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COROMANDEL ENG. 2021-22 Annual Report Analysis
Tue, 23 Aug

COROMANDEL ENG. 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.

COROMANDEL ENG. Income Statement Analysis

  • Operating income during the year rose 22.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 7.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.3% in FY22 as against 1.8% in FY21.
  • Depreciation charges decreased by 6.9% and finance costs decreased by 27.2% YoY, respectively.
  • Other income declined by 71.4% YoY.
  • Net profit for the year grew by NA YoY.
  • Net profit margins during the year grew from 7.3% in FY21 to 6.0% in FY22.

COROMANDEL ENG. Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 1,085 1,330 22.6%
Other income Rs m 1 0 -71.4%
Total Revenues Rs m 1,086 1,330 22.4%
Gross profit Rs m 19 18 -7.6%
Depreciation Rs m 29 27 -6.9%
Interest Rs m 65 47 -27.2%
Profit before tax Rs m -74 -56 NA
Tax Rs m 6 23 309.9%
Profit after tax Rs m -79 -80 NA
Gross profit margin % 1.8 1.3
Effective tax rate % -7.7 -41.2
Net profit margin % -7.3 -6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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COROMANDEL ENG. Balance Sheet Analysis

  • The company's current liabilities during FY22 down at Rs 498 million as compared to Rs 550 million in FY21, thereby witnessing an decrease of -9.5%.
  • Long-term debt down at Rs 88 million as compared to Rs 121 million during FY21, a fall of 27.3%.
  • Current assets fell 18% and stood at Rs 509 million, while fixed assets fell 28% and stood at Rs 88 million in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 597 million as against Rs 739 million during FY21, thereby witnessing a fall of 19%.

COROMANDEL ENG. Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 205 124 -39.5
 
Current Liabilities Rs m 550 498 -9.5
Long-term Debt Rs m 121 88 -27.3
Total Liabilities Rs m 739 597 -19.2
 
Current assets Rs m 618 509 -17.6
Fixed Assets Rs m 122 88 -27.6
Total Assets Rs m 739 597 -19.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



COROMANDEL ENG. Cash Flow Statement Analysis

  • COROMANDEL ENG.'s cash flow from operating activities (CFO) during FY22 stood at Rs 197 million, an improvement of 82.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs 16 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -213 million on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY21.

COROMANDEL ENG. 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 108 197 82.2%
Cash Flow from Investing Activities Rs m 31 16 -47.7%
Cash Flow from Financing Activities Rs m -139 -213 -
Net Cash Flow Rs m 0 0 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for COROMANDEL ENG.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.4, an decline from the EPS of Rs -2.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 37.5, stands at -18.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 10.1 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at -22.5 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 32.7 40.0
TTM Earnings per share Rs -2.4 -2.4
Diluted earnings per share Rs -2.4 -2.4
Price to Cash Flow x -18.0 -22.5
TTM P/E ratio x -11.2 -18.3
Price / Book Value ratio x 3.6 9.5
Market Cap Rs m 733 1,177
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for COROMANDEL ENG.

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY22, from 1.1x 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 -0.2x during FY22, from -0.1x 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 declined and down at -64.3% during FY22, from -38.7% 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 -4.3% during FY22, from -2.7% 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 declined and down at -5.4% during FY22, from -2.0% 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 1.1 1.0
Debtors’ Days Days 689 592
Interest coverage x -0.1 -0.2
Debt to equity ratio x 0.6 0.7
Return on assets % -2.0 -5.4
Return on equity % -38.7 -64.3
Return on capital employed % -2.7 -4.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how COROMANDEL ENG. has performed over the last 5 years, please visit here.

COROMANDEL ENG. Share Price Performance

Over the last one year, COROMANDEL ENG. share price has moved up from Rs 30.1 to Rs 37.5, registering a gain of Rs 7.5 or around 24.8%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,510.7 (up 0.3%). Over the last one year it has moved up from 2,955.9 to 3,510.7, a gain of 555 points (up 18.8%).

Overall, the S&P BSE SENSEX is up 6.7% over the year.

(To know more, check out historical annual results for COROMANDEL ENG. and quarterly results for COROMANDEL ENG.)

Annual Report FAQs

What is the current share price of COROMANDEL ENG.?

COROMANDEL ENG. currently trades at Rs 55.0 per share. You can check out the latest share price performance of COROMANDEL ENG. here...

What was the revenue of COROMANDEL ENG. in FY22? How does it compare to earlier years?

The revenues of COROMANDEL ENG. stood at Rs 1,330 m in FY22, which was up 22.4% compared to Rs 1,086 m reported in FY21.

COROMANDEL ENG.'s revenue has grown from Rs 334 m in FY18 to Rs 1,330 m in FY22.

Over the past 5 years, the revenue of COROMANDEL ENG. has grown at a CAGR of 41.3%.

What was the net profit of COROMANDEL ENG. in FY22? How does it compare to earlier years?

The net loss of COROMANDEL ENG. stood at Rs -80 m in FY22, which was NA compared to Rs -79 m reported in FY21.

This compares to a net loss of Rs -47 m in FY20 and a net loss of Rs -119 m in FY19.

Over the past 5 years, COROMANDEL ENG. net profit has grown at a CAGR of -10.7%.

What does the cash flow statement of COROMANDEL ENG. 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 COROMANDEL ENG. reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 197 m as compared to Rs 108 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs 16 m as compared to Rs 31 m in FY21.
  • Cash flow from financial activity decreased in FY22 and stood at Rs -213 m as compared to Rs -139 m in FY21.

Here's the cash flow statement of COROMANDEL ENG. for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations-19938-15108197
From Investments25213116
From Financial Activity197-43-5-139-213
Net Cashflow00000

What does the Key Ratio analysis of COROMANDEL ENG. 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 COROMANDEL ENG. reveals:

  • Operating profit margins witnessed a fall and stood at 1.3% in FY22 as against 1.8% in FY21.
  • Net profit margins grew from 7.3% in FY21 to 6.0% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.7 as compared to 0.6 in FY21.

Here's the ratio/financial analysis of COROMANDEL ENG. for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)-13.9-5.21.31.81.3
Net Profit Margin (%)-38.6-26.0-8.2-7.3-6.0
Debt to Equity Ratio (x)1.52.40.60.60.7

Read: Latest Annual Report Analysis of COROMANDEL ENG.

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