GOKALDAS EXPORTS 2021-22 Annual Report Analysis

Tue, 13 Sep

GOKALDAS EXPORTS 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.

GOKALDAS EXPORTS Income Statement Analysis

• Operating income during the year rose 47.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 81.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.3% in FY22 as against 8.4% in FY21.
• Depreciation charges increased by 12.0% and finance costs increased by 16.7% YoY, respectively.
• Other income grew by 160.3% YoY.
• Net profit for the year grew by 341.9% YoY.
• Net profit margins during the year grew from 2.2% in FY21 to 6.5% in FY22.

GOKALDAS EXPORTS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	12,107	17,903	47.9%
Other income	Rs m	122	318	160.3%
Total Revenues	Rs m	12,229	18,221	49.0%
Gross profit	Rs m	1,015	1,844	81.7%
Depreciation	Rs m	526	589	12.0%
Interest	Rs m	345	402	16.7%
Profit before tax	Rs m	266	1,170	339.7%
Tax	Rs m	1	-1	NA
Profit after tax	Rs m	265	1,171	341.9%
Gross profit margin	%	8.4	10.3
Effective tax rate	%	0.5	0.0
Net profit margin	%	2.2	6.5

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GOKALDAS EXPORTS Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 4 billion as compared to Rs 6 billion in FY21, thereby witnessing an decrease of -33.8%.
• Long-term debt down at Rs 24 million as compared to Rs 188 million during FY21, a fall of 87.4%.
• Current assets rose 48% and stood at Rs 8 billion, while fixed assets fell 13% and stood at Rs 4 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 12 billion as against Rs 10 billion during FY21, thereby witnessing a growth of 22%.

GOKALDAS EXPORTS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	2,741	6,955	153.8
Current Liabilities	Rs m	5,902	3,909	-33.8
Long-term Debt	Rs m	188	24	-87.4
Total Liabilities	Rs m	9,831	11,995	22.0
Current assets	Rs m	5,598	8,288	48.1
Fixed Assets	Rs m	4,233	3,699	-12.6
Total Assets	Rs m	9,831	11,995	22.0

GOKALDAS EXPORTS Cash Flow Statement Analysis

• GOKALDAS EXPORTS's cash flow from operating activities (CFO) during FY22 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -523 million, an improvement of 62.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -430 million, an improvement of 50% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 219 million from the Rs 3 million net cash flows seen during FY21.

GOKALDAS EXPORTS 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	1,187	1,172	-1.3%
Cash Flow from Investing Activities	Rs m	-322	-523	-
Cash Flow from Financing Activities	Rs m	-862	-430	-
Net Cash Flow	Rs m	3	219	8,517.7%

Current Valuations for GOKALDAS EXPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.9, an improvement from the EPS of Rs 6.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 361.8, stands at 13.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 8.6 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	282.2	303.5
TTM Earnings per share	Rs	6.2	19.9
Diluted earnings per share	Rs	4.4	19.3
Price to Cash Flow	x	6.0	8.6
TTM P/E ratio	x	17.9	13.8
Price / Book Value ratio	x	1.0	2.2
Market Cap	Rs m	2,724	15,070
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GOKALDAS EXPORTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY22, from 0.9x 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 3.9x 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 16.8% during FY22, from 9.7% 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 22.5% during FY22, from 20.9% 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 13.1% during FY22, from 6.2% 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	0.9	2.1
Debtors’ Days	Days	542	188
Interest coverage	x	1.8	3.9
Debt to equity ratio	x	0.1	0.0
Return on assets	%	6.2	13.1
Return on equity	%	9.7	16.8
Return on capital employed	%	20.9	22.5

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

GOKALDAS EXPORTS Share Price Performance

Over the last one year, GOKALDAS EXPORTS share price has moved up from Rs 208.0 to Rs 361.8, registering a gain of Rs 153.8 or around 74.0%.

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

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

Read: Latest Annual Report Analysis of GOKALDAS EXPORTS