GAYATRI PROJECTS 2021-22 Annual Report Analysis

Fri, 7 Oct

GAYATRI PROJECTS 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.

GAYATRI PROJECTS Income Statement Analysis

• Operating income during the year fell 20.5% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 17.7% in FY22 as against 11.0% in FY21.
• Depreciation charges decreased by 9.7% and finance costs increased by 3.8% YoY, respectively.
• Other income declined by 29.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 1.1% in FY21 to 30.9% in FY22.

GAYATRI PROJECTS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	39,005	31,023	-20.5%
Other income	Rs m	433	307	-29.0%
Total Revenues	Rs m	39,438	31,331	-20.6%
Gross profit	Rs m	4,309	-5,500	NA
Depreciation	Rs m	845	763	-9.7%
Interest	Rs m	3,519	3,653	3.8%
Profit before tax	Rs m	377	-9,608	NA
Tax	Rs m	-54	-26	NA
Profit after tax	Rs m	431	-9,582	NA
Gross profit margin	%	11.0	-17.7
Effective tax rate	%	-14.2	0.3
Net profit margin	%	1.1	-30.9

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GAYATRI PROJECTS Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 41 billion as compared to Rs 35 billion in FY21, thereby witnessing an increase of 19.3%.
• Long-term debt down at Rs 1 billion as compared to Rs 4 billion during FY21, a fall of 64.3%.
• Current assets fell 18% and stood at Rs 33 billion, while fixed assets fell 5% and stood at Rs 17 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 49 billion as against Rs 58 billion during FY21, thereby witnessing a fall of 14%.

GAYATRI PROJECTS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	9,533	-49	NA
Current Liabilities	Rs m	34,623	41,305	19.3
Long-term Debt	Rs m	4,169	1,490	-64.3
Total Liabilities	Rs m	57,593	49,483	-14.1
Current assets	Rs m	39,818	32,543	-18.3
Fixed Assets	Rs m	17,775	16,940	-4.7
Total Assets	Rs m	57,593	49,483	-14.1

GAYATRI PROJECTS Cash Flow Statement Analysis

• GAYATRI PROJECTS'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 2 billion, an improvement of 2,059.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 4 billion, an improvement of 256% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -584 million from the Rs -346 million net cash flows seen during FY21.

GAYATRI PROJECTS 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	2,285	-6,951	-
Cash Flow from Investing Activities	Rs m	98	2,113	2,059.3%
Cash Flow from Financing Activities	Rs m	-2,729	4,254	-
Net Cash Flow	Rs m	-346	-584	-

Current Valuations for GAYATRI PROJECTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -51.2, an decline from the EPS of Rs 2.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 10.5, stands at -0.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -40.5 times, while the price to sales ratio stands at 0.1 times.
• The company's price to cash flow (P/CF) ratio stood at -0.9 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	208.4	165.7
TTM Earnings per share	Rs	2.3	-51.2
Diluted earnings per share	Rs	2.3	-51.2
Price to Cash Flow	x	4.2	-0.9
TTM P/E ratio	x	10.7	-0.1
Price / Book Value ratio	x	0.6	-154.6
Market Cap	Rs m	5,314	7,539
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GAYATRI PROJECTS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY22, from 1.2x 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 -1.6x during FY22, from 1.1x 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 19,647.6% during FY22, from 4.5% 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 declined and down at -413.2% during FY22, from 28.4% 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 declined and down at -12.0% during FY22, from 6.9% 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	1.2	0.8
Debtors’ Days	Days	1,421	1,374
Interest coverage	x	1.1	-1.6
Debt to equity ratio	x	0.4	-30.6
Return on assets	%	6.9	-12.0
Return on equity	%	4.5	19,647.6
Return on capital employed	%	28.4	-413.2

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

GAYATRI PROJECTS Share Price Performance

Over the last one year, GAYATRI PROJECTS share price has moved down from Rs 50.6 to Rs 10.5, registering a loss of Rs 40.1 or around 79.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,465.7 (down 0.5%). Over the last one year it has moved down from 4,247.4 to 3,465.7, a loss of 782 points (down 18.4%).

Overall, the S&P BSE SENSEX is down 2.0% over the year.

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