TRIVENI ENGG 2020-21 Annual Report Analysis

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TRIVENI ENGG 2020-21 Annual Report Analysis
Wed, 3 Nov

TRIVENI ENGG 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.

TRIVENI ENGG Income Statement Analysis

  • Operating income during the year rose 4.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.0% in FY21 as against 12.2% in FY20.
  • Depreciation charges increased by 5.6% and finance costs decreased by 34.9% YoY, respectively.
  • Other income declined by 16.7% YoY.
  • Net profit for the year declined by 6.8% YoY.
  • Net profit margins during the year declined from 7.0% in FY20 to 6.3% in FY21.

TRIVENI ENGG Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 44,366 46,450 4.7%
Other income Rs m 370 308 -16.7%
Total Revenues Rs m 44,737 46,758 4.5%
Gross profit Rs m 5,424 5,584 3.0%
Depreciation Rs m 749 791 5.6%
Interest Rs m 793 516 -34.9%
Profit before tax Rs m 4,252 4,586 7.8%
Tax Rs m 1,105 1,652 49.5%
Profit after tax Rs m 3,147 2,934 -6.8%
Gross profit margin % 12.2 12.0
Effective tax rate % 26.0 36.0
Net profit margin % 7.0 6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TRIVENI ENGG Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 15 billion as compared to Rs 21 billion in FY20, thereby witnessing an decrease of -26.5%.
  • Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY20, a fall of 30.4%.
  • Current assets fell 17% and stood at Rs 22 billion, while fixed assets rose 1% and stood at Rs 14 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 36 billion as against Rs 40 billion during FY20, thereby witnessing a fall of 11%.

TRIVENI ENGG Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 13,387 15,557 16.2
 
Current Liabilities Rs m 21,064 15,491 -26.5
Long-term Debt Rs m 4,436 3,089 -30.4
Total Liabilities Rs m 40,458 36,197 -10.5
 
Current assets Rs m 26,503 22,060 -16.8
Fixed Assets Rs m 13,946 14,127 1.3
Total Assets Rs m 40,458 36,197 -10.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TRIVENI ENGG Cash Flow Statement Analysis

  • TRIVENI ENGG's cash flow from operating activities (CFO) during FY21 stood at Rs 8 billion, an improvement of 55.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion, an improvement of 0.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -208 million from the Rs 174 million net cash flows seen during FY20.

TRIVENI ENGG 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 5,104 7,908 55.0%
Cash Flow from Investing Activities Rs m -1,072 -1,079 -
Cash Flow from Financing Activities Rs m -3,857 -7,037 -
Net Cash Flow Rs m 174 -208 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TRIVENI ENGG

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.1, an decline from the EPS of Rs 12.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 199.3, stands at 14.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.9 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 178.9 192.1
TTM Earnings per share Rs 12.7 12.1
Diluted earnings per share Rs 13.0 12.1
Price to Cash Flow x 12.7 12.9
TTM P/E ratio x 15.3 14.9
Price / Book Value ratio x 1.1 1.0
Market Cap Rs m 49,415 48,182
Dividends per share (Unadj.) Rs 1.1 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TRIVENI ENGG

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.3x 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 9.9x during FY21, from 6.4x 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 18.9% during FY21, from 23.5% 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 declined and down at 27.4% during FY21, from 28.3% 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 9.5% during FY21, from 9.7% 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 1.3 1.4
Debtors’ Days Days 220 164
Interest coverage x 6.4 9.9
Debt to equity ratio x 0.3 0.2
Return on assets % 9.7 9.5
Return on equity % 23.5 18.9
Return on capital employed % 28.3 27.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

TRIVENI ENGG Share Price Performance

Over the last one year, TRIVENI ENGG share price has moved up from Rs 69.6 to Rs 199.3, registering a gain of Rs 129.8 or around 186.6%.

Overall, the S&P BSE SENSEX is up 50.2% over the year.

(To know more, check out historical annual results for TRIVENI ENGG and quarterly results for TRIVENI ENGG)

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