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BIOFIL CHEMICALS 2021-22 Annual Report Analysis

Fri, 7 Oct

BIOFIL CHEMICALS 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.

BIOFIL CHEMICALS Income Statement Analysis

• Operating income during the year fell 37.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 16.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.0% in FY22 as against 4.5% in FY21.
• Depreciation charges increased by 3.9% and finance costs decreased by 39.7% YoY, respectively.
• Other income declined by 81.3% YoY.
• Net profit for the year declined by 43.8% YoY.
• Net profit margins during the year declined from 3.5% in FY21 to 3.1% in FY22.

BIOFIL CHEMICALS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	358	224	-37.4%
Other income	Rs m	8	2	-81.3%
Total Revenues	Rs m	366	225	-38.4%
Gross profit	Rs m	16	13	-16.6%
Depreciation	Rs m	4	4	3.9%
Interest	Rs m	1	0	-39.7%
Profit before tax	Rs m	19	10	-47.1%
Tax	Rs m	7	3	-53.2%
Profit after tax	Rs m	12	7	-43.8%
Gross profit margin	%	4.5	6.0
Effective tax rate	%	35.3	31.2
Net profit margin	%	3.5	3.1

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BIOFIL CHEMICALS Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 15 million as compared to Rs 168 million in FY21, thereby witnessing an decrease of -91.1%.
• Current assets fell 60% and stood at Rs 93 million, while fixed assets fell 4% and stood at Rs 94 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 187 million as against Rs 332 million during FY21, thereby witnessing a fall of 44%.

BIOFIL CHEMICALS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	161	168	4.4
Current Liabilities	Rs m	168	15	-91.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	332	187	-43.6
Current assets	Rs m	235	93	-60.3
Fixed Assets	Rs m	98	94	-3.7
Total Assets	Rs m	332	187	-43.6

BIOFIL CHEMICALS Cash Flow Statement Analysis

• BIOFIL CHEMICALS's cash flow from operating activities (CFO) during FY22 stood at Rs -2 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -1 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 0 million, an improvement of 99% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -3 million from the Rs 2 million net cash flows seen during FY21.

BIOFIL CHEMICALS 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	11	-2	-
Cash Flow from Investing Activities	Rs m	-1	-1	-
Cash Flow from Financing Activities	Rs m	-8	0	-
Net Cash Flow	Rs m	2	-3	-

Current Valuations for BIOFIL CHEMICALS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.4, an decline from the EPS of Rs 0.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 50.0, stands at 111.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.8 times, while the price to sales ratio stands at 3.6 times.
• The company's price to cash flow (P/CF) ratio stood at 117.1 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	22.0	13.8
TTM Earnings per share	Rs	0.8	0.4
Diluted earnings per share	Rs	0.8	0.4
Price to Cash Flow	x	64.6	117.1
TTM P/E ratio	x	86.4	111.3
Price / Book Value ratio	x	18.1	7.8
Market Cap	Rs m	2,927	1,318
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BIOFIL CHEMICALS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 6.2x during FY22, from 1.4x 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 deteriorated and stood at 25.8x during FY22, from 29.2x 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 declined and down at 4.1% during FY22, from 7.7% 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 6.3% during FY22, from 12.3% 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 3.9% during FY22, from 3.9% 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	1.4	6.2
Debtors’ Days	Days	1,758	1,170
Interest coverage	x	29.2	25.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.9	3.9
Return on equity	%	7.7	4.1
Return on capital employed	%	12.3	6.3

To see how BIOFIL CHEMICALS has performed over the last 5 years, please visit here.

BIOFIL CHEMICALS Share Price Performance

Over the last one year, BIOFIL CHEMICALS share price has moved down from Rs 63.3 to Rs 50.0, registering a loss of Rs 13.3 or around 20.9%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 23,643.2 (down 0.5%). Over the last one year it has moved down from 26,270.9 to 23,643.2, a loss of 2,628 points (down 10.0%).

Overall, the S&P BSE SENSEX is down 1.9% over the year.

(To know more, check out historical annual results for BIOFIL CHEMICALS and quarterly results for BIOFIL CHEMICALS)