TRIBHOVANDAS BHIMJI 2020-21 Annual Report Analysis

Wed, 31 Mar

TRIBHOVANDAS BHIMJI 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.

TRIBHOVANDAS BHIMJI Income Statement Analysis

• Operating income during the year fell 25.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.4% in FY21 as against 6.5% in FY20.
• Depreciation charges decreased by 17.5% and finance costs decreased by 16.7% YoY, respectively.
• Other income grew by 204.6% YoY.
• Net profit for the year grew by 102.0% YoY.
• Net profit margins during the year grew from 1.2% in FY20 to 3.2% in FY21.

TRIBHOVANDAS BHIMJI Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	18,101	13,420	-25.9%
Other income	Rs m	40	123	204.6%
Total Revenues	Rs m	18,141	13,543	-25.3%
Gross profit	Rs m	1,183	1,257	6.3%
Depreciation	Rs m	323	266	-17.5%
Interest	Rs m	620	516	-16.7%
Profit before tax	Rs m	281	598	113.0%
Tax	Rs m	66	165	148.3%
Profit after tax	Rs m	214	433	102.0%
Gross profit margin	%	6.5	9.4
Effective tax rate	%	23.7	27.6
Net profit margin	%	1.2	3.2

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TRIBHOVANDAS BHIMJI Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 6 billion as compared to Rs 9 billion in FY20, thereby witnessing an decrease of -31.0%.
• Long-term debt stood at Rs 23 million as compared to Rs 5 million during FY20, a growth of 366.9%.
• Current assets fell 17% and stood at Rs 11 billion, while fixed assets fell 10% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 13 billion as against Rs 15 billion during FY20, thereby witnessing a fall of 16%.

TRIBHOVANDAS BHIMJI Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	4,807	5,229	8.8
Current Liabilities	Rs m	9,192	6,339	-31.0
Long-term Debt	Rs m	5	23	366.9
Total Liabilities	Rs m	14,895	12,515	-16.0
Current assets	Rs m	12,757	10,599	-16.9
Fixed Assets	Rs m	2,137	1,916	-10.3
Total Assets	Rs m	14,895	12,515	-16.0

TRIBHOVANDAS BHIMJI Cash Flow Statement Analysis

• TRIBHOVANDAS BHIMJI's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 55.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs 53 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 33 million from the Rs -42 million net cash flows seen during FY20.

TRIBHOVANDAS BHIMJI 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	1,487	2,310	55.3%
Cash Flow from Investing Activities	Rs m	-56	53	-
Cash Flow from Financing Activities	Rs m	-1,473	-2,330	-
Net Cash Flow	Rs m	-42	33	-

Current Valuations for TRIBHOVANDAS BHIMJI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.5, an improvement from the EPS of Rs 3.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 62.3, stands at 9.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 5.5 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	271.3	201.1
TTM Earnings per share	Rs	3.2	6.5
Diluted earnings per share	Rs	3.2	6.5
Price to Cash Flow	x	2.5	5.5
TTM P/E ratio	x	6.3	9.6
Price / Book Value ratio	x	0.6	0.7
Market Cap	Rs m	2,965	3,869
Dividends per share (Unadj.)	Rs	1.0	2.5

Ratio Analysis for TRIBHOVANDAS BHIMJI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.4x 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 improved and stood at 2.2x during FY21, from 1.5x 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 improved and stood at 8.3% during FY21, from 4.5% 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 improved and stood at 21.2% during FY21, from 18.7% 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 improved and stood at 7.6% during FY21, from 5.6% 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	1.4	1.7
Debtors’ Days	Days	6	9
Interest coverage	x	1.5	2.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.6	7.6
Return on equity	%	4.5	8.3
Return on capital employed	%	18.7	21.2

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

TRIBHOVANDAS BHIMJI Share Price Performance

Over the last one year, TRIBHOVANDAS BHIMJI share price has moved up from Rs 20.3 to Rs 62.3, registering a gain of Rs 42.0 or around 207.4%.

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

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

Read: Latest Annual Report Analysis of TRIBHOVANDAS BHIMJI