UCAL FUEL 2020-21 Annual Report Analysis

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UCAL FUEL 2020-21 Annual Report Analysis
Tue, 2 Nov

UCAL FUEL 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.

UCAL FUEL Income Statement Analysis

  • Operating income during the year fell 6.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 25.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.7% in FY21 as against 12.2% in FY20.
  • Depreciation charges increased by 2.4% and finance costs increased by 4.6% YoY, respectively.
  • Other income grew by 5.0% YoY.
  • Net profit for the year grew by 36.5% YoY.
  • Net profit margins during the year grew from 2.8% in FY20 to 4.1% in FY21.

UCAL FUEL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 7,315 6,867 -6.1%
Other income Rs m 123 129 5.0%
Total Revenues Rs m 7,438 6,996 -5.9%
Gross profit Rs m 889 665 -25.2%
Depreciation Rs m 395 405 2.4%
Interest Rs m 267 279 4.6%
Profit before tax Rs m 350 110 -68.6%
Tax Rs m 138 -179 -229.1%
Profit after tax Rs m 212 289 36.5%
Gross profit margin % 12.2 9.7
Effective tax rate % 39.5 -162.5
Net profit margin % 2.8 4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



UCAL FUEL Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an increase of 6.3%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 684 million during FY20, a growth of 66.3%.
  • Current assets rose 52% and stood at Rs 3 billion, while fixed assets fell 7% and stood at Rs 5 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 8 billion as against Rs 8 billion during FY20, thereby witnessing a growth of 8%.

UCAL FUEL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,310 3,584 8.3
 
Current Liabilities Rs m 3,273 3,479 6.3
Long-term Debt Rs m 684 1,138 66.3
Total Liabilities Rs m 7,618 8,223 8.0
 
Current assets Rs m 1,972 2,991 51.7
Fixed Assets Rs m 5,646 5,232 -7.3
Total Assets Rs m 7,618 8,223 8.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



UCAL FUEL Cash Flow Statement Analysis

  • UCAL FUEL's cash flow from operating activities (CFO) during FY21 stood at Rs 105 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -92 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 305 million, an improvement of 147% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 296 million from the Rs 78 million net cash flows seen during FY20.

UCAL FUEL 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 1,335 105 -92.2%
Cash Flow from Investing Activities Rs m -719 -92 -
Cash Flow from Financing Activities Rs m -650 305 -
Net Cash Flow Rs m 78 296 278.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for UCAL FUEL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an improvement from the EPS of Rs 9.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 149.2, stands at 6.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.8 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 330.9 310.6
TTM Earnings per share Rs 9.6 13.1
Diluted earnings per share Rs 9.6 13.1
Price to Cash Flow x 5.4 4.8
TTM P/E ratio x 6.2 6.2
Price / Book Value ratio x 0.8 0.8
Market Cap Rs m 3,299 3,299
Dividends per share (Unadj.) Rs 0.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for UCAL FUEL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.9x during FY21, from 0.6x 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 1.4x during FY21, from 2.3x 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 8.1% during FY21, from 6.4% 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 8.2% during FY21, from 15.4% 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 6.9% during FY21, from 6.3% 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 0.6 0.9
Debtors’ Days Days 405 707
Interest coverage x 2.3 1.4
Debt to equity ratio x 0.2 0.3
Return on assets % 6.3 6.9
Return on equity % 6.4 8.1
Return on capital employed % 15.4 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how UCAL FUEL has performed over the last 5 years, please visit here.

UCAL FUEL Share Price Performance

Over the last one year, UCAL FUEL share price has moved up from Rs 113.1 to Rs 149.2, registering a gain of Rs 36.2 or around 32.0%.

Overall, the S&P BSE SENSEX is up 51.0% over the year.

(To know more, check out historical annual results for UCAL FUEL and quarterly results for UCAL FUEL)

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Related Views on News

UCAL FUEL Announces Quarterly Results (3QFY20); Net Profit Down 56.4% (Quarterly Result Update)

Feb 17, 2020 | Updated on Feb 17, 2020

For the quarter ended December 2019, UCAL FUEL has posted a net profit of Rs 62 m (down 56.4% YoY). Sales on the other hand came in at Rs 1 bn (down 14.2% YoY). Read on for a complete analysis of UCAL FUEL's quarterly results.

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