TASTY BITE 2020-21 Annual Report Analysis

Wed, 31 Mar

TASTY BITE 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.

TASTY BITE Income Statement Analysis

• Operating income during the year fell 9.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 20.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.0% in FY21 as against 10.5% in FY20.
• Depreciation charges increased by 1.9% and finance costs decreased by 14.1% YoY, respectively.
• Other income declined by 34.7% YoY.
• Net profit for the year declined by 3.7% YoY.
• Net profit margins during the year grew from 9.6% in FY20 to 10.2% in FY21.

TASTY BITE Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	4,258	3,853	-9.5%
Other income	Rs m	291	190	-34.7%
Total Revenues	Rs m	4,548	4,043	-11.1%
Gross profit	Rs m	447	538	20.4%
Depreciation	Rs m	168	172	1.9%
Interest	Rs m	35	30	-14.1%
Profit before tax	Rs m	534	526	-1.5%
Tax	Rs m	125	132	5.9%
Profit after tax	Rs m	409	393	-3.7%
Gross profit margin	%	10.5	14.0
Effective tax rate	%	23.4	25.2
Net profit margin	%	9.6	10.2

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TASTY BITE Balance Sheet Analysis

• The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 1 billion in FY20, thereby witnessing an increase of 19.2%.
• Long-term debt stood at Rs 497 million as compared to Rs 208 million during FY20, a growth of 139.0%.
• Current assets rose 33% and stood at Rs 2 billion, while fixed assets rose 68% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 3 billion during FY20, thereby witnessing a growth of 50%.

TASTY BITE Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	1,614	2,049	26.9
Current Liabilities	Rs m	1,008	1,202	19.2
Long-term Debt	Rs m	208	497	139.0
Total Liabilities	Rs m	2,977	4,469	50.1
Current assets	Rs m	1,504	1,997	32.8
Fixed Assets	Rs m	1,473	2,472	67.8
Total Assets	Rs m	2,977	4,469	50.1

TASTY BITE Cash Flow Statement Analysis

• TASTY BITE's cash flow from operating activities (CFO) during FY21 stood at Rs 401 million, an improvement of 8.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -561 million, an improvement of 8.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs 432 million, an improvement of 194% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 271 million from the Rs -1 million net cash flows seen during FY20.

TASTY BITE 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	368	401	8.8%
Cash Flow from Investing Activities	Rs m	-516	-561	-
Cash Flow from Financing Activities	Rs m	147	432	193.7%
Net Cash Flow	Rs m	-1	271	-

Current Valuations for TASTY BITE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 153.1, an decline from the EPS of Rs 159.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 14,391.2, stands at 93.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 18.0 times, while the price to sales ratio stands at 9.6 times.
• The company's price to cash flow (P/CF) ratio stood at 55.5 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	1,656.7	1,499.3
TTM Earnings per share	Rs	159.0	153.1
Diluted earnings per share	Rs	159.2	153.3
Price to Cash Flow	x	40.0	55.5
TTM P/E ratio	x	56.5	93.9
Price / Book Value ratio	x	16.5	15.3
Market Cap	Rs m	26,609	31,368
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for TASTY BITE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY21, from 1.5x 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 18.4x during FY21, from 16.2x 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 19.2% during FY21, from 25.3% 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 21.8% during FY21, from 31.2% 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 14.9% 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	1.5	1.7
Debtors’ Days	Days	49	51
Interest coverage	x	16.2	18.4
Debt to equity ratio	x	0.1	0.2
Return on assets	%	14.9	9.5
Return on equity	%	25.3	19.2
Return on capital employed	%	31.2	21.8

To see how TASTY BITE has performed over the last 5 years, please visit here.

TASTY BITE Share Price Performance

Over the last one year, TASTY BITE share price has moved up from Rs 8,999.8 to Rs 14,391.2, registering a gain of Rs 5,391.4 or around 59.9%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for TASTY BITE and quarterly results for TASTY BITE)

Read: Latest Annual Report Analysis of TASTY BITE