TINPLATE 2020-21 Annual Report Analysis

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TINPLATE 2020-21 Annual Report Analysis
Tue, 16 Nov

TINPLATE 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.

TINPLATE Income Statement Analysis

  • Operating income during the year rose 8.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.6% in FY21 as against 7.0% in FY20.
  • Depreciation charges increased by 0.7% and finance costs decreased by 26.0% YoY, respectively.
  • Other income grew by 0.5% YoY.
  • Net profit for the year grew by 3.3% YoY.
  • Net profit margins during the year declined from 4.5% in FY20 to 4.3% in FY21.

TINPLATE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 21,057 22,814 8.3%
Other income Rs m 278 279 0.5%
Total Revenues Rs m 21,335 23,093 8.2%
Gross profit Rs m 1,481 1,734 17.1%
Depreciation Rs m 612 617 0.7%
Interest Rs m 105 78 -26.0%
Profit before tax Rs m 1,042 1,319 26.7%
Tax Rs m 91 338 270.1%
Profit after tax Rs m 950 981 3.3%
Gross profit margin % 7.0 7.6
Effective tax rate % 8.8 25.6
Net profit margin % 4.5 4.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TINPLATE Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 5 billion as compared to Rs 5 billion in FY20, thereby witnessing an increase of 2.1%.
  • Current assets rose 12% and stood at Rs 9 billion, while fixed assets rose 15% and stood at Rs 8 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 16 billion as against Rs 14 billion during FY20, thereby witnessing a growth of 14%.

TINPLATE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 7,607 8,461 11.2
 
Current Liabilities Rs m 4,999 5,106 2.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 14,326 16,269 13.6
 
Current assets Rs m 7,638 8,562 12.1
Fixed Assets Rs m 6,688 7,707 15.2
Total Assets Rs m 14,326 16,269 13.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TINPLATE Cash Flow Statement Analysis

  • TINPLATE's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 376.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 400.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -179 million, an improvement of 46% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 726 million from the Rs -123 million net cash flows seen during FY20.

TINPLATE 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 529 2,525 376.9%
Cash Flow from Investing Activities Rs m -324 -1,621 -
Cash Flow from Financing Activities Rs m -328 -179 -
Net Cash Flow Rs m -123 726 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TINPLATE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.4, an improvement from the EPS of Rs 9.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 315.3, stands at 19.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.6 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 201.2 218.0
TTM Earnings per share Rs 9.1 9.4
Diluted earnings per share Rs 9.1 9.4
Price to Cash Flow x 21.1 20.6
TTM P/E ratio x 19.0 19.0
Price / Book Value ratio x 1.5 1.7
Market Cap Rs m 32,996 32,996
Dividends per share (Unadj.) Rs 1.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TINPLATE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.5x 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 18.0x during FY21, from 10.9x 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 11.6% during FY21, from 12.5% 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 16.5% during FY21, from 15.1% 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 6.5% during FY21, from 7.4% 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 1.5 1.7
Debtors’ Days Days 121 121
Interest coverage x 10.9 18.0
Debt to equity ratio x 0.0 0.0
Return on assets % 7.4 6.5
Return on equity % 12.5 11.6
Return on capital employed % 15.1 16.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

TINPLATE Share Price Performance

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