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WIM PLAST 2020-21 Annual Report Analysis
Wed, 31 Mar

WIM PLAST 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.

WIM PLAST Income Statement Analysis

  • Operating income during the year fell 16.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 20.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.9% in FY21 as against 20.7% in FY20.
  • Depreciation charges decreased by 2.8% and finance costs decreased by 27.8% YoY, respectively.
  • Other income declined by 7.7% YoY.
  • Net profit for the year declined by 28.8% YoY.
  • Net profit margins during the year declined from 14.0% in FY20 to 11.9% in FY21.

WIM PLAST Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 3,216 2,682 -16.6%
Other income Rs m 79 73 -7.7%
Total Revenues Rs m 3,295 2,755 -16.4%
Gross profit Rs m 666 533 -20.0%
Depreciation Rs m 185 180 -2.8%
Interest Rs m 2 2 -27.8%
Profit before tax Rs m 558 424 -23.9%
Tax Rs m 108 105 -3.4%
Profit after tax Rs m 449 320 -28.8%
Gross profit margin % 20.7 19.9
Effective tax rate % 19.4 24.6
Net profit margin % 14.0 11.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



War Profits: A Potential 33x Opportunity by 2030

WIM PLAST Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 340 million as compared to Rs 333 million in FY20, thereby witnessing an increase of 2.2%.
  • Current assets rose 20% and stood at Rs 3 billion, while fixed assets fell 8% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a growth of 8%.

WIM PLAST Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,506 3,826 9.1
 
Current Liabilities Rs m 333 340 2.2
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 3,928 4,248 8.1
 
Current assets Rs m 2,245 2,702 20.3
Fixed Assets Rs m 1,682 1,546 -8.1
Total Assets Rs m 3,928 4,248 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



WIM PLAST Cash Flow Statement Analysis

  • WIM PLAST's cash flow from operating activities (CFO) during FY21 stood at Rs 416 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -379 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 million, an improvement of 99% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 33 million from the Rs -3 million net cash flows seen during FY20.

WIM PLAST 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 676 416 -38.5%
Cash Flow from Investing Activities Rs m -474 -379 -
Cash Flow from Financing Activities Rs m -206 -3 -
Net Cash Flow Rs m -3 33 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for WIM PLAST

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.7, an decline from the EPS of Rs 37.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 434.4, stands at 16.3 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 1.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.3 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 268.0 223.5
TTM Earnings per share Rs 37.5 26.7
Diluted earnings per share Rs 37.4 26.6
Price to Cash Flow x 4.9 9.3
TTM P/E ratio x 7.0 16.3
Price / Book Value ratio x 1.4 1.2
Market Cap Rs m 4,771 4,660
Dividends per share (Unadj.) Rs 7.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for WIM PLAST

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 7.9x during FY21, from 6.7x 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 238.1x during FY21, from 225.8x 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 8.4% during FY21, from 12.8% 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 11.1% during FY21, from 16.0% 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 7.6% during FY21, from 11.5% 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 6.7 7.9
Debtors’ Days Days 754 915
Interest coverage x 225.8 238.1
Debt to equity ratio x 0.0 0.0
Return on assets % 11.5 7.6
Return on equity % 12.8 8.4
Return on capital employed % 16.0 11.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how WIM PLAST has performed over the last 5 years, please visit here.

WIM PLAST Share Price Performance

Over the last one year, WIM PLAST share price has moved up from Rs 261.2 to Rs 434.4, registering a gain of Rs 173.3 or around 66.3%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for WIM PLAST and quarterly results for WIM PLAST)

Annual Report FAQs

What is the current share price of WIM PLAST?

WIM PLAST currently trades at Rs 387.8 per share. You can check out the latest share price performance of WIM PLAST here...

What was the revenue of WIM PLAST in FY21? How does it compare to earlier years?

The revenues of WIM PLAST stood at Rs 2,755 m in FY21, which was down -16.4% compared to Rs 3,295 m reported in FY20.

WIM PLAST's revenue has fallen from Rs 3,140 m in FY17 to Rs 2,755 m in FY21.

Over the past 5 years, the revenue of WIM PLAST has grown at a CAGR of -3.2%.

What was the net profit of WIM PLAST in FY21? How does it compare to earlier years?

The net profit of WIM PLAST stood at Rs 320 m in FY21, which was down -28.8% compared to Rs 449 m reported in FY20.

This compares to a net profit of Rs 392 m in FY19 and a net profit of Rs 445 m in FY18.

Over the past 5 years, WIM PLAST net profit has grown at a CAGR of -9.9%.

What does the cash flow statement of WIM PLAST reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of WIM PLAST reveals:

  • Cash flow from operations decreased in FY21 and stood at Rs 416 m as compared to Rs 676 m in FY20.
  • Cash flow from investments increased in FY21 and stood at Rs -379 m as compared to Rs -474 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs -3 m as compared to Rs -206 m in FY20.

Here's the cash flow statement of WIM PLAST for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations492247513676416
From Investments-603-195-457-474-379
From Financial Activity0-101-101-206-3
Net Cashflow-111-49-45-333

What does the Key Ratio analysis of WIM PLAST reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of WIM PLAST reveals:

  • Operating profit margins witnessed a fall and stood at 19.9% in FY21 as against 20.7% in FY20.
  • Net profit margins declined from 14.0% in FY20 to 11.9% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.0 as compared to 0.0 in FY20.

Here's the ratio/financial analysis of WIM PLAST for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)26.421.320.020.719.9
Net Profit Margin (%)15.611.710.514.011.9
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of WIM PLAST

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