TEXMACO INFRA 2020-21 Annual Report Analysis

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TEXMACO INFRA 2020-21 Annual Report Analysis
Mon, 15 Nov

TEXMACO INFRA 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.

TEXMACO INFRA Income Statement Analysis

  • Operating income during the year fell 21.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 136.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 4.9% in FY21 as against 10.4% in FY20.
  • Depreciation charges increased by 3.4% and finance costs increased by 12.9% YoY, respectively.
  • Other income grew by 49.4% YoY.
  • Net profit for the year grew by 58.2% YoY.
  • Net profit margins during the year grew from 15.9% in FY20 to 24.1% in FY21.

TEXMACO INFRA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 188 147 -21.5%
Other income Rs m 110 165 49.4%
Total Revenues Rs m 298 313 4.8%
Gross profit Rs m 20 -7 -136.9%
Depreciation Rs m 27 28 3.4%
Interest Rs m 27 31 12.9%
Profit before tax Rs m 75 99 31.0%
Tax Rs m 28 24 -15.3%
Profit after tax Rs m 48 75 58.2%
Gross profit margin % 10.4 -4.9
Effective tax rate % 37.0 23.9
Net profit margin % 15.9 24.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TEXMACO INFRA Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 115 million as compared to Rs 155 million in FY20, thereby witnessing an decrease of -25.8%.
  • Long-term debt down at Rs 192 million as compared to Rs 200 million during FY20, a fall of 4.4%.
  • Current assets fell 11% and stood at Rs 842 million, while fixed assets rose 15% and stood at Rs 6 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 7 billion as against Rs 6 billion during FY20, thereby witnessing a growth of 11%.

TEXMACO INFRA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,605 6,273 11.9
 
Current Liabilities Rs m 155 115 -25.8
Long-term Debt Rs m 200 192 -4.4
Total Liabilities Rs m 5,946 6,573 10.5
 
Current assets Rs m 946 842 -10.9
Fixed Assets Rs m 5,000 5,731 14.6
Total Assets Rs m 5,946 6,573 10.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TEXMACO INFRA Cash Flow Statement Analysis

  • TEXMACO INFRA's cash flow from operating activities (CFO) during FY21 stood at Rs -77 million, an improvement of 1,213.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 135 million, an improvement of 161.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -61 million, an improvement of 13% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -3 million from the Rs -25 million net cash flows seen during FY20.

TEXMACO INFRA 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 -6 -77 -
Cash Flow from Investing Activities Rs m 52 135 161.9%
Cash Flow from Financing Activities Rs m -70 -61 -
Net Cash Flow Rs m -25 -3 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TEXMACO INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.6, an improvement from the EPS of Rs 0.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 58.5, stands at 131.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 46.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 72.0 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 1.5 1.2
TTM Earnings per share Rs 0.4 0.6
Diluted earnings per share Rs 0.4 0.6
Price to Cash Flow x 99.5 72.0
TTM P/E ratio x 131.8 131.8
Price / Book Value ratio x 0.9 1.1
Market Cap Rs m 7,454 7,454
Dividends per share (Unadj.) Rs 0.2 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TEXMACO INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 7.3x during FY21, from 6.1x 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 improved and stood at 4.2x during FY21, from 3.8x 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 1.2% during FY21, from 0.8% 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 2.0% during FY21, from 1.8% 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 1.6% during FY21, from 1.3% 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 6.1 7.3
Debtors’ Days Days 669 883
Interest coverage x 3.8 4.2
Debt to equity ratio x 0.0 0.0
Return on assets % 1.3 1.6
Return on equity % 0.8 1.2
Return on capital employed % 1.8 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

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