DODLA DAIRY 2021-22 Annual Report Analysis

Thu, 25 Aug

DODLA DAIRY 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.

DODLA DAIRY Income Statement Analysis

• Operating income during the year rose 15.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.4% in FY22 as against 12.5% in FY21.
• Depreciation charges increased by 3.2% and finance costs decreased by 41.9% YoY, respectively.
• Other income grew by 119.4% YoY.
• Net profit for the year grew by 5.4% YoY.
• Net profit margins during the year declined from 6.5% in FY21 to 5.9% in FY22.

DODLA DAIRY Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	19,440	22,434	15.4%
Other income	Rs m	67	147	119.4%
Total Revenues	Rs m	19,507	22,581	15.8%
Gross profit	Rs m	2,431	2,106	-13.3%
Depreciation	Rs m	507	524	3.2%
Interest	Rs m	128	74	-41.9%
Profit before tax	Rs m	1,862	1,656	-11.1%
Tax	Rs m	602	327	-45.6%
Profit after tax	Rs m	1,260	1,328	5.4%
Gross profit margin	%	12.5	9.4
Effective tax rate	%	32.4	19.8
Net profit margin	%	6.5	5.9

DODLA DAIRY Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 2 billion as compared to Rs 2 billion in FY21, thereby witnessing an decrease of -3.5%.
• Current assets rose 0% and stood at Rs 4 billion, while fixed assets rose 20% and stood at Rs 7 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 11 billion as against Rs 10 billion during FY21, thereby witnessing a growth of 12%.

DODLA DAIRY Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	6,550	8,401	28.3
Current Liabilities	Rs m	1,946	1,877	-3.5
Long-term Debt	Rs m	530	0	-100.0
Total Liabilities	Rs m	9,722	10,884	12.0
Current assets	Rs m	4,019	4,031	0.3
Fixed Assets	Rs m	5,703	6,853	20.2
Total Assets	Rs m	9,722	10,884	12.0

DODLA DAIRY Cash Flow Statement Analysis

• DODLA DAIRY's cash flow from operating activities (CFO) during FY22 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -489 million on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -143 million from the Rs 555 million net cash flows seen during FY21.

DODLA DAIRY 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	2,451	1,711	-30.2%
Cash Flow from Investing Activities	Rs m	-2,001	-1,383	-
Cash Flow from Financing Activities	Rs m	108	-489	-
Net Cash Flow	Rs m	555	-143	-

Current Valuations for DODLA DAIRY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.3, an improvement from the EPS of Rs 21.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 516.0, stands at 25.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 17.0 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	333.3	377.1
TTM Earnings per share	Rs	21.6	22.3
Diluted earnings per share	Rs	21.2	22.3
Price to Cash Flow	x	0.0	17.0
TTM P/E ratio	x	0.0	25.2
Price / Book Value ratio	x	0.0	3.7
Market Cap	Rs m	0	31,442
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DODLA DAIRY

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY22, from 2.1x 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 improved and stood at 23.2x during FY22, from 15.5x 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 15.8% during FY22, from 19.2% 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 20.6% during FY22, from 28.1% 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 12.9% during FY22, from 14.3% 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	2.1	2.1
Debtors’ Days	Days	1	1
Interest coverage	x	15.5	23.2
Debt to equity ratio	x	0.1	0.0
Return on assets	%	14.3	12.9
Return on equity	%	19.2	15.8
Return on capital employed	%	28.1	20.6

To see how DODLA DAIRY has performed over the last 5 years, please visit here.

DODLA DAIRY Share Price Performance

Over the last one year, DODLA DAIRY share price has moved down from Rs 551.5 to Rs 516.0, registering a loss of Rs 35.5 or around 6.4%.

Overall, the S&P BSE SENSEX is up 5.8% over the year.

(To know more, check out historical annual results for DODLA DAIRY and quarterly results for DODLA DAIRY)

Read: Latest Annual Report Analysis of DODLA DAIRY