AEGIS LOGISTICS 2021-22 Annual Report Analysis

Fri, 29 Jul

AEGIS LOGISTICS 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.

AEGIS LOGISTICS Income Statement Analysis

• Operating income during the year rose 20.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 37.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.5% in FY22 as against 10.1% in FY21.
• Depreciation charges increased by 10.8% and finance costs increased by 25.6% YoY, respectively.
• Other income grew by 5.1% YoY.
• Net profit for the year grew by 54.5% YoY.
• Net profit margins during the year grew from 6.5% in FY21 to 8.3% in FY22.

AEGIS LOGISTICS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	38,435	46,310	20.5%
Other income	Rs m	369	387	5.1%
Total Revenues	Rs m	38,803	46,697	20.3%
Gross profit	Rs m	3,876	5,344	37.8%
Depreciation	Rs m	716	794	10.8%
Interest	Rs m	173	217	25.6%
Profit before tax	Rs m	3,356	4,720	40.6%
Tax	Rs m	864	870	0.8%
Profit after tax	Rs m	2,492	3,849	54.5%
Gross profit margin	%	10.1	11.5
Effective tax rate	%	25.7	18.4
Net profit margin	%	6.5	8.3

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AEGIS LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 12 billion as compared to Rs 5 billion in FY21, thereby witnessing an increase of 130.8%.
• Long-term debt down at Rs 643 million as compared to Rs 1 billion during FY21, a fall of 42.8%.
• Current assets rose 97% and stood at Rs 12 billion, while fixed assets rose 14% and stood at Rs 28 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 40 billion as against Rs 30 billion during FY21, thereby witnessing a growth of 30%.

AEGIS LOGISTICS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	19,365	21,798	12.6
Current Liabilities	Rs m	5,056	11,670	130.8
Long-term Debt	Rs m	1,123	643	-42.8
Total Liabilities	Rs m	30,420	39,586	30.1
Current assets	Rs m	6,018	11,834	96.7
Fixed Assets	Rs m	24,402	27,753	13.7
Total Assets	Rs m	30,420	39,586	30.1

AEGIS LOGISTICS Cash Flow Statement Analysis

• AEGIS LOGISTICS's cash flow from operating activities (CFO) during FY22 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -2 billion from the Rs 744 million net cash flows seen during FY21.

AEGIS LOGISTICS 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	4,416	2,629	-40.5%
Cash Flow from Investing Activities	Rs m	-4,280	-1,619	-
Cash Flow from Financing Activities	Rs m	608	-3,036	-
Net Cash Flow	Rs m	744	-2,026	-

Current Valuations for AEGIS LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.0, an improvement from the EPS of Rs 7.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 259.7, stands at 23.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 21.2 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	109.5	131.9
TTM Earnings per share	Rs	7.1	11.0
Diluted earnings per share	Rs	7.1	11.0
Price to Cash Flow	x	32.6	21.2
TTM P/E ratio	x	41.9	23.7
Price / Book Value ratio	x	4.3	4.5
Market Cap	Rs m	82,485	98,605
Dividends per share (Unadj.)	Rs	2.0	2.5

Ratio Analysis for AEGIS LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY22, from 1.2x 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 22.7x during FY22, from 20.4x 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 17.7% during FY22, from 12.9% 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 22.0% during FY22, from 17.2% 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 10.3% during FY22, from 8.8% 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	1.2	1.0
Debtors’ Days	Days	89	582
Interest coverage	x	20.4	22.7
Debt to equity ratio	x	0.1	0.0
Return on assets	%	8.8	10.3
Return on equity	%	12.9	17.7
Return on capital employed	%	17.2	22.0

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

AEGIS LOGISTICS Share Price Performance

Over the last one year, AEGIS LOGISTICS share price has moved down from Rs 320.7 to Rs 259.7, registering a loss of Rs 61.0 or around 19.0%.

Overall, the S&P BSE SENSEX is up 9.1% over the year.

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

Read: Latest Annual Report Analysis of AEGIS LOGISTICS