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TRIDENT 2021-22 Annual Report Analysis
Thu, 30 Jun

TRIDENT has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

TRIDENT Income Statement Analysis

  • Operating income during the year rose 54.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 90.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.2% in FY22 as against 17.2% in FY21.
  • Depreciation charges decreased by 1.2% and finance costs increased by 19.6% YoY, respectively.
  • Other income grew by 77.1% YoY.
  • Net profit for the year grew by 174.2% YoY.
  • Net profit margins during the year grew from 6.7% in FY21 to 11.9% in FY22.

TRIDENT Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 45,306 69,977 54.5%
Other income Rs m 272 481 77.1%
Total Revenues Rs m 45,578 70,457 54.6%
Gross profit Rs m 7,797 14,868 90.7%
Depreciation Rs m 3,369 3,328 -1.2%
Interest Rs m 721 862 19.6%
Profit before tax Rs m 3,979 11,159 180.5%
Tax Rs m 941 2,827 200.6%
Profit after tax Rs m 3,038 8,332 174.2%
Gross profit margin % 17.2 21.2
Effective tax rate % 23.6 25.3
Net profit margin % 6.7 11.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TRIDENT Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 20 billion as compared to Rs 18 billion in FY21, thereby witnessing an increase of 8.7%.
  • Long-term debt stood at Rs 3 billion as compared to Rs 3 billion during FY21, a growth of 21.4%.
  • Current assets rose 39% and stood at Rs 25 billion, while fixed assets rose 0% and stood at Rs 39 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 65 billion as against Rs 58 billion during FY21, thereby witnessing a growth of 12%.

TRIDENT Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 33,283 38,447 15.5
 
Current Liabilities Rs m 18,425 20,033 8.7
Long-term Debt Rs m 2,551 3,097 21.4
Total Liabilities Rs m 57,717 64,891 12.4
 
Current assets Rs m 18,321 25,489 39.1
Fixed Assets Rs m 39,396 39,402 0.0
Total Assets Rs m 57,717 64,891 12.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TRIDENT Cash Flow Statement Analysis

  • TRIDENT's cash flow from operating activities (CFO) during FY22 stood at Rs 9 billion, an improvement of 78.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -3 billion, an improvement of 121.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -4 billion, an improvement of 32% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 2 billion from the Rs -2 billion net cash flows seen during FY21.

TRIDENT Cash Flow Statement 2021-22

Particulars No. of months 12 12 % Change
Year Ending Mar-21 Mar-22
Cash Flow from Operating Activities Rs m 5,049 9,026 78.8%
Cash Flow from Investing Activities Rs m -1,549 -3,433 -
Cash Flow from Financing Activities Rs m -5,702 -3,869 -
Net Cash Flow Rs m -2,202 1,724 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TRIDENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.6, an improvement from the EPS of Rs 0.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 38.7, stands at 23.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.1 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 18.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Sales per share (Unadj.) Rs 8.9 13.7
TTM Earnings per share Rs 0.6 1.6
Diluted earnings per share Rs 0.6 1.6
Price to Cash Flow x 11.2 18.4
TTM P/E ratio x 23.6 23.7
Price / Book Value ratio x 1.6 5.6
Market Cap Rs m 53,609 214,158
Dividends per share (Unadj.) Rs 0.4 0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TRIDENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY22, from 1.0x during FY21. 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 13.9x during FY22, from 6.5x during FY21. 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 improved and stood at 21.7% during FY22, from 9.1% during FY22. 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 improved and stood at 28.9% during FY22, from 13.1% during FY21. 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 14.2% during FY22, from 6.5% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Current ratio x 1.0 1.3
Debtors’ Days Days 36 27
Interest coverage x 6.5 13.9
Debt to equity ratio x 0.1 0.1
Return on assets % 6.5 14.2
Return on equity % 9.1 21.7
Return on capital employed % 13.1 28.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

TRIDENT Share Price Performance

Over the last one year, TRIDENT share price has moved up from Rs 16.4 to Rs 38.7, registering a gain of Rs 22.4 or around 136.7%.

Overall, the S&P BSE SENSEX is up 0.9% over the year.

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

Annual Report FAQs

What is the current share price of TRIDENT?

TRIDENT currently trades at Rs 0.0 per share. You can check out the latest share price performance of TRIDENT here...

What was the revenue of TRIDENT in FY22? How does it compare to earlier years?

The revenues of TRIDENT stood at Rs 70,457 m in FY22, which was up 54.6% compared to Rs 45,578 m reported in FY21.

TRIDENT's revenue has grown from Rs 46,433 m in FY18 to Rs 70,457 m in FY22.

Over the past 5 years, the revenue of TRIDENT has grown at a CAGR of 11.0%.

What was the net profit of TRIDENT in FY22? How does it compare to earlier years?

The net profit of TRIDENT stood at Rs 8,332 m in FY22, which was up 174.2% compared to Rs 3,038 m reported in FY21.

This compares to a net profit of Rs 3,433 m in FY20 and a net profit of Rs 3,716 m in FY19.

Over the past 5 years, TRIDENT net profit has grown at a CAGR of 33.1%.

What does the cash flow statement of TRIDENT 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 TRIDENT reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 9,026 m as compared to Rs 5,049 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -3,433 m as compared to Rs -1,549 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -3,869 m as compared to Rs -5,702 m in FY21.

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

(Rs m)FY18FY19FY20FY21FY22
From Operations4,7636,55712,1375,0499,026
From Investments-1,879-506-427-1,549-3,433
From Financial Activity-2,681-6,430-8,624-5,702-3,869
Net Cashflow203-3803,088-2,2021,724

What does the Key Ratio analysis of TRIDENT 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 TRIDENT reveals:

  • Operating profit margins witnessed a fall and down at 21.2% in FY22 as against 17.2% in FY21.
  • Net profit margins grew from 6.7% in FY21 to 11.9% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.1 as compared to 0.1 in FY21.

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

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)18.018.717.517.221.2
Net Profit Margin (%)5.87.17.36.711.9
Debt to Equity Ratio (x)0.50.30.20.10.1

 

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