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BHARAT RASAYAN 2021-22 Annual Report Analysis
Sat, 20 Aug

BHARAT RASAYAN 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.

BHARAT RASAYAN Income Statement Analysis

  • Operating income during the year rose 19.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 5.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.3% in FY22 as against 21.9% in FY21.
  • Depreciation charges decreased by 3.2% and finance costs increased by 66.4% YoY, respectively.
  • Other income grew by 117.9% YoY.
  • Net profit for the year grew by 7.7% YoY.
  • Net profit margins during the year declined from 15.1% in FY21 to 13.6% in FY22.

BHARAT RASAYAN Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 10,916 13,008 19.2%
Other income Rs m 72 156 117.9%
Total Revenues Rs m 10,987 13,164 19.8%
Gross profit Rs m 2,389 2,515 5.2%
Depreciation Rs m 258 249 -3.2%
Interest Rs m 44 73 66.4%
Profit before tax Rs m 2,159 2,348 8.7%
Tax Rs m 515 577 12.1%
Profit after tax Rs m 1,645 1,771 7.7%
Gross profit margin % 21.9 19.3
Effective tax rate % 23.8 24.6
Net profit margin % 15.1 13.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

BHARAT RASAYAN Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 3 billion as compared to Rs 2 billion in FY21, thereby witnessing an increase of 81.2%.
  • Long-term debt stood at Rs 10 million as compared to Rs 0 million during FY21, a fall of 0.0%.
  • Current assets rose 23% and stood at Rs 8 billion, while fixed assets rose 12% and stood at Rs 3 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 11 billion as against Rs 9 billion during FY21, thereby witnessing a growth of 20%.

BHARAT RASAYAN Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 7,273 7,700 5.9
 
Current Liabilities Rs m 1,703 3,087 81.2
Long-term Debt Rs m 0 10 0.0
Total Liabilities Rs m 9,079 10,898 20.0
 
Current assets Rs m 6,504 8,010 23.2
Fixed Assets Rs m 2,575 2,888 12.2
Total Assets Rs m 9,079 10,898 20.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BHARAT RASAYAN Cash Flow Statement Analysis

  • BHARAT RASAYAN's cash flow from operating activities (CFO) during FY22 stood at Rs -655 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs 511 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -248 million, an improvement of 38% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -263 million from the Rs -189 million net cash flows seen during FY21.

BHARAT RASAYAN 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 1,702 -655 -
Cash Flow from Investing Activities Rs m -1,525 511 -
Cash Flow from Financing Activities Rs m -397 -248 -
Net Cash Flow Rs m -189 -263 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BHARAT RASAYAN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 425.8, an improvement from the EPS of Rs 387.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 12,102.2, stands at 28.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.5 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 25.0 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 2,568.4 3,126.9
TTM Earnings per share Rs 387.0 425.8
Diluted earnings per share Rs 395.8 426.3
Price to Cash Flow x 20.5 25.0
TTM P/E ratio x 23.8 28.6
Price / Book Value ratio x 4.9 6.6
Market Cap Rs m 35,666 50,499
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BHARAT RASAYAN

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.6x during FY22, from 3.8x 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 deteriorated and stood at 33.0x during FY22, from 49.9x 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 23.0% during FY22, from 22.6% 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 31.4% during FY22, from 30.3% 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 declined and down at 16.9% during FY22, from 18.6% 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 3.8 2.6
Debtors’ Days Days 988 1,301
Interest coverage x 49.9 33.0
Debt to equity ratio x 0.0 0.0
Return on assets % 18.6 16.9
Return on equity % 22.6 23.0
Return on capital employed % 30.3 31.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BHARAT RASAYAN has performed over the last 5 years, please visit here.

BHARAT RASAYAN Share Price Performance

Over the last one year, BHARAT RASAYAN share price has moved down from Rs 12,454.2 to Rs 12,102.2, registering a loss of Rs 352.0 or around 2.8%.

Overall, the S&P BSE SENSEX is up 7.2% over the year.

(To know more, check out historical annual results for BHARAT RASAYAN and quarterly results for BHARAT RASAYAN)

Annual Report FAQs

What is the current share price of BHARAT RASAYAN?

BHARAT RASAYAN currently trades at Rs 8,497.4 per share. You can check out the latest share price performance of BHARAT RASAYAN here...

What was the revenue of BHARAT RASAYAN in FY22? How does it compare to earlier years?

The revenues of BHARAT RASAYAN stood at Rs 13,164 m in FY22, which was up 19.8% compared to Rs 10,987 m reported in FY21.

BHARAT RASAYAN's revenue has grown from Rs 7,828 m in FY18 to Rs 13,164 m in FY22.

Over the past 5 years, the revenue of BHARAT RASAYAN has grown at a CAGR of 13.9%.

What was the net profit of BHARAT RASAYAN in FY22? How does it compare to earlier years?

The net profit of BHARAT RASAYAN stood at Rs 1,771 m in FY22, which was up 7.7% compared to Rs 1,645 m reported in FY21.

This compares to a net profit of Rs 1,576 m in FY20 and a net profit of Rs 1,115 m in FY19.

Over the past 5 years, BHARAT RASAYAN net profit has grown at a CAGR of 15.9%.

What does the cash flow statement of BHARAT RASAYAN 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 BHARAT RASAYAN reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs -655 m as compared to Rs 1,702 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs 511 m as compared to Rs -1,525 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -248 m as compared to Rs -397 m in FY21.

Here's the cash flow statement of BHARAT RASAYAN for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations288-5232,6261,702-655
From Investments-332-476-680-1,525511
From Financial Activity221,025-1,693-397-248
Net Cashflow243401-189-263

What does the Key Ratio analysis of BHARAT RASAYAN 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 BHARAT RASAYAN reveals:

  • Operating profit margins witnessed a fall and stood at 19.3% in FY22 as against 21.9% in FY21.
  • Net profit margins declined from 15.1% in FY21 to 13.6% 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 BHARAT RASAYAN for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)20.618.718.721.919.3
Net Profit Margin (%)12.611.213.015.113.6
Debt to Equity Ratio (x)0.10.10.00.00.0

Read: Latest Annual Report Analysis of BHARAT RASAYAN

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