AUTO CORP. OF GOA 2021-22 Annual Report Analysis

Thu, 16 Jun

AUTO CORP. OF GOA 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.

AUTO CORP. OF GOA Income Statement Analysis

• Operating income during the year rose 143.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 105.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 0.4% in FY22 as against 18.6% in FY21.
• Depreciation charges decreased by 2.4% and finance costs decreased by 16.1% YoY, respectively.
• Other income declined by 30.1% YoY.
• Net profit for the year declined by 127.5% YoY.
• Net profit margins during the year grew from 10.8% in FY21 to 1.2% in FY22.

AUTO CORP. OF GOA Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	1,157	2,818	143.5%
Other income	Rs m	104	73	-30.1%
Total Revenues	Rs m	1,261	2,891	129.2%
Gross profit	Rs m	-215	11	-105.2%
Depreciation	Rs m	51	50	-2.4%
Interest	Rs m	1	1	-16.1%
Profit before tax	Rs m	-163	33	-120.5%
Tax	Rs m	-38	-1	-97.4%
Profit after tax	Rs m	-125	34	-127.5%
Gross profit margin	%	-18.6	0.4
Effective tax rate	%	23.2	-2.9
Net profit margin	%	-10.8	1.2

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AUTO CORP. OF GOA Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 1 billion as compared to Rs 615 million in FY21, thereby witnessing an increase of 77.6%.
• Current assets rose 31% and stood at Rs 2 billion, while fixed assets fell 4% and stood at Rs 566 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 3 billion as against Rs 2 billion during FY21, thereby witnessing a growth of 22%.

AUTO CORP. OF GOA Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	1,668	1,689	1.3
Current Liabilities	Rs m	615	1,092	77.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,312	2,827	22.3
Current assets	Rs m	1,721	2,261	31.4
Fixed Assets	Rs m	591	566	-4.2
Total Assets	Rs m	2,312	2,827	22.3

AUTO CORP. OF GOA Cash Flow Statement Analysis

• AUTO CORP. OF GOA's cash flow from operating activities (CFO) during FY22 stood at Rs -286 million, an improvement of 43.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 90 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 254 million, an improvement of 86% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 58 million from the Rs -96 million net cash flows seen during FY21.

AUTO CORP. OF GOA 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	-200	-286	-
Cash Flow from Investing Activities	Rs m	-33	90	-
Cash Flow from Financing Activities	Rs m	137	254	85.7%
Net Cash Flow	Rs m	-96	58	-

Current Valuations for AUTO CORP. OF GOA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.7, an improvement from the EPS of Rs -20.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 770.2, stands at -174.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.7 times.
• The company's price to cash flow (P/CF) ratio stood at 56.4 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	190.0	462.7
TTM Earnings per share	Rs	-20.5	5.7
Diluted earnings per share	Rs	-20.5	5.7
Price to Cash Flow	x	-33.4	56.4
TTM P/E ratio	x	-19.8	-174.8
Price / Book Value ratio	x	1.5	2.8
Market Cap	Rs m	2,498	4,743
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for AUTO CORP. OF GOA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY22, from 2.8x 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 36.6x during FY22, from -144.5x 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 2.0% during FY22, from -7.5% 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 2.0% during FY22, from -9.7% 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 1.3% during FY22, from -5.4% 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	2.8	2.1
Debtors’ Days	Days	753	934
Interest coverage	x	-144.5	36.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-5.4	1.3
Return on equity	%	-7.5	2.0
Return on capital employed	%	-9.7	2.0

To see how AUTO CORP. OF GOA has performed over the last 5 years, please visit here.

AUTO CORP. OF GOA Share Price Performance

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(To know more, check out historical annual results for AUTO CORP. OF GOA and quarterly results for AUTO CORP. OF GOA)

Read: Latest Annual Report Analysis of AUTO CORP. OF GOA