CAPRI GLOBAL CAPITAL 2021-22 Annual Report Analysis

Thu, 31 Mar

CAPRI GLOBAL CAPITAL 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.

CAPRI GLOBAL CAPITAL Income Statement Analysis

• Operating income during the year rose 31.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 12.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 62.1% in FY22 as against 72.7% in FY21.
• Depreciation charges decreased by 6.0% and finance costs increased by 14.5% YoY, respectively.
• Other income grew by 1114.4% YoY.
• Net profit for the year grew by 15.9% YoY.
• Net profit margins during the year declined from 24.0% in FY21 to 21.2% in FY22.

CAPRI GLOBAL CAPITAL Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	7,361	9,690	31.6%
Other income	Rs m	11	128	1,114.4%
Total Revenues	Rs m	7,371	9,818	33.2%
Gross profit	Rs m	5,348	6,013	12.4%
Depreciation	Rs m	105	99	-6.0%
Interest	Rs m	2,896	3,316	14.5%
Profit before tax	Rs m	2,357	2,726	15.7%
Tax	Rs m	588	676	15.0%
Profit after tax	Rs m	1,770	2,050	15.9%
Gross profit margin	%	72.7	62.1
Effective tax rate	%	24.9	24.8
Net profit margin	%	24.0	21.2

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CAPRI GLOBAL CAPITAL Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 6 billion as compared to Rs 4 billion in FY21, thereby witnessing an increase of 28.5%.
• Long-term debt stood at Rs 47 billion as compared to Rs 38 billion during FY21, a growth of 25.7%.
• Current assets fell 27% and stood at Rs 8 billion, while fixed assets rose 35% and stood at Rs 67 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 75 billion as against Rs 61 billion during FY21, thereby witnessing a growth of 23%.

CAPRI GLOBAL CAPITAL Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	17,094	19,120	11.8
Current Liabilities	Rs m	4,348	5,589	28.5
Long-term Debt	Rs m	37,689	47,382	25.7
Total Liabilities	Rs m	60,902	75,032	23.2
Current assets	Rs m	11,575	8,493	-26.6
Fixed Assets	Rs m	49,327	66,539	34.9
Total Assets	Rs m	60,902	75,032	23.2

CAPRI GLOBAL CAPITAL Cash Flow Statement Analysis

• CAPRI GLOBAL CAPITAL's cash flow from operating activities (CFO) during FY22 stood at Rs -13 billion, an improvement of 320.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 5 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 10 billion, an improvement of 15% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 2 billion from the Rs 1 billion net cash flows seen during FY21.

CAPRI GLOBAL CAPITAL 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	-3,186	-13,407	-
Cash Flow from Investing Activities	Rs m	-4,653	4,667	-
Cash Flow from Financing Activities	Rs m	8,922	10,260	15.0%
Net Cash Flow	Rs m	1,083	1,519	40.4%

Current Valuations for CAPRI GLOBAL CAPITAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.7, an improvement from the EPS of Rs 10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 615.0, stands at 61.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.6 times, while the price to sales ratio stands at 11.1 times.
• The company's price to cash flow (P/CF) ratio stood at 41.5 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	42.0	55.2
TTM Earnings per share	Rs	10.1	11.7
Diluted earnings per share	Rs	8.6	10.0
Price to Cash Flow	x	41.8	41.5
TTM P/E ratio	x	44.3	61.8
Price / Book Value ratio	x	2.6	4.7
Market Cap	Rs m	45,048	89,267
Dividends per share (Unadj.)	Rs	0.4	0.5

Ratio Analysis for CAPRI GLOBAL CAPITAL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY22, from 2.7x 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 1.8x during FY22, from 1.8x 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 10.7% during FY22, from 10.4% 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 9.1% during FY22, from 9.6% 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 7.2% during FY22, from 7.7% 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	2.7	1.5
Debtors’ Days	Days	1	3
Interest coverage	x	1.8	1.8
Debt to equity ratio	x	2.2	2.5
Return on assets	%	7.7	7.2
Return on equity	%	10.4	10.7
Return on capital employed	%	9.6	9.1

To see how CAPRI GLOBAL CAPITAL has performed over the last 5 years, please visit here.

CAPRI GLOBAL CAPITAL Share Price Performance

Over the last one year, CAPRI GLOBAL CAPITAL share price has moved up from Rs 380.2 to Rs 615.0, registering a gain of Rs 234.9 or around 61.8%.

Overall, the S&P BSE SENSEX is up 16.8% over the year.

(To know more, check out historical annual results for CAPRI GLOBAL CAPITAL and quarterly results for CAPRI GLOBAL CAPITAL)