FILATEX INDIA 2021-22 Annual Report Analysis

Tue, 13 Sep

FILATEX INDIA 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.

FILATEX INDIA Income Statement Analysis

• Operating income during the year rose 71.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 53.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.9% in FY22 as against 15.6% in FY21.
• Depreciation charges increased by 8.6% and finance costs decreased by 38.8% YoY, respectively.
• Other income grew by 166.9% YoY.
• Net profit for the year grew by 82.5% YoY.
• Net profit margins during the year grew from 7.4% in FY21 to 7.9% in FY22.

FILATEX INDIA Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	22,272	38,281	71.9%
Other income	Rs m	95	252	166.9%
Total Revenues	Rs m	22,366	38,533	72.3%
Gross profit	Rs m	3,473	5,327	53.4%
Depreciation	Rs m	584	634	8.6%
Interest	Rs m	588	360	-38.8%
Profit before tax	Rs m	2,396	4,586	91.4%
Tax	Rs m	738	1,559	111.2%
Profit after tax	Rs m	1,658	3,027	82.5%
Gross profit margin	%	15.6	13.9
Effective tax rate	%	30.8	34.0
Net profit margin	%	7.4	7.9

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FILATEX INDIA Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 5 billion as compared to Rs 4 billion in FY21, thereby witnessing an increase of 13.7%.
• Long-term debt down at Rs 3 billion as compared to Rs 5 billion during FY21, a fall of 43.3%.
• Current assets rose 37% and stood at Rs 7 billion, while fixed assets rose 2% and stood at Rs 13 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 20 billion as against Rs 18 billion during FY21, thereby witnessing a growth of 12%.

FILATEX INDIA Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	7,600	10,844	42.7
Current Liabilities	Rs m	3,978	4,521	13.7
Long-term Debt	Rs m	5,360	3,037	-43.3
Total Liabilities	Rs m	18,064	20,233	12.0
Current assets	Rs m	5,246	7,191	37.1
Fixed Assets	Rs m	12,746	13,042	2.3
Total Assets	Rs m	18,064	20,233	12.0

FILATEX INDIA Cash Flow Statement Analysis

• FILATEX INDIA's cash flow from operating activities (CFO) during FY22 stood at Rs 3 billion, an improvement of 0.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -857 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -106 million from the Rs 84 million net cash flows seen during FY21.

FILATEX INDIA 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	3,014	3,042	0.9%
Cash Flow from Investing Activities	Rs m	-1,128	-857	-
Cash Flow from Financing Activities	Rs m	-1,802	-2,291	-
Net Cash Flow	Rs m	84	-106	-

Current Valuations for FILATEX INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.4, an improvement from the EPS of Rs 7.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 105.9, stands at 8.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 6.4 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	100.9	169.9
TTM Earnings per share	Rs	7.5	13.4
Diluted earnings per share	Rs	7.5	13.7
Price to Cash Flow	x	6.6	6.4
TTM P/E ratio	x	9.0	8.0
Price / Book Value ratio	x	1.3	2.2
Market Cap	Rs m	9,975	23,360
Dividends per share (Unadj.)	Rs	0.4	0.2

Ratio Analysis for FILATEX INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY22, from 1.3x 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 13.7x during FY22, from 5.1x 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 improved and stood at 27.9% during FY22, from 21.8% 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 improved and stood at 35.6% during FY22, from 23.0% 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 16.7% during FY22, from 12.4% 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	1.3	1.6
Debtors’ Days	Days	199	138
Interest coverage	x	5.1	13.7
Debt to equity ratio	x	0.7	0.3
Return on assets	%	12.4	16.7
Return on equity	%	21.8	27.9
Return on capital employed	%	23.0	35.6

To see how FILATEX INDIA has performed over the last 5 years, please visit here.

FILATEX INDIA Share Price Performance

Over the last one year, FILATEX INDIA share price has moved up from Rs 105.8 to Rs 105.9, registering a gain of Rs 0.2 or around 0.1%.

Overall, the S&P BSE SENSEX is up 3.9% over the year.

(To know more, check out historical annual results for FILATEX INDIA and quarterly results for FILATEX INDIA)

Read: Latest Annual Report Analysis of FILATEX INDIA