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UFLEX 2021-22 Annual Report Analysis
Sat, 20 Aug

UFLEX 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.

UFLEX Income Statement Analysis

  • Operating income during the year rose 47.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.1% in FY22 as against 20.2% in FY21.
  • Depreciation charges increased by 17.9% and finance costs increased by 40.8% YoY, respectively.
  • Other income grew by 266.4% YoY.
  • Net profit for the year grew by 30.4% YoY.
  • Net profit margins during the year declined from 9.5% in FY21 to 8.4% in FY22.

UFLEX Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 88,889 131,271 47.7%
Other income Rs m 333 1,220 266.4%
Total Revenues Rs m 89,222 132,491 48.5%
Gross profit Rs m 17,924 21,192 18.2%
Depreciation Rs m 4,557 5,371 17.9%
Interest Rs m 2,291 3,225 40.8%
Profit before tax Rs m 11,409 13,816 21.1%
Tax Rs m 2,985 2,829 -5.2%
Profit after tax Rs m 8,424 10,987 30.4%
Gross profit margin % 20.2 16.1
Effective tax rate % 26.2 20.5
Net profit margin % 9.5 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

UFLEX Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 41 billion as compared to Rs 30 billion in FY21, thereby witnessing an increase of 35.1%.
  • Long-term debt stood at Rs 31 billion as compared to Rs 28 billion during FY21, a growth of 9.4%.
  • Current assets rose 41% and stood at Rs 67 billion, while fixed assets rose 9% and stood at Rs 78 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 144 billion as against Rs 118 billion during FY21, thereby witnessing a growth of 22%.

UFLEX Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 55,485 66,866 20.5
 
Current Liabilities Rs m 30,185 40,777 35.1
Long-term Debt Rs m 28,067 30,718 9.4
Total Liabilities Rs m 118,196 144,411 22.2
 
Current assets Rs m 47,286 66,901 41.5
Fixed Assets Rs m 70,910 77,511 9.3
Total Assets Rs m 118,196 144,411 22.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



UFLEX Cash Flow Statement Analysis

  • UFLEX's cash flow from operating activities (CFO) during FY22 stood at Rs 7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -9 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs 2 billion, an improvement of 61% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -275 million from the Rs 2 billion net cash flows seen during FY21.

UFLEX 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 11,745 6,920 -41.1%
Cash Flow from Investing Activities Rs m -10,945 -9,356 -
Cash Flow from Financing Activities Rs m 1,343 2,160 60.9%
Net Cash Flow Rs m 2,142 -275 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for UFLEX

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 152.2, an improvement from the EPS of Rs 116.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 669.5, stands at 4.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.2 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 1,231.0 1,817.9
TTM Earnings per share Rs 116.7 152.2
Diluted earnings per share Rs 116.7 152.2
Price to Cash Flow x 2.1 2.2
TTM P/E ratio x 3.2 4.0
Price / Book Value ratio x 0.4 0.5
Market Cap Rs m 21,003 36,548
Dividends per share (Unadj.) Rs 2.5 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for UFLEX

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY22, from 1.6x 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 deteriorated and stood at 5.3x during FY22, from 6.0x 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 16.4% during FY22, from 15.2% 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 improved and stood at 17.5% during FY22, from 16.4% 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 9.8% during FY22, from 9.1% 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 1.6 1.6
Debtors’ Days Days 986 976
Interest coverage x 6.0 5.3
Debt to equity ratio x 0.5 0.5
Return on assets % 9.1 9.8
Return on equity % 15.2 16.4
Return on capital employed % 16.4 17.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

UFLEX Share Price Performance

Over the last one year, UFLEX share price has moved up from Rs 461.0 to Rs 669.5, registering a gain of Rs 208.5 or around 45.2%.

Overall, the S&P BSE SENSEX is up 7.2% over the year.

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

Annual Report FAQs

What is the current share price of UFLEX?

UFLEX currently trades at Rs 405.0 per share. You can check out the latest share price performance of UFLEX here...

What was the revenue of UFLEX in FY22? How does it compare to earlier years?

The revenues of UFLEX stood at Rs 132,491 m in FY22, which was up 48.5% compared to Rs 89,222 m reported in FY21.

UFLEX's revenue has grown from Rs 66,440 m in FY18 to Rs 132,491 m in FY22.

Over the past 5 years, the revenue of UFLEX has grown at a CAGR of 18.8%.

What was the net profit of UFLEX in FY22? How does it compare to earlier years?

The net profit of UFLEX stood at Rs 10,987 m in FY22, which was up 30.4% compared to Rs 8,424 m reported in FY21.

This compares to a net profit of Rs 3,726 m in FY20 and a net profit of Rs 3,152 m in FY19.

Over the past 5 years, UFLEX net profit has grown at a CAGR of 37.0%.

What does the cash flow statement of UFLEX reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of UFLEX reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 6,920 m as compared to Rs 11,745 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs -9,356 m as compared to Rs -10,945 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs 2,160 m as compared to Rs 1,343 m in FY21.

Here's the cash flow statement of UFLEX for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations6,5105,5348,48511,7456,920
From Investments-4,267-3,440-20,620-10,945-9,356
From Financial Activity-2,051-2,36813,6891,3432,160
Net Cashflow192-2741,5542,142-275

What does the Key Ratio analysis of UFLEX reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of UFLEX reveals:

  • Operating profit margins witnessed a fall and stood at 16.1% in FY22 as against 20.2% in FY21.
  • Net profit margins declined from 9.5% in FY21 to 8.4% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.5 as compared to 0.5 in FY21.

Here's the ratio/financial analysis of UFLEX for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)13.212.314.620.216.1
Net Profit Margin (%)4.74.05.09.58.4
Debt to Equity Ratio (x)0.30.20.50.50.5

Read: Latest Annual Report Analysis of UFLEX

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