ASIAN GRANITO 2021-22 Annual Report Analysis

Mon, 5 Sep

ASIAN GRANITO 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.

ASIAN GRANITO Income Statement Analysis

• Operating income during the year rose 21.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 11.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.7% in FY22 as against 10.4% in FY21.
• Depreciation charges increased by 2.5% and finance costs decreased by 26.8% YoY, respectively.
• Other income grew by 1003.0% YoY.
• Net profit for the year grew by 64.5% YoY.
• Net profit margins during the year grew from 4.3% in FY21 to 5.9% in FY22.

ASIAN GRANITO Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	12,923	15,638	21.0%
Other income	Rs m	45	493	1,003.0%
Total Revenues	Rs m	12,968	16,131	24.4%
Gross profit	Rs m	1,350	1,197	-11.3%
Depreciation	Rs m	293	301	2.5%
Interest	Rs m	349	256	-26.8%
Profit before tax	Rs m	752	1,134	50.8%
Tax	Rs m	195	218	11.5%
Profit after tax	Rs m	557	916	64.5%
Gross profit margin	%	10.4	7.7
Effective tax rate	%	26.0	19.2
Net profit margin	%	4.3	5.9

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ASIAN GRANITO Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 4 billion as compared to Rs 5 billion in FY21, thereby witnessing an decrease of -16.9%.
• Long-term debt down at Rs 899 million as compared to Rs 1 billion during FY21, a fall of 18.7%.
• Current assets rose 16% and stood at Rs 10 billion, while fixed assets rose 5% and stood at Rs 6 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 15 billion as against Rs 14 billion during FY21, thereby witnessing a growth of 12%.

ASIAN GRANITO Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	6,227	9,182	47.5
Current Liabilities	Rs m	5,339	4,438	-16.9
Long-term Debt	Rs m	1,105	899	-18.7
Total Liabilities	Rs m	13,671	15,287	11.8
Current assets	Rs m	8,426	9,756	15.8
Fixed Assets	Rs m	5,245	5,531	5.5
Total Assets	Rs m	13,671	15,287	11.8

ASIAN GRANITO Cash Flow Statement Analysis

• ASIAN GRANITO 's cash flow from operating activities (CFO) during FY22 stood at Rs 20 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -233 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 882 million, an improvement of 786% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 670 million from the Rs 302 million net cash flows seen during FY21.

ASIAN GRANITO 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	459	20	-95.6%
Cash Flow from Investing Activities	Rs m	-257	-233	-
Cash Flow from Financing Activities	Rs m	100	882	786.5%
Net Cash Flow	Rs m	302	670	121.7%

Current Valuations for ASIAN GRANITO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.1, an decline from the EPS of Rs 16.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 68.5, stands at 11.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 7.1 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	379.5	275.6
TTM Earnings per share	Rs	16.3	16.1
Diluted earnings per share	Rs	4.4	7.2
Price to Cash Flow	x	21.5	7.1
TTM P/E ratio	x	32.8	11.0
Price / Book Value ratio	x	1.2	0.9
Market Cap	Rs m	7,273	8,635
Dividends per share (Unadj.)	Rs	0.5	0.7

Ratio Analysis for ASIAN GRANITO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY22, from 1.6x 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 5.4x during FY22, from 3.2x 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 10.0% during FY22, from 8.9% 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 declined and down at 13.8% during FY22, from 15.0% 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 7.7% during FY22, from 6.6% 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	1.6	2.2
Debtors’ Days	Days	1,187	1,095
Interest coverage	x	3.2	5.4
Debt to equity ratio	x	0.2	0.1
Return on assets	%	6.6	7.7
Return on equity	%	8.9	10.0
Return on capital employed	%	15.0	13.8

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

ASIAN GRANITO Share Price Performance

Over the last one year, ASIAN GRANITO share price has moved down from Rs 165.8 to Rs 68.5, registering a loss of Rs 97.3 or around 58.7%.

Overall, the S&P BSE SENSEX is up 3.3% over the year.

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

Read: Latest Annual Report Analysis of ASIAN GRANITO