VIMTA LABS 2020-21 Annual Report Analysis

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VIMTA LABS 2020-21 Annual Report Analysis
Tue, 2 Nov

VIMTA LABS 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.

VIMTA LABS Income Statement Analysis

  • Operating income during the year rose 16.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 76.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.1% in FY21 as against 16.6% in FY20.
  • Depreciation charges increased by 10.2% and finance costs decreased by 42.4% YoY, respectively.
  • Other income declined by 72.5% YoY.
  • Net profit for the year grew by 212.7% YoY.
  • Net profit margins during the year grew from 3.7% in FY20 to 10.1% in FY21.

VIMTA LABS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 1,807 2,107 16.6%
Other income Rs m 30 8 -72.5%
Total Revenues Rs m 1,837 2,115 15.1%
Gross profit Rs m 300 530 76.8%
Depreciation Rs m 209 231 10.2%
Interest Rs m 38 22 -42.4%
Profit before tax Rs m 83 285 245.1%
Tax Rs m 14 71 400.7%
Profit after tax Rs m 68 214 212.7%
Gross profit margin % 16.6 25.1
Effective tax rate % 17.2 25.0
Net profit margin % 3.7 10.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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VIMTA LABS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 539 million as compared to Rs 576 million in FY20, thereby witnessing an decrease of -6.3%.
  • Long-term debt stood at Rs 142 million as compared to Rs 54 million during FY20, a growth of 164.4%.
  • Current assets rose 15% and stood at Rs 1 billion, while fixed assets rose 9% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 3 billion as against Rs 2 billion during FY20, thereby witnessing a growth of 11%.

VIMTA LABS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 1,729 1,944 12.4
 
Current Liabilities Rs m 576 539 -6.3
Long-term Debt Rs m 54 142 164.4
Total Liabilities Rs m 2,453 2,734 11.5
 
Current assets Rs m 959 1,105 15.3
Fixed Assets Rs m 1,494 1,629 9.0
Total Assets Rs m 2,453 2,734 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



VIMTA LABS Cash Flow Statement Analysis

  • VIMTA LABS's cash flow from operating activities (CFO) during FY21 stood at Rs 372 million, an improvement of 52.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -319 million, an improvement of 53.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -46 million on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 7 million from the Rs 28 million net cash flows seen during FY20.

VIMTA LABS 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 243 372 52.7%
Cash Flow from Investing Activities Rs m -208 -319 -
Cash Flow from Financing Activities Rs m -7 -46 -
Net Cash Flow Rs m 28 7 -75.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for VIMTA LABS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.7, an improvement from the EPS of Rs 3.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 339.5, stands at 22.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.9 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 81.7 95.3
TTM Earnings per share Rs 3.1 9.7
Diluted earnings per share Rs 3.1 9.7
Price to Cash Flow x 27.0 16.9
TTM P/E ratio x 22.3 22.3
Price / Book Value ratio x 1.6 1.4
Market Cap Rs m 7,506 7,506
Dividends per share (Unadj.) Rs 0.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for VIMTA LABS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x 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 14.2x during FY21, from 3.2x 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 improved and stood at 11.0% during FY21, from 4.0% 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 14.7% during FY21, from 6.8% 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 8.6% during FY21, from 4.3% 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 2.1
Debtors’ Days Days 117 127
Interest coverage x 3.2 14.2
Debt to equity ratio x 0.0 0.1
Return on assets % 4.3 8.6
Return on equity % 4.0 11.0
Return on capital employed % 6.8 14.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how VIMTA LABS has performed over the last 5 years, please visit here.

VIMTA LABS Share Price Performance

Over the last one year, VIMTA LABS share price has moved up from Rs 133.0 to Rs 339.5, registering a gain of Rs 206.6 or around 155.4%.

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

(To know more, check out historical annual results for VIMTA LABS and quarterly results for VIMTA LABS)

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