VINATI ORGANICS 2020-21 Annual Report Analysis

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VINATI ORGANICS 2020-21 Annual Report Analysis
Fri, 22 Oct

VINATI ORGANICS 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.

VINATI ORGANICS Income Statement Analysis

  • Operating income during the year fell 7.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 14.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 37.0% in FY21 as against 40.3% in FY20.
  • Depreciation charges increased by 29.4% and finance costs decreased by 53.4% YoY, respectively.
  • Other income declined by 42.6% YoY.
  • Net profit for the year declined by 19.3% YoY.
  • Net profit margins during the year declined from 31.1% in FY20 to 27.5% in FY21.

VINATI ORGANICS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 10,289 9,543 -7.3%
Other income Rs m 450 258 -42.6%
Total Revenues Rs m 10,739 9,801 -8.7%
Gross profit Rs m 4,149 3,533 -14.9%
Depreciation Rs m 332 429 29.4%
Interest Rs m 20 9 -53.4%
Profit before tax Rs m 4,247 3,352 -21.1%
Tax Rs m 908 659 -27.4%
Profit after tax Rs m 3,338 2,693 -19.3%
Gross profit margin % 40.3 37.0
Effective tax rate % 21.4 19.7
Net profit margin % 31.1 27.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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VINATI ORGANICS Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 1 billion as compared to Rs 890 million in FY20, thereby witnessing an increase of 19.6%.
  • Current assets rose 2% and stood at Rs 7 billion, while fixed assets rose 35% and stood at Rs 11 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 17 billion as against Rs 14 billion during FY20, thereby witnessing a growth of 20%.

VINATI ORGANICS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 12,794 15,434 20.6
 
Current Liabilities Rs m 890 1,065 19.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 14,430 17,338 20.2
 
Current assets Rs m 6,426 6,551 2.0
Fixed Assets Rs m 8,004 10,787 34.8
Total Assets Rs m 14,430 17,338 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



VINATI ORGANICS Cash Flow Statement Analysis

  • VINATI ORGANICS's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 0.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -31 million, an improvement of 97% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 176 million from the Rs 1 billion net cash flows seen during FY20.

VINATI ORGANICS 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 4,159 2,190 -47.3%
Cash Flow from Investing Activities Rs m -1,975 -1,983 -
Cash Flow from Financing Activities Rs m -1,091 -31 -
Net Cash Flow Rs m 1,094 176 -83.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for VINATI ORGANICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.2, an decline from the EPS of Rs 32.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,044.9, stands at 75.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.6 times, while the price to sales ratio stands at 12.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 67.3 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 100.1 92.8
TTM Earnings per share Rs 32.5 26.2
Diluted earnings per share Rs 32.5 26.2
Price to Cash Flow x 57.3 67.3
TTM P/E ratio x 75.6 75.6
Price / Book Value ratio x 12.7 7.6
Market Cap Rs m 210,179 210,179
Dividends per share (Unadj.) Rs 5.5 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for VINATI ORGANICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 6.2x during FY21, from 7.2x 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 354.6x during FY21, from 209.6x 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 17.4% during FY21, from 26.1% 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 33.4% 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 declined and down at 15.6% during FY21, from 23.3% 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 7.2 6.2
Debtors’ Days Days 716 1,060
Interest coverage x 209.6 354.6
Debt to equity ratio x 0.0 0.0
Return on assets % 23.3 15.6
Return on equity % 26.1 17.4
Return on capital employed % 33.4 21.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how VINATI ORGANICS has performed over the last 5 years, please visit here.

VINATI ORGANICS Share Price Performance

Over the last one year, VINATI ORGANICS share price has moved up from Rs 1,224.7 to Rs 2,044.9, registering a gain of Rs 820.3 or around 67.0%.

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

(To know more, check out historical annual results for VINATI ORGANICS and quarterly results for VINATI ORGANICS)

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Related Views on News

VINATI ORGANICS Announces Quarterly Results (1QFY22); Net Profit Up 11.9% (Quarterly Result Update)

Aug 3, 2021 | Updated on Aug 3, 2021

For the quarter ended June 2021, VINATI ORGANICS has posted a net profit of Rs 809 m (up 11.9% YoY). Sales on the other hand came in at Rs 4 bn (up 66.8% YoY). Read on for a complete analysis of VINATI ORGANICS's quarterly results.

VINATI ORGANICS Announces Quarterly Results (3QFY21); Net Profit Down 4.0% (Quarterly Result Update)

Feb 3, 2021 | Updated on Feb 3, 2021

For the quarter ended December 2020, VINATI ORGANICS has posted a net profit of Rs 641 m (down 4.0% YoY). Sales on the other hand came in at Rs 2 bn (down 6.3% YoY). Read on for a complete analysis of VINATI ORGANICS's quarterly results.

VINATI ORGANICS 2019-20 Annual Report Analysis (Annual Result Update)

Dec 14, 2020 | Updated on Dec 14, 2020

Here's an analysis of the annual report of VINATI ORGANICS for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of VINATI ORGANICS. Also includes updates on the valuation of VINATI ORGANICS.

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