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CONTROL PRINT 2021-22 Annual Report Analysis

Sat, 25 Jun

CONTROL PRINT 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.

CONTROL PRINT Income Statement Analysis

• Operating income during the year rose 25.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 33.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.4% in FY22 as against 23.0% in FY21.
• Depreciation charges increased by 20.5% and finance costs decreased by 12.6% YoY, respectively.
• Other income grew by 38.3% YoY.
• Net profit for the year grew by 38.0% YoY.
• Net profit margins during the year grew from 14.3% in FY21 to 15.6% in FY22.

CONTROL PRINT Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	2,037	2,562	25.8%
Other income	Rs m	16	23	38.3%
Total Revenues	Rs m	2,053	2,585	25.9%
Gross profit	Rs m	468	625	33.5%
Depreciation	Rs m	123	148	20.5%
Interest	Rs m	12	11	-12.6%
Profit before tax	Rs m	350	489	39.9%
Tax	Rs m	59	88	48.9%
Profit after tax	Rs m	291	401	38.0%
Gross profit margin	%	23.0	24.4
Effective tax rate	%	16.9	18.0
Net profit margin	%	14.3	15.6

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CONTROL PRINT Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 469 million as compared to Rs 388 million in FY21, thereby witnessing an increase of 21.1%.
• Current assets rose 19% and stood at Rs 2 billion, while fixed assets fell 0% and stood at Rs 1 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 3 billion as against Rs 3 billion during FY21, thereby witnessing a growth of 12%.

CONTROL PRINT Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	2,327	2,569	10.4
Current Liabilities	Rs m	388	469	21.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,901	3,237	11.6
Current assets	Rs m	1,740	2,077	19.3
Fixed Assets	Rs m	1,161	1,160	-0.1
Total Assets	Rs m	2,901	3,237	11.6

CONTROL PRINT Cash Flow Statement Analysis

• CONTROL PRINT's cash flow from operating activities (CFO) during FY22 stood at Rs 489 million, an improvement of 28.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -253 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -158 million on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 79 million from the Rs 28 million net cash flows seen during FY21.

CONTROL PRINT 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	380	489	28.6%
Cash Flow from Investing Activities	Rs m	-263	-253	-
Cash Flow from Financing Activities	Rs m	-89	-158	-
Net Cash Flow	Rs m	28	79	177.6%

Current Valuations for CONTROL PRINT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 24.6, an improvement from the EPS of Rs 17.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 423.2, stands at 17.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at 10.0 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	124.7	156.9
TTM Earnings per share	Rs	17.8	24.6
Diluted earnings per share	Rs	17.8	24.6
Price to Cash Flow	x	9.5	10.0
TTM P/E ratio	x	13.6	17.2
Price / Book Value ratio	x	1.6	2.1
Market Cap	Rs m	3,835	5,510
Dividends per share (Unadj.)	Rs	8.5	9.0

Ratio Analysis for CONTROL PRINT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.4x during FY22, from 4.5x 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 47.0x during FY22, from 29.7x 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 15.6% during FY22, from 12.5% 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 19.4% during FY22, from 15.5% 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 12.7% during FY22, from 10.4% 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	4.5	4.4
Debtors’ Days	Days	1,010	894
Interest coverage	x	29.7	47.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.4	12.7
Return on equity	%	12.5	15.6
Return on capital employed	%	15.5	19.4

To see how CONTROL PRINT has performed over the last 5 years, please visit here.

CONTROL PRINT Share Price Performance

Over the last one year, CONTROL PRINT share price has moved up from Rs 367.2 to Rs 423.2, registering a gain of Rs 56.0 or around 15.2%.

Overall, the S&P BSE SENSEX is up 0.8% over the year.

(To know more, check out historical annual results for CONTROL PRINT and quarterly results for CONTROL PRINT)

Read: Latest Annual Report Analysis of CONTROL PRINT