TAJ GVK 2020-21 Annual Report Analysis

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TAJ GVK 2020-21 Annual Report Analysis
Fri, 19 Nov

TAJ GVK 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.

TAJ GVK Income Statement Analysis

  • Operating income during the year fell 69.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 102.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 2.3% in FY21 as against 23.7% in FY20.
  • Depreciation charges decreased by 1.4% and finance costs decreased by 12.0% YoY, respectively.
  • Other income grew by 115.9% YoY.
  • Net profit for the year declined by 210.9% YoY.
  • Net profit margins during the year declined from 7.6% in FY20 to 27.3% in FY21.

TAJ GVK Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,126 942 -69.9%
Other income Rs m 12 26 115.9%
Total Revenues Rs m 3,138 968 -69.2%
Gross profit Rs m 741 -22 -102.9%
Depreciation Rs m 168 166 -1.4%
Interest Rs m 226 199 -12.0%
Profit before tax Rs m 359 -360 -200.2%
Tax Rs m 121 -96 -179.0%
Profit after tax Rs m 239 -264 -210.9%
Gross profit margin % 23.7 -2.3
Effective tax rate % 33.6 26.5
Net profit margin % 7.6 -27.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TAJ GVK Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 832 million in FY20, thereby witnessing an increase of 23.4%.
  • Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY20, a fall of 2.7%.
  • Current assets fell 8% and stood at Rs 452 million, while fixed assets fell 4% and stood at Rs 7 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 7 billion during FY20, thereby witnessing a fall of 5%.

TAJ GVK Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,067 3,671 -9.7
 
Current Liabilities Rs m 832 1,026 23.4
Long-term Debt Rs m 1,404 1,367 -2.7
Total Liabilities Rs m 7,381 7,046 -4.5
 
Current assets Rs m 490 452 -7.7
Fixed Assets Rs m 6,892 6,594 -4.3
Total Assets Rs m 7,381 7,046 -4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TAJ GVK Cash Flow Statement Analysis

  • TAJ GVK's cash flow from operating activities (CFO) during FY21 stood at Rs 53 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -5 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -17 million, an improvement of 97% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 31 million from the Rs 59 million net cash flows seen during FY20.

TAJ GVK 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 746 53 -92.9%
Cash Flow from Investing Activities Rs m -29 -5 -
Cash Flow from Financing Activities Rs m -658 -17 -
Net Cash Flow Rs m 59 31 -46.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TAJ GVK

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -4.2, an decline from the EPS of Rs 3.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 143.7, stands at -162.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 9.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -91.0 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 49.9 15.0
TTM Earnings per share Rs 3.8 -4.2
Diluted earnings per share Rs 3.8 -4.2
Price to Cash Flow x 22.2 -91.0
TTM P/E ratio x -162.9 -162.9
Price / Book Value ratio x 2.5 2.4
Market Cap Rs m 9,007 9,007
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TAJ GVK

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.4x during FY21, from 0.6x 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 -0.8x during FY21, from 2.6x 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 -7.2% during FY21, from 5.9% 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 declined and down at -3.2% during FY21, from 10.7% 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 -0.9% during FY21, from 6.3% 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 0.6 0.4
Debtors’ Days Days 183 366
Interest coverage x 2.6 -0.8
Debt to equity ratio x 0.3 0.4
Return on assets % 6.3 -0.9
Return on equity % 5.9 -7.2
Return on capital employed % 10.7 -3.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 up from Rs 138.2 to Rs 143.7, registering a gain of Rs 5.5 or around 3.9%.

Overall, the S&P BSE SENSEX is up 35.7% 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 2019-20 Annual Report Analysis (Annual Result Update)

Dec 11, 2020 | Updated on Dec 11, 2020

Here's an analysis of the annual report of TAJ GVK for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of TAJ GVK. Also includes updates on the valuation of TAJ GVK.

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.

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