TVS SRICHAKRA 2019-20 Annual Report Analysis

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TVS SRICHAKRA 2019-20 Annual Report Analysis
Fri, 11 Dec

TVS SRICHAKRA has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

TVS SRICHAKRA Income Statement Analysis

  • Operating income during the year fell 13.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 17.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.2% in FY20 as against 10.8% in FY19.
  • Depreciation charges increased by 18.2% and finance costs increased by 6.1% YoY, respectively.
  • Other income declined by 15.1% YoY.
  • Net profit for the year declined by 20.3% YoY.
  • Net profit margins during the year declined from 4.2% in FY19 to 3.9% in FY20.

TVS SRICHAKRA Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 24,310 21,037 -13.5%
Other income Rs m 120 102 -15.1%
Total Revenues Rs m 24,430 21,139 -13.5%
Gross profit Rs m 2,618 2,153 -17.8%
Depreciation Rs m 848 1,002 18.2%
Interest Rs m 357 379 6.1%
Profit before tax Rs m 1,533 874 -43.0%
Tax Rs m 500 52 -89.7%
Profit after tax Rs m 1,033 823 -20.3%
Gross profit margin % 10.8 10.2
Effective tax rate % 32.6 5.9
Net profit margin % 4.2 3.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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TVS SRICHAKRA Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 6 billion as compared to Rs 9 billion in FY19, thereby witnessing an decrease of -30.3%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 469 million during FY19, a growth of 175.6%.
  • Current assets fell 21% and stood at Rs 7 billion, while fixed assets rose 4% and stood at Rs 7 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 16 billion as against Rs 18 billion during FY19, thereby witnessing a fall of 11%.

TVS SRICHAKRA Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 7,283 7,449 2.3
 
Current Liabilities Rs m 8,815 6,146 -30.3
Long-term Debt Rs m 469 1,292 175.6
Total Liabilities Rs m 18,093 16,162 -10.7
 
Current assets Rs m 9,258 7,299 -21.2
Fixed Assets Rs m 6,902 7,199 4.3
Total Assets Rs m 18,093 16,162 -10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TVS SRICHAKRA Cash Flow Statement Analysis

  • TVS SRICHAKRA's cash flow from operating activities (CFO) during FY20 stood at Rs 3 billion, an improvement of 365.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -1 billion, an improvement of 11.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs -51 million from the Rs -40 million net cash flows seen during FY19.

TVS SRICHAKRA Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 640 2,977 365.1%
Cash Flow from Investing Activities Rs m -1,204 -1,342 -
Cash Flow from Financing Activities Rs m 524 -1,686 -
Net Cash Flow Rs m -40 -51 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TVS SRICHAKRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 107.4, an decline from the EPS of Rs 134.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,081.0, stands at 18.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 3,173.6 2,746.4
TTM Earnings per share Rs 134.8 107.4
Diluted earnings per share Rs 134.9 107.4
Price to Cash Flow x 8.5 8.7
TTM P/E ratio x 18.5 18.5
Price / Book Value ratio x 3.1 1.6
Market Cap Rs m 15,940 15,934
Dividends per share (Unadj.) Rs 40.0 20.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TVS SRICHAKRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY20, from 1.1x during FY19. 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 3.3x during FY20, from 5.3x during FY19. 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 11.0% during FY20, from 14.2% during FY20. 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 14.3% during FY20, from 24.4% during FY19. 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 7.4% during FY20, from 7.7% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 1.1 1.2
Debtors’ Days Days 51 36
Interest coverage x 5.3 3.3
Debt to equity ratio x 0.1 0.2
Return on assets % 7.7 7.4
Return on equity % 14.2 11.0
Return on capital employed % 24.4 14.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TVS SRICHAKRA Share Price Performance

Over the last one year, TVS SRICHAKRA share price has moved up from Rs 1,599.0 to Rs 2,081.0, registering a gain of Rs 482.1 or around 30.1%.

Overall, the S&P BSE SENSEX is up 13.8% over the year.

(To know more, check out historical annual results for TVS SRICHAKRA and quarterly results for TVS SRICHAKRA)

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TVS SRICHAKRA 2018-19 Annual Report Analysis (Annual Result Update)

Aug 19, 2019 | Updated on Aug 19, 2019

Here's an analysis of the annual report of TVS SRICHAKRA for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of TVS SRICHAKRA. Also includes updates on the valuation of TVS SRICHAKRA.

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