COROMANDEL INTERN 2021-22 Annual Report Analysis

Fri, 8 Jul

COROMANDEL INTERN 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 INTERN Income Statement Analysis

• Operating income during the year rose 34.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 8.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.2% in FY22 as against 14.0% in FY21.
• Depreciation charges decreased by 0.2% and finance costs decreased by 28.6% YoY, respectively.
• Other income grew by 92.2% YoY.
• Net profit for the year grew by 15.2% YoY.
• Net profit margins during the year declined from 9.3% in FY21 to 8.0% in FY22.

COROMANDEL INTERN Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	141,820	191,109	34.8%
Other income	Rs m	751	1,443	92.2%
Total Revenues	Rs m	142,570	192,551	35.1%
Gross profit	Rs m	19,842	21,499	8.3%
Depreciation	Rs m	1,731	1,727	-0.2%
Interest	Rs m	1,057	755	-28.6%
Profit before tax	Rs m	17,806	20,460	14.9%
Tax	Rs m	4,568	5,213	14.1%
Profit after tax	Rs m	13,238	15,247	15.2%
Gross profit margin	%	14.0	11.2
Effective tax rate	%	25.7	25.5
Net profit margin	%	9.3	8.0

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COROMANDEL INTERN Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 45 billion as compared to Rs 33 billion in FY21, thereby witnessing an increase of 35.3%.
• Current assets rose 28% and stood at Rs 83 billion, while fixed assets rose 24% and stood at Rs 29 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 113 billion as against Rs 89 billion during FY21, thereby witnessing a growth of 27%.

COROMANDEL INTERN Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	51,396	63,461	23.5
Current Liabilities	Rs m	33,017	44,656	35.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	88,955	112,847	26.9
Current assets	Rs m	65,213	83,402	27.9
Fixed Assets	Rs m	23,742	29,445	24.0
Total Assets	Rs m	88,955	112,847	26.9

COROMANDEL INTERN Cash Flow Statement Analysis

• COROMANDEL INTERN's cash flow from operating activities (CFO) during FY22 stood at Rs 21 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -16 billion, an improvement of 29.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -4 billion, an improvement of 80% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 139 million from the Rs 6 billion net cash flows seen during FY21.

COROMANDEL INTERN 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	41,502	20,781	-49.9%
Cash Flow from Investing Activities	Rs m	-12,572	-16,220	-
Cash Flow from Financing Activities	Rs m	-22,632	-4,425	-
Net Cash Flow	Rs m	6,416	139	-97.8%

Current Valuations for COROMANDEL INTERN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 51.9, an improvement from the EPS of Rs 45.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 975.4, stands at 18.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at 14.4 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	483.4	651.1
TTM Earnings per share	Rs	45.1	51.9
Diluted earnings per share	Rs	45.1	51.9
Price to Cash Flow	x	15.2	14.4
TTM P/E ratio	x	17.2	18.8
Price / Book Value ratio	x	3.9	3.9
Market Cap	Rs m	201,933	244,409
Dividends per share (Unadj.)	Rs	12.0	12.0

Ratio Analysis for COROMANDEL INTERN

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY22, from 2.0x 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 28.1x during FY22, from 17.9x 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 declined and down at 24.0% during FY22, from 25.8% 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 33.4% during FY22, from 36.7% 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 14.2% during FY22, from 16.1% 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	2.0	1.9
Debtors’ Days	Days	143	51
Interest coverage	x	17.9	28.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.1	14.2
Return on equity	%	25.8	24.0
Return on capital employed	%	36.7	33.4

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

COROMANDEL INTERN Share Price Performance

Over the last one year, COROMANDEL INTERN share price has moved up from Rs 896.6 to Rs 975.4, registering a gain of Rs 78.8 or around 8.8%.

Overall, the S&P BSE SENSEX is up 3.1% over the year.

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

Read: Latest Annual Report Analysis of COROMANDEL INTERN