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GINNI FILAM. 2021-22 Annual Report Analysis

Fri, 7 Oct

GINNI FILAM. 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.

GINNI FILAM. Income Statement Analysis

• Operating income during the year rose 39.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 5.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.0% in FY22 as against 14.5% in FY21.
• Depreciation charges increased by 4.1% and finance costs decreased by 10.1% YoY, respectively.
• Other income grew by 103.5% YoY.
• Net profit for the year grew by 17.1% YoY.
• Net profit margins during the year declined from 5.3% in FY21 to 4.5% in FY22.

GINNI FILAM. Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	7,784	10,845	39.3%
Other income	Rs m	25	50	103.5%
Total Revenues	Rs m	7,809	10,895	39.5%
Gross profit	Rs m	1,129	1,195	5.9%
Depreciation	Rs m	248	258	4.1%
Interest	Rs m	271	244	-10.1%
Profit before tax	Rs m	635	744	17.2%
Tax	Rs m	222	260	17.3%
Profit after tax	Rs m	413	484	17.1%
Gross profit margin	%	14.5	11.0
Effective tax rate	%	34.9	35.0
Net profit margin	%	5.3	4.5

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GINNI FILAM. Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 4 billion as compared to Rs 3 billion in FY21, thereby witnessing an increase of 25.0%.
• Long-term debt stood at Rs 883 million as compared to Rs 248 million during FY21, a growth of 256.5%.
• Current assets rose 44% and stood at Rs 5 billion, while fixed assets rose 20% and stood at Rs 3 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 8 billion as against Rs 6 billion during FY21, thereby witnessing a growth of 33%.

GINNI FILAM. Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	2,366	2,927	23.7
Current Liabilities	Rs m	2,841	3,550	25.0
Long-term Debt	Rs m	248	883	256.5
Total Liabilities	Rs m	5,835	7,767	33.1
Current assets	Rs m	3,254	4,677	43.7
Fixed Assets	Rs m	2,580	3,090	19.8
Total Assets	Rs m	5,835	7,767	33.1

GINNI FILAM. Cash Flow Statement Analysis

• GINNI FILAM.'s cash flow from operating activities (CFO) during FY22 stood at Rs -12 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -762 million, an improvement of 358.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 768 million, an improvement of 179% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -6 million from the Rs -2 million net cash flows seen during FY21.

GINNI FILAM. 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	1,138	-12	-
Cash Flow from Investing Activities	Rs m	-166	-762	-
Cash Flow from Financing Activities	Rs m	-973	768	-
Net Cash Flow	Rs m	-2	-6	-

Current Valuations for GINNI FILAM.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.6, an improvement from the EPS of Rs 5.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 35.0, stands at 7.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 4.8 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	98.3	126.6
TTM Earnings per share	Rs	5.2	5.6
Diluted earnings per share	Rs	4.8	5.6
Price to Cash Flow	x	2.5	4.8
TTM P/E ratio	x	4.1	7.2
Price / Book Value ratio	x	0.5	1.2
Market Cap	Rs m	1,216	3,531
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GINNI FILAM.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY22, from 1.1x 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 4.1x during FY22, from 3.3x 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 16.5% during FY22, from 17.5% 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 25.9% during FY22, from 34.7% 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 9.4% during FY22, from 11.7% 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	1.1	1.3
Debtors’ Days	Days	487	489
Interest coverage	x	3.3	4.1
Debt to equity ratio	x	0.1	0.3
Return on assets	%	11.7	9.4
Return on equity	%	17.5	16.5
Return on capital employed	%	34.7	25.9

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

GINNI FILAM. Share Price Performance

Over the last one year, GINNI FILAM. share price has moved up from Rs 34.6 to Rs 35.0, registering a gain of Rs 0.4 or around 1.2%.

Overall, the S&P BSE SENSEX is down 1.9% over the year.

(To know more, check out historical annual results for GINNI FILAM. and quarterly results for GINNI FILAM.)

Read: Latest Annual Report Analysis of GINNI FILAM.