, stands at 37.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 3.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.3 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 50.5 49.9
TTM Earnings per share Rs 3.9 3.8
Diluted earnings per share Rs 3.9 3.8
Price to Cash Flow x 21.7 22.3
TTM P/E ratio x 37.2 37.2
Price / Book Value ratio x 3.2 2.5
Market Cap Rs m 8,885 8,885
Dividends per share (Unadj.) Rs 0.6 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TAJ GVK

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY20, from 0.5x 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 2.6x during FY20, from 2.8x 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 declined and down at 5.9% during FY20, from 6.2% 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 declined and down at 10.7% during FY20, from 10.8% 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 declined and down at 6.3% during FY20, from 6.5% 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 0.5 0.6
Debtors’ Days Days 21 18
Interest coverage x 2.8 2.6
Debt to equity ratio x 0.4 0.3
Return on assets % 6.5 6.3
Return on equity % 6.2 5.9
Return on capital employed % 10.8 10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TAJ GVK Share Price Performance

Over the last one year, TAJ GVK share price has moved down from Rs 159.0 to Rs 141.7, registering a loss of Rs 17.3 or around 10.9%.

Overall, the S&P BSE SENSEX is up 13.9% over the year.

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

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Related Views on News

TAJ GVK Announces Quarterly Results (3QFY20); Net Profit Up 33.1% (Quarterly Result Update)

Jan 30, 2020 | Updated on Jan 30, 2020

For the quarter ended December 2019, TAJ GVK has posted a net profit of Rs 111 m (up 33.1% YoY). Sales on the other hand came in at Rs 911 m (up 6.2% YoY). Read on for a complete analysis of TAJ GVK's quarterly results.

TAJ GVK Announces Quarterly Results (2QFY20); Net Profit Up 134.4% (Quarterly Result Update)

Nov 12, 2019 | Updated on Nov 12, 2019

For the quarter ended September 2019, TAJ GVK has posted a net profit of Rs 30 m (up 134.4% YoY). Sales on the other hand came in at Rs 733 m (up 2.7% YoY). Read on for a complete analysis of TAJ GVK's quarterly results.

TAJ GVK 2018-19 Annual Report Analysis (Annual Result Update)

Jul 3, 2019 | Updated on Jul 3, 2019

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

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