V-MART RETAIL 2020-21 Annual Report Analysis

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V-MART RETAIL 2020-21 Annual Report Analysis
Fri, 22 Oct

V-MART RETAIL 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.

V-MART RETAIL Income Statement Analysis

  • Operating income during the year fell 35.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 38.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.6% in FY21 as against 13.2% in FY20.
  • Depreciation charges increased by 9.6% and finance costs increased by 5.0% YoY, respectively.
  • Other income grew by 369.6% YoY.
  • Net profit for the year declined by 112.6% YoY.
  • Net profit margins during the year declined from 3.0% in FY20 to 0.6% in FY21.

V-MART RETAIL Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 16,620 10,755 -35.3%
Other income Rs m 45 210 369.6%
Total Revenues Rs m 16,665 10,965 -34.2%
Gross profit Rs m 2,188 1,350 -38.3%
Depreciation Rs m 939 1,030 9.6%
Interest Rs m 598 628 5.0%
Profit before tax Rs m 695 -97 -113.9%
Tax Rs m 202 -35 -117.2%
Profit after tax Rs m 493 -62 -112.6%
Gross profit margin % 13.2 12.6
Effective tax rate % 29.0 35.8
Net profit margin % 3.0 -0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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V-MART RETAIL Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -17.9%.
  • Current assets rose 70% and stood at Rs 9 billion, while fixed assets rose 4% and stood at Rs 7 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 16 billion as against Rs 12 billion during FY20, thereby witnessing a growth of 33%.

V-MART RETAIL Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,532 8,184 80.6
 
Current Liabilities Rs m 3,208 2,632 -17.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 12,076 16,013 32.6
 
Current assets Rs m 5,176 8,819 70.4
Fixed Assets Rs m 6,900 7,193 4.2
Total Assets Rs m 12,076 16,013 32.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



V-MART RETAIL Cash Flow Statement Analysis

  • V-MART RETAIL's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion, an improvement of 73.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 3 billion, an improvement of 404% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 174 million from the Rs -75 million net cash flows seen during FY20.

V-MART RETAIL 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 863 1,493 73.0%
Cash Flow from Investing Activities Rs m 5 -4,188 -
Cash Flow from Financing Activities Rs m -943 2,869 -
Net Cash Flow Rs m -75 174 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for V-MART RETAIL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.1, an decline from the EPS of Rs 27.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,080.1, stands at -6,276.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 4.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 83.1 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 915.2 545.6
TTM Earnings per share Rs 27.2 -3.1
Diluted earnings per share Rs 25.0 -3.1
Price to Cash Flow x 51.7 83.1
TTM P/E ratio x -5,782.7 -6,276.6
Price / Book Value ratio x 8.3 5.4
Market Cap Rs m 74,076 80,403
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for V-MART RETAIL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.4x during FY21, from 1.6x 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 0.8x during FY21, from 2.2x 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 -0.8% during FY21, from 10.9% 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 6.5% during FY21, from 28.5% 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 3.5% during FY21, from 9.0% 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 1.6 3.4
Debtors’ Days Days 0 0
Interest coverage x 2.2 0.8
Debt to equity ratio x 0.0 0.0
Return on assets % 9.0 3.5
Return on equity % 10.9 -0.8
Return on capital employed % 28.5 6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how V-MART RETAIL has performed over the last 5 years, please visit here.

V-MART RETAIL Share Price Performance

Over the last one year, V-MART RETAIL share price has moved up from Rs 1,914.4 to Rs 4,080.1, registering a gain of Rs 2,165.7 or around 113.1%.

Overall, the S&P BSE SENSEX is up 50.0% over the year.

(To know more, check out historical annual results for V-MART RETAIL and quarterly results for V-MART RETAIL)

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Related Views on News

V-MART RETAIL Announces Quarterly Results (3QFY21); Net Profit Down 17.8% (Quarterly Result Update)

Jan 25, 2021 | Updated on Jan 25, 2021

For the quarter ended December 2020, V-MART RETAIL has posted a net profit of Rs 479 m (down 17.8% YoY). Sales on the other hand came in at Rs 5 bn (down 16.4% YoY). Read on for a complete analysis of V-MART RETAIL's quarterly results.

V-MART RETAIL Announces Quarterly Results (3QFY20); Net Profit Up 39.7% (Quarterly Result Update)

Feb 6, 2020 | Updated on Feb 6, 2020

For the quarter ended December 2019, V-MART RETAIL has posted a net profit of Rs 582 m (up 39.7% YoY). Sales on the other hand came in at Rs 6 bn (up 20.7% YoY). Read on for a complete analysis of V-MART RETAIL's quarterly results.

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