TUBE INVESTMENTS OF INDIA 2020-21 Annual Report Analysis

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TUBE INVESTMENTS OF INDIA 2020-21 Annual Report Analysis
Fri, 22 Oct

TUBE INVESTMENTS OF INDIA 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.

TUBE INVESTMENTS OF INDIA Income Statement Analysis

  • Operating income during the year rose 28.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.8% in FY21 as against 11.8% in FY20.
  • Depreciation charges increased by 35.6% and finance costs increased by 39.5% YoY, respectively.
  • Other income grew by 78.8% YoY.
  • Net profit for the year declined by 2.7% YoY.
  • Net profit margins during the year declined from 6.5% in FY20 to 4.9% in FY21.

TUBE INVESTMENTS OF INDIA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 47,504 60,833 28.1%
Other income Rs m 623 1,114 78.8%
Total Revenues Rs m 48,127 61,947 28.7%
Gross profit Rs m 5,598 5,990 7.0%
Depreciation Rs m 1,853 2,513 35.6%
Interest Rs m 337 470 39.5%
Profit before tax Rs m 4,032 4,122 2.2%
Tax Rs m 899 1,075 19.6%
Profit after tax Rs m 3,133 3,047 -2.7%
Gross profit margin % 11.8 9.8
Effective tax rate % 22.3 26.1
Net profit margin % 6.5 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TUBE INVESTMENTS OF INDIA Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 55 billion as compared to Rs 12 billion in FY20, thereby witnessing an increase of 355.5%.
  • Long-term debt stood at Rs 9 billion as compared to Rs 158 million during FY20, a growth of 5726.9%.
  • Current assets rose 231% and stood at Rs 45 billion, while fixed assets rose 120% and stood at Rs 38 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 83 billion as against Rs 31 billion during FY20, thereby witnessing a growth of 169%.

TUBE INVESTMENTS OF INDIA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 17,246 21,630 25.4
 
Current Liabilities Rs m 12,132 55,256 355.5
Long-term Debt Rs m 158 9,201 5,726.9
Total Liabilities Rs m 30,803 82,878 169.1
 
Current assets Rs m 13,617 45,083 231.1
Fixed Assets Rs m 17,186 37,795 119.9
Total Assets Rs m 30,803 82,878 169.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TUBE INVESTMENTS OF INDIA Cash Flow Statement Analysis

  • TUBE INVESTMENTS OF INDIA's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -3 billion, an improvement of 38.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 billion, an improvement of 201% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 5 billion from the Rs 661 million net cash flows seen during FY20.

TUBE INVESTMENTS OF INDIA 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 5,961 2,684 -55.0%
Cash Flow from Investing Activities Rs m -2,459 -3,402 -
Cash Flow from Financing Activities Rs m -2,841 2,857 -
Net Cash Flow Rs m 661 4,912 643.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TUBE INVESTMENTS OF INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.8, an decline from the EPS of Rs 16.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,416.0, stands at 54.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.7 times, while the price to sales ratio stands at 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 49.1 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 252.8 315.5
TTM Earnings per share Rs 16.7 15.8
Diluted earnings per share Rs 16.2 15.8
Price to Cash Flow x 53.4 49.1
TTM P/E ratio x 52.7 54.1
Price / Book Value ratio x 4.6 6.7
Market Cap Rs m 266,032 273,090
Dividends per share (Unadj.) Rs 3.5 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TUBE INVESTMENTS OF INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY21, from 1.1x 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 9.8x during FY21, from 13.0x 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 14.1% during FY21, from 18.2% 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 14.9% during FY21, from 25.1% 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 4.2% during FY21, from 11.3% 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 1.1 0.8
Debtors’ Days Days 4 8
Interest coverage x 13.0 9.8
Debt to equity ratio x 0.0 0.4
Return on assets % 11.3 4.2
Return on equity % 18.2 14.1
Return on capital employed % 25.1 14.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how TUBE INVESTMENTS OF INDIA has performed over the last 5 years, please visit here.

TUBE INVESTMENTS OF INDIA Share Price Performance

Over the last one year, TUBE INVESTMENTS OF INDIA share price has moved up from Rs 591.6 to Rs 1,416.0, registering a gain of Rs 824.4 or around 139.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 26,835.2 (down 0.9%). Over the last one year it has moved up from 14,068.2 to 26,835.2, a gain of 12,767 points (up 90.8%).

Overall, the S&P BSE SENSEX is up 50.0% over the year.

(To know more, check out historical annual results for TUBE INVESTMENTS OF INDIA and quarterly results for TUBE INVESTMENTS OF INDIA)

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Related Views on News

TUBE INVESTMENTS OF INDIA Announces Quarterly Results (1QFY22); Net Profit Up 306.6% (Quarterly Result Update)

Aug 16, 2021 | Updated on Aug 16, 2021

For the quarter ended June 2021, TUBE INVESTMENTS OF INDIA has posted a net profit of Rs 1 bn (up 306.6% YoY). Sales on the other hand came in at Rs 24 bn (up 433.6% YoY). Read on for a complete analysis of TUBE INVESTMENTS OF INDIA's quarterly results.

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