TCI EXPRESS 2020-21 Annual Report Analysis

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TCI EXPRESS 2020-21 Annual Report Analysis
Wed, 20 Oct

TCI EXPRESS 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.

TCI EXPRESS Income Statement Analysis

  • Operating income during the year fell 18.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.9% in FY21 as against 11.8% in FY20.
  • Depreciation charges increased by 15.1% and finance costs decreased by 13.3% YoY, respectively.
  • Other income grew by 75.1% YoY.
  • Net profit for the year grew by 12.9% YoY.
  • Net profit margins during the year grew from 8.6% in FY20 to 11.8% in FY21.

TCI EXPRESS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 10,320 8,440 -18.2%
Other income Rs m 44 77 75.1%
Total Revenues Rs m 10,363 8,516 -17.8%
Gross profit Rs m 1,213 1,343 10.7%
Depreciation Rs m 78 90 15.1%
Interest Rs m 9 8 -13.3%
Profit before tax Rs m 1,170 1,322 13.0%
Tax Rs m 279 316 13.3%
Profit after tax Rs m 891 1,006 12.9%
Gross profit margin % 11.8 15.9
Effective tax rate % 23.9 23.9
Net profit margin % 8.6 11.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TCI EXPRESS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 881 million in FY20, thereby witnessing an increase of 17.2%.
  • Long-term debt down at Rs 10 million as compared to Rs 19 million during FY20, a fall of 47.1%.
  • Current assets rose 23% and stood at Rs 3 billion, while fixed assets rose 29% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 5 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 26%.

TCI EXPRESS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,347 4,320 29.1
 
Current Liabilities Rs m 881 1,033 17.2
Long-term Debt Rs m 19 10 -47.1
Total Liabilities Rs m 4,315 5,437 26.0
 
Current assets Rs m 2,221 2,729 22.8
Fixed Assets Rs m 2,094 2,708 29.3
Total Assets Rs m 4,315 5,437 26.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TCI EXPRESS Cash Flow Statement Analysis

  • TCI EXPRESS's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion, an improvement of 45.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -960 million, an improvement of 61.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -82 million, an improvement of 69% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 146 million from the Rs -45 million net cash flows seen during FY20.

TCI EXPRESS 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 816 1,189 45.6%
Cash Flow from Investing Activities Rs m -595 -960 -
Cash Flow from Financing Activities Rs m -266 -82 -
Net Cash Flow Rs m -45 146 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TCI EXPRESS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.2, an improvement from the EPS of Rs 23.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,592.6, stands at 49.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.8 times, while the price to sales ratio stands at 3.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 55.9 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 269.0 219.6
TTM Earnings per share Rs 23.2 26.2
Diluted earnings per share Rs 23.2 26.2
Price to Cash Flow x 63.1 55.9
TTM P/E ratio x 49.5 49.6
Price / Book Value ratio x 8.3 6.8
Market Cap Rs m 61,083 61,209
Dividends per share (Unadj.) Rs 4.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TCI EXPRESS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.6x during FY21, from 2.5x 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 170.5x during FY21, from 131.0x 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 23.3% during FY21, from 26.6% 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 30.7% during FY21, from 35.0% 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 18.6% during FY21, from 20.9% 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 2.5 2.6
Debtors’ Days Days 6 7
Interest coverage x 131.0 170.5
Debt to equity ratio x 0.0 0.0
Return on assets % 20.9 18.6
Return on equity % 26.6 23.3
Return on capital employed % 35.0 30.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

TCI EXPRESS Share Price Performance

Over the last one year, TCI EXPRESS share price has moved up from Rs 771.8 to Rs 1,592.6, registering a gain of Rs 820.8 or around 106.4%.

Overall, the S&P BSE SENSEX is up 52.2% over the year.

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

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Related Views on News

TCI EXPRESS Announces Quarterly Results (2QFY22); Net Profit Up 44.9% (Quarterly Result Update)

Oct 26, 2021 | Updated on Oct 26, 2021

For the quarter ended September 2021, TCI EXPRESS has posted a net profit of Rs 340 m (up 44.9% YoY). Sales on the other hand came in at Rs 3 bn (up 28.4% YoY). Read on for a complete analysis of TCI EXPRESS's quarterly results.

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