KELLTON TECH 2020-21 Annual Report Analysis

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KELLTON TECH 2020-21 Annual Report Analysis
Tue, 9 Nov

KELLTON TECH 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.

KELLTON TECH Income Statement Analysis

  • Operating income during the year rose 0.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 4.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.9% in FY21 as against 14.6% in FY20.
  • Depreciation charges increased by 0.9% and finance costs decreased by 21.8% YoY, respectively.
  • Other income grew by 18.6% YoY.
  • Net profit for the year grew by 0.8% YoY.
  • Net profit margins during the year grew from 9.1% in FY20 to 9.1% in FY21.

KELLTON TECH Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 7,707 7,756 0.6%
Other income Rs m 39 47 18.6%
Total Revenues Rs m 7,746 7,803 0.7%
Gross profit Rs m 1,124 1,078 -4.1%
Depreciation Rs m 128 129 0.9%
Interest Rs m 164 128 -21.8%
Profit before tax Rs m 871 867 -0.4%
Tax Rs m 165 156 -5.7%
Profit after tax Rs m 705 711 0.8%
Gross profit margin % 14.6 13.9
Effective tax rate % 19.0 18.0
Net profit margin % 9.1 9.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KELLTON TECH Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -22.4%.
  • Long-term debt down at Rs 227 million as compared to Rs 286 million during FY20, a fall of 20.7%.
  • Current assets fell 1% and stood at Rs 4 billion, while fixed assets fell 27% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 6 billion as against Rs 7 billion during FY20, thereby witnessing a fall of 12%.

KELLTON TECH Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,141 4,181 1.0
 
Current Liabilities Rs m 2,116 1,643 -22.4
Long-term Debt Rs m 286 227 -20.7
Total Liabilities Rs m 7,184 6,319 -12.0
 
Current assets Rs m 4,184 4,128 -1.3
Fixed Assets Rs m 3,000 2,191 -27.0
Total Assets Rs m 7,184 6,319 -12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KELLTON TECH Cash Flow Statement Analysis

  • KELLTON TECH's cash flow from operating activities (CFO) during FY21 stood at Rs 795 million, an improvement of 40.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 316 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 89 million from the Rs 41 million net cash flows seen during FY20.

KELLTON TECH 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 565 795 40.7%
Cash Flow from Investing Activities Rs m -391 316 -
Cash Flow from Financing Activities Rs m -133 -1,022 -
Net Cash Flow Rs m 41 89 116.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KELLTON TECH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.4, an improvement from the EPS of Rs 7.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 48.7, stands at 6.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.6 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 80.0 80.5
TTM Earnings per share Rs 7.3 7.4
Diluted earnings per share Rs 7.3 7.4
Price to Cash Flow x 5.6 5.6
TTM P/E ratio x 6.4 6.4
Price / Book Value ratio x 0.6 1.1
Market Cap Rs m 4,694 4,694
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KELLTON TECH

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during FY21, from 2.0x 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 7.7x during FY21, from 6.3x 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 declined and down at 17.0% during FY21, from 17.0% 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 declined and down at 22.6% during FY21, from 23.4% 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 13.3% during FY21, from 12.1% 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 2.0 2.5
Debtors’ Days Days 95,946,803 96,869,001
Interest coverage x 6.3 7.7
Debt to equity ratio x 0.1 0.1
Return on assets % 12.1 13.3
Return on equity % 17.0 17.0
Return on capital employed % 23.4 22.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how KELLTON TECH has performed over the last 5 years, please visit here.

KELLTON TECH Share Price Performance

Over the last one year, KELLTON TECH share price has moved up from Rs 48.6 to Rs 48.7, registering a gain of Rs 0.1 or around 0.2%.

Overall, the S&P BSE SENSEX is up 49.1% over the year.

(To know more, check out historical annual results for KELLTON TECH and quarterly results for KELLTON TECH)

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