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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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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)

Annual Report FAQs

What is the current share price of AUTO CORP. OF GOA?

AUTO CORP. OF GOA currently trades at Rs 980.5 per share. You can check out the latest share price performance of AUTO CORP. OF GOA here...

What was the revenue of AUTO CORP. OF GOA in FY22? How does it compare to earlier years?

The revenues of AUTO CORP. OF GOA stood at Rs 2,891 m in FY22, which was up 129.2% compared to Rs 1,261 m reported in FY21.

AUTO CORP. OF GOA's revenue has fallen from Rs 4,872 m in FY18 to Rs 2,891 m in FY22.

Over the past 5 years, the revenue of AUTO CORP. OF GOA has grown at a CAGR of -12.2%.

What was the net profit of AUTO CORP. OF GOA in FY22? How does it compare to earlier years?

The net profit of AUTO CORP. OF GOA stood at Rs 34 m in FY22, which was down -127.5% compared to Rs -125 m reported in FY21.

This compares to a net profit of Rs 100 m in FY20 and a net profit of Rs 209 m in FY19.

Over the past 5 years, AUTO CORP. OF GOA net profit has grown at a CAGR of -35.7%.

What does the cash flow statement of AUTO CORP. OF GOA reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of AUTO CORP. OF GOA reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs -286 m as compared to Rs -200 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs 90 m as compared to Rs -33 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs 254 m as compared to Rs 137 m in FY21.

Here's the cash flow statement of AUTO CORP. OF GOA for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations397-47215-200-286
From Investments-294259252-3390
From Financial Activity-102-196-386137254
Net Cashflow01781-9658

What does the Key Ratio analysis of AUTO CORP. OF GOA reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of AUTO CORP. OF GOA reveals:

  • Operating profit margins witnessed a fall and down at 0.4% in FY22 as against 18.6% in FY21.
  • Net profit margins grew from 10.8% in FY21 to 1.2% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.0 as compared to 0.0 in FY21.

Here's the ratio/financial analysis of AUTO CORP. OF GOA for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)6.36.42.5-18.60.4
Net Profit Margin (%)4.24.93.0-10.81.2
Debt to Equity Ratio (x)0.00.00.00.00.0

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