TAMIL NADU NEWSPRINT 2020-21 Annual Report Analysis

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TAMIL NADU NEWSPRINT 2020-21 Annual Report Analysis
Fri, 19 Nov

TAMIL NADU NEWSPRINT 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.

TAMIL NADU NEWSPRINT Income Statement Analysis

  • Operating income during the year fell 20.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 54.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.1% in FY21 as against 17.5% in FY20.
  • Depreciation charges increased by 1.8% and finance costs decreased by 13.1% YoY, respectively.
  • Other income grew by 35.7% YoY.
  • Net profit for the year declined by 150.1% YoY.
  • Net profit margins during the year declined from 3.7% in FY20 to 2.3% in FY21.

TAMIL NADU NEWSPRINT Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 34,711 27,682 -20.3%
Other income Rs m 375 509 35.7%
Total Revenues Rs m 35,086 28,191 -19.7%
Gross profit Rs m 6,068 2,790 -54.0%
Depreciation Rs m 2,312 2,353 1.8%
Interest Rs m 2,226 1,933 -13.1%
Profit before tax Rs m 1,905 -987 -151.8%
Tax Rs m 605 -336 -155.5%
Profit after tax Rs m 1,300 -651 -150.1%
Gross profit margin % 17.5 10.1
Effective tax rate % 31.8 34.0
Net profit margin % 3.7 -2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

TAMIL NADU NEWSPRINT Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 21 billion as compared to Rs 23 billion in FY20, thereby witnessing an decrease of -8.4%.
  • Long-term debt stood at Rs 19 billion as compared to Rs 12 billion during FY20, a growth of 60.7%.
  • Current assets fell 14% and stood at Rs 14 billion, while fixed assets rose 16% and stood at Rs 46 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 60 billion as against Rs 56 billion during FY20, thereby witnessing a growth of 7%.

TAMIL NADU NEWSPRINT Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 17,129 15,968 -6.8
 
Current Liabilities Rs m 22,550 20,652 -8.4
Long-term Debt Rs m 12,114 19,471 60.7
Total Liabilities Rs m 55,766 59,833 7.3
 
Current assets Rs m 16,065 13,871 -13.7
Fixed Assets Rs m 39,701 45,962 15.8
Total Assets Rs m 55,766 59,833 7.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TAMIL NADU NEWSPRINT Cash Flow Statement Analysis

  • TAMIL NADU NEWSPRINT's cash flow from operating activities (CFO) during FY21 stood at Rs 4 billion, an improvement of 75.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -7 billion, an improvement of 229.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 billion, an improvement of 1,031% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 743 million from the Rs -15 million net cash flows seen during FY20.

TAMIL NADU NEWSPRINT 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 2,414 4,232 75.3%
Cash Flow from Investing Activities Rs m -2,072 -6,817 -
Cash Flow from Financing Activities Rs m -358 3,327 -
Net Cash Flow Rs m -15 743 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TAMIL NADU NEWSPRINT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -9.4, an decline from the EPS of Rs 18.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 132.7, stands at -20.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.4 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 501.5 400.0
TTM Earnings per share Rs 18.8 -9.4
Diluted earnings per share Rs 18.8 -9.4
Price to Cash Flow x 2.5 5.4
TTM P/E ratio x -20.6 -20.6
Price / Book Value ratio x 0.6 0.5
Market Cap Rs m 9,181 9,181
Dividends per share (Unadj.) Rs 6.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TAMIL NADU NEWSPRINT

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY21, from 0.7x 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 0.5x during FY21, from 1.9x 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 -4.1% during FY21, from 7.6% 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 2.7% during FY21, from 14.1% 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 2.1% 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 0.7 0.7
Debtors’ Days Days 555 498
Interest coverage x 1.9 0.5
Debt to equity ratio x 0.7 1.2
Return on assets % 6.3 2.1
Return on equity % 7.6 -4.1
Return on capital employed % 14.1 2.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how TAMIL NADU NEWSPRINT has performed over the last 5 years, please visit here.

TAMIL NADU NEWSPRINT Share Price Performance

Over the last one year, TAMIL NADU NEWSPRINT share price has moved up from Rs 108.3 to Rs 132.7, registering a gain of Rs 24.4 or around 22.5%.

Overall, the S&P BSE SENSEX is up 35.7% over the year.

(To know more, check out historical annual results for TAMIL NADU NEWSPRINT and quarterly results for TAMIL NADU NEWSPRINT)

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