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TAJ GVK 2020-21 Annual Report Analysis
Wed, 31 Mar

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 28.1% 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 -28.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

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 109.2, stands at -25.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 7.3 times.
  • The company's price to cash flow (P/CF) ratio stood at -90.0 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 15.8 -90.0
TTM P/E ratio x 26.9 -25.9
Price / Book Value ratio x 2.5 2.4
Market Cap Rs m 10,167 8,907
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 102.6 to Rs 109.2, registering a gain of Rs 6.7 or around 6.5%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

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

Annual Report FAQs

What is the current share price of TAJ GVK?

TAJ GVK currently trades at Rs 383.8 per share. You can check out the latest share price performance of TAJ GVK here...

What was the revenue of TAJ GVK in FY21? How does it compare to earlier years?

The revenues of TAJ GVK stood at Rs 968 m in FY21, which was down -69.2% compared to Rs 3,138 m reported in FY20.

TAJ GVK's revenue has fallen from Rs 2,698 m in FY17 to Rs 968 m in FY21.

Over the past 5 years, the revenue of TAJ GVK has grown at a CAGR of -22.6%.

What was the net profit of TAJ GVK in FY21? How does it compare to earlier years?

The net loss of TAJ GVK stood at Rs -264 m in FY21, which was down -210.9% compared to Rs 239 m reported in FY20.

This compares to a net profit of Rs 243 m in FY19 and a net profit of Rs 210 m in FY18.

Over the past 5 years, TAJ GVK net profit has grown at a CAGR of NaN%.

What does the cash flow statement of TAJ GVK reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of TAJ GVK reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs 53 m as compared to Rs 746 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -5 m as compared to Rs -29 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs -17 m as compared to Rs -658 m in FY20.

Here's the cash flow statement of TAJ GVK for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations60974659074653
From Investments-113-81-162-29-5
From Financial Activity-472-552-561-658-17
Net Cashflow23112-1345931

What does the Key Ratio analysis of TAJ GVK reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of TAJ GVK reveals:

  • Operating profit margins witnessed a growth and stood at 2.3% in FY21 as against 23.7% in FY20.
  • Net profit margins declined from 7.6% in FY20 to 28.1% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.4 as compared to 0.3 in FY20.

Here's the ratio/financial analysis of TAJ GVK for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)22.924.821.823.7-2.3
Net Profit Margin (%)3.97.37.77.6-28.1
Debt to Equity Ratio (x)0.60.50.40.30.4

Read: Latest Annual Report Analysis of TAJ GVK

 

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