THIRUMALAI CHEMICALS 2020-21 Annual Report Analysis

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THIRUMALAI CHEMICALS 2020-21 Annual Report Analysis
Tue, 16 Nov

THIRUMALAI CHEMICALS 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.

THIRUMALAI CHEMICALS Income Statement Analysis

  • Operating income during the year rose 0.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 182.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.3% in FY21 as against 7.2% in FY20.
  • Depreciation charges increased by 12.4% and finance costs increased by 24.4% YoY, respectively.
  • Other income declined by 67.2% YoY.
  • Net profit for the year grew by 407.9% YoY.
  • Net profit margins during the year grew from 2.1% in FY20 to 10.8% in FY21.

THIRUMALAI CHEMICALS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 10,848 10,857 0.1%
Other income Rs m 210 69 -67.2%
Total Revenues Rs m 11,058 10,926 -1.2%
Gross profit Rs m 781 2,207 182.6%
Depreciation Rs m 441 495 12.4%
Interest Rs m 168 209 24.4%
Profit before tax Rs m 382 1,571 311.8%
Tax Rs m 150 394 163.1%
Profit after tax Rs m 232 1,177 407.9%
Gross profit margin % 7.2 20.3
Effective tax rate % 39.3 25.1
Net profit margin % 2.1 10.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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THIRUMALAI CHEMICALS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of 0.0%.
  • Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY20, a fall of 14.0%.
  • Current assets rose 15% and stood at Rs 6 billion, while fixed assets rose 10% and stood at Rs 8 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 13 billion as against Rs 12 billion during FY20, thereby witnessing a growth of 12%.

THIRUMALAI CHEMICALS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,381 8,029 25.8
 
Current Liabilities Rs m 3,010 3,009 0.0
Long-term Debt Rs m 1,840 1,582 -14.0
Total Liabilities Rs m 12,000 13,432 11.9
 
Current assets Rs m 4,991 5,730 14.8
Fixed Assets Rs m 7,009 7,702 9.9
Total Assets Rs m 12,000 13,432 11.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



THIRUMALAI CHEMICALS Cash Flow Statement Analysis

  • THIRUMALAI CHEMICALS's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 58.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 316.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -380 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 243 million from the Rs 1 billion net cash flows seen during FY20.

THIRUMALAI CHEMICALS 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 1,397 2,208 58.1%
Cash Flow from Investing Activities Rs m -378 -1,573 -
Cash Flow from Financing Activities Rs m 457 -380 -
Net Cash Flow Rs m 1,497 243 -83.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for THIRUMALAI CHEMICALS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.5, an improvement from the EPS of Rs 2.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 249.0, stands at 10.8 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 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.2 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 105.9 106.0
TTM Earnings per share Rs 2.3 11.5
Diluted earnings per share Rs 2.3 11.5
Price to Cash Flow x 37.9 15.2
TTM P/E ratio x 10.8 10.8
Price / Book Value ratio x 1.1 1.0
Market Cap Rs m 25,495 25,495
Dividends per share (Unadj.) Rs 0.0 2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for THIRUMALAI CHEMICALS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY21, from 1.7x 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 improved and stood at 8.5x during FY21, from 3.3x 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 improved and stood at 14.7% during FY21, from 3.6% 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 improved and stood at 18.5% during FY21, from 6.7% 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 improved and stood at 10.3% during FY21, from 3.3% 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 1.7 1.9
Debtors’ Days Days 304 293
Interest coverage x 3.3 8.5
Debt to equity ratio x 0.3 0.2
Return on assets % 3.3 10.3
Return on equity % 3.6 14.7
Return on capital employed % 6.7 18.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

THIRUMALAI CHEMICALS Share Price Performance

Over the last one year, THIRUMALAI CHEMICALS share price has moved up from Rs 89.0 to Rs 249.0, registering a gain of Rs 160.1 or around 179.9%.

Overall, the S&P BSE SENSEX is up 39.1% over the year.

(To know more, check out historical annual results for THIRUMALAI CHEMICALS and quarterly results for THIRUMALAI CHEMICALS)

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