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APOLLO FIN I 2021-22 Annual Report Analysis

Thu, 31 Mar

APOLLO FIN I 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.

APOLLO FIN I Income Statement Analysis

• Operating income during the year rose 362.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 163.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.3% in FY22 as against 33.9% in FY21.
• Depreciation charges increased by 4.5% and finance costs increased by 92.5% YoY, respectively.
• Other income grew by 408.6% YoY.
• Net profit for the year grew by 210.4% YoY.
• Net profit margins during the year declined from 27.0% in FY21 to 18.2% in FY22.

APOLLO FIN I Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	152	701	362.3%
Other income	Rs m	8	39	408.6%
Total Revenues	Rs m	159	740	364.5%
Gross profit	Rs m	51	135	163.2%
Depreciation	Rs m	2	2	4.5%
Interest	Rs m	1	2	92.5%
Profit before tax	Rs m	56	170	204.0%
Tax	Rs m	15	43	186.5%
Profit after tax	Rs m	41	127	210.4%
Gross profit margin	%	33.9	19.3
Effective tax rate	%	26.9	25.3
Net profit margin	%	27.0	18.2

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APOLLO FIN I Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 682 million as compared to Rs 321 million in FY21, thereby witnessing an increase of 112.4%.
• Current assets rose 86% and stood at Rs 1 billion, while fixed assets rose 3% and stood at Rs 54 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 1 billion as against Rs 608 million during FY21, thereby witnessing a growth of 79%.

APOLLO FIN I Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	291	419	43.8
Current Liabilities	Rs m	321	682	112.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	608	1,088	79.0
Current assets	Rs m	555	1,033	86.3
Fixed Assets	Rs m	53	54	2.6
Total Assets	Rs m	608	1,088	79.0

APOLLO FIN I Cash Flow Statement Analysis

• APOLLO FIN I's cash flow from operating activities (CFO) during FY22 stood at Rs -115 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 6 million, an improvement of 164.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 99 million, an improvement of 343% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -10 million from the Rs 24 million net cash flows seen during FY21.

APOLLO FIN I 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	63	-115	-
Cash Flow from Investing Activities	Rs m	2	6	164.7%
Cash Flow from Financing Activities	Rs m	-41	99	-
Net Cash Flow	Rs m	24	-10	-

Current Valuations for APOLLO FIN I

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 34.1, an improvement from the EPS of Rs 11.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 799.0, stands at 23.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 4.3 times.
• The company's price to cash flow (P/CF) ratio stood at 17.7 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	40.7	187.9
TTM Earnings per share	Rs	11.0	34.1
Diluted earnings per share	Rs	11.0	34.1
Price to Cash Flow	x	28.4	17.7
TTM P/E ratio	x	30.0	23.4
Price / Book Value ratio	x	4.6	5.5
Market Cap	Rs m	1,332	2,297
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for APOLLO FIN I

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.5x 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 improved and stood at 111.6x during FY22, from 71.1x 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 30.4% during FY22, from 14.1% 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 41.0% during FY22, from 19.5% 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 11.8% during FY22, from 6.9% 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	1.5
Debtors’ Days	Days	69	17
Interest coverage	x	71.1	111.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.9	11.8
Return on equity	%	14.1	30.4
Return on capital employed	%	19.5	41.0

To see how APOLLO FIN I has performed over the last 5 years, please visit here.

APOLLO FIN I Share Price Performance

Over the last one year, APOLLO FIN I share price has moved up from Rs 329.1 to Rs 799.0, registering a gain of Rs 470.0 or around 142.8%.

Overall, the S&P BSE SENSEX is up 16.8% over the year.

(To know more, check out historical annual results for APOLLO FIN I and quarterly results for APOLLO FIN I)