WONDERLA HOLIDAYS 2020-21 Annual Report Analysis

Wed, 31 Mar

WONDERLA HOLIDAYS 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.

WONDERLA HOLIDAYS Income Statement Analysis

• Operating income during the year fell 85.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 122.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 74.0% in FY21 as against 45.9% in FY20.
• Depreciation charges increased by 4.5% and finance costs decreased by 67.2% YoY, respectively.
• Other income declined by 47.6% YoY.
• Net profit for the year declined by 177.1% YoY.
• Net profit margins during the year declined from 23.9% in FY20 to 130.0% in FY21.

WONDERLA HOLIDAYS Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	2,709	384	-85.8%
Other income	Rs m	120	63	-47.6%
Total Revenues	Rs m	2,829	447	-84.2%
Gross profit	Rs m	1,243	-284	-122.9%
Depreciation	Rs m	418	437	4.5%
Interest	Rs m	19	6	-67.2%
Profit before tax	Rs m	926	-664	-171.7%
Tax	Rs m	278	-165	-159.3%
Profit after tax	Rs m	648	-499	-177.1%
Gross profit margin	%	45.9	-74.0
Effective tax rate	%	30.0	24.8
Net profit margin	%	23.9	-130.0

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WONDERLA HOLIDAYS Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 539 million as compared to Rs 868 million in FY20, thereby witnessing an decrease of -37.9%.
• Current assets fell 32% and stood at Rs 1 billion, while fixed assets fell 8% and stood at Rs 9 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 10 billion as against Rs 12 billion during FY20, thereby witnessing a fall of 12%.

WONDERLA HOLIDAYS Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	8,579	8,087	-5.7
Current Liabilities	Rs m	868	539	-37.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	11,606	10,230	-11.8
Current assets	Rs m	2,025	1,384	-31.7
Fixed Assets	Rs m	9,580	8,846	-7.7
Total Assets	Rs m	11,606	10,230	-11.8

WONDERLA HOLIDAYS Cash Flow Statement Analysis

• WONDERLA HOLIDAYS's cash flow from operating activities (CFO) during FY21 stood at Rs -271 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs 470 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -21 million, an improvement of 92% on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 178 million from the Rs 10 million net cash flows seen during FY20.

WONDERLA HOLIDAYS 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	727	-271	-
Cash Flow from Investing Activities	Rs m	-436	470	-
Cash Flow from Financing Activities	Rs m	-281	-21	-
Net Cash Flow	Rs m	10	178	1,706.3%

Current Valuations for WONDERLA HOLIDAYS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -8.8, an decline from the EPS of Rs 11.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 192.6, stands at -21.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 28.3 times.
• The company's price to cash flow (P/CF) ratio stood at -152.9 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	47.9	6.8
TTM Earnings per share	Rs	11.5	-8.8
Diluted earnings per share	Rs	11.5	-8.8
Price to Cash Flow	x	7.4	-152.9
TTM P/E ratio	x	12.2	-21.8
Price / Book Value ratio	x	1.5	1.2
Market Cap	Rs m	12,518	9,595
Dividends per share (Unadj.)	Rs	1.8	0.0

Ratio Analysis for WONDERLA HOLIDAYS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x during FY21, from 2.3x 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 -105.3x during FY21, from 49.7x 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 -6.2% during FY21, from 7.6% 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 -8.1% during FY21, from 11.0% 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 -4.8% during FY21, from 5.7% 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	2.3	2.6
Debtors’ Days	Days	5	46
Interest coverage	x	49.7	-105.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.7	-4.8
Return on equity	%	7.6	-6.2
Return on capital employed	%	11.0	-8.1

To see how WONDERLA HOLIDAYS has performed over the last 5 years, please visit here.

WONDERLA HOLIDAYS Share Price Performance

Over the last one year, WONDERLA HOLIDAYS share price has moved up from Rs 139.6 to Rs 192.6, registering a gain of Rs 53.1 or around 38.0%.

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

(To know more, check out historical annual results for WONDERLA HOLIDAYS and quarterly results for WONDERLA HOLIDAYS)

Read: Latest Annual Report Analysis of WONDERLA HOLIDAYS