ASM TECHNOLOGIES 2021-22 Annual Report Analysis

Sat, 25 Jun

ASM TECHNOLOGIES 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.

ASM TECHNOLOGIES Income Statement Analysis

• Operating income during the year rose 39.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 24.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.0% in FY22 as against 12.3% in FY21.
• Depreciation charges increased by 24.5% and finance costs increased by 97.2% YoY, respectively.
• Other income grew by 112.9% YoY.
• Net profit for the year grew by 62.1% YoY.
• Net profit margins during the year grew from 6.3% in FY21 to 7.3% in FY22.

ASM TECHNOLOGIES Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	1,374	1,917	39.5%
Other income	Rs m	33	69	112.9%
Total Revenues	Rs m	1,406	1,986	41.2%
Gross profit	Rs m	169	210	24.5%
Depreciation	Rs m	36	44	24.5%
Interest	Rs m	28	56	97.2%
Profit before tax	Rs m	137	179	30.4%
Tax	Rs m	51	40	-22.5%
Profit after tax	Rs m	86	139	62.1%
Gross profit margin	%	12.3	11.0
Effective tax rate	%	37.4	22.3
Net profit margin	%	6.3	7.3

Don't Miss: Best Chance to Access Midcap Stocks Research at 80% OFF

ASM TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 663 million as compared to Rs 460 million in FY21, thereby witnessing an increase of 44.2%.
• Long-term debt stood at Rs 97 million as compared to Rs 78 million during FY21, a growth of 24.4%.
• Current assets rose 16% and stood at Rs 919 million, while fixed assets rose 51% and stood at Rs 483 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 1 billion as against Rs 1 billion during FY21, thereby witnessing a growth of 26%.

ASM TECHNOLOGIES Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	568	657	15.7
Current Liabilities	Rs m	460	663	44.2
Long-term Debt	Rs m	78	97	24.4
Total Liabilities	Rs m	1,115	1,402	25.8
Current assets	Rs m	794	919	15.7
Fixed Assets	Rs m	320	483	50.7
Total Assets	Rs m	1,115	1,402	25.8

ASM TECHNOLOGIES Cash Flow Statement Analysis

• ASM TECHNOLOGIES's cash flow from operating activities (CFO) during FY22 stood at Rs 139 million, an improvement of 228.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -88 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -62 million on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -11 million from the Rs 23 million net cash flows seen during FY21.

ASM TECHNOLOGIES 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	42	139	228.9%
Cash Flow from Investing Activities	Rs m	-89	-88	-
Cash Flow from Financing Activities	Rs m	70	-62	-
Net Cash Flow	Rs m	23	-11	-

Current Valuations for ASM TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.9, an improvement from the EPS of Rs 8.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 393.3, stands at 32.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.6 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 26.3 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	137.4	191.7
TTM Earnings per share	Rs	8.6	13.9
Diluted earnings per share	Rs	7.8	12.7
Price to Cash Flow	x	10.1	26.3
TTM P/E ratio	x	14.2	32.8
Price / Book Value ratio	x	3.0	7.4
Market Cap	Rs m	1,710	4,840
Dividends per share (Unadj.)	Rs	7.0	8.5

Ratio Analysis for ASM TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.4x during FY22, from 1.7x 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 deteriorated and stood at 4.2x during FY22, from 5.9x 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 21.2% during FY22, from 15.1% 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 31.2% during FY22, from 25.7% 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 13.9% during FY22, from 10.3% 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	1.7	1.4
Debtors’ Days	Days	133	108
Interest coverage	x	5.9	4.2
Debt to equity ratio	x	0.1	0.1
Return on assets	%	10.3	13.9
Return on equity	%	15.1	21.2
Return on capital employed	%	25.7	31.2

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

ASM TECHNOLOGIES Share Price Performance

Over the last one year, ASM TECHNOLOGIES share price has moved up from Rs 150.0 to Rs 393.3, registering a gain of Rs 243.4 or around 162.3%.

Overall, the S&P BSE SENSEX is up 0.8% over the year.

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

Read: Latest Annual Report Analysis of ASM TECHNOLOGIES