GUJARAT PIPAVAV PORT 2021-22 Annual Report Analysis

Thu, 14 Jul

GUJARAT PIPAVAV PORT 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.

GUJARAT PIPAVAV PORT Income Statement Analysis

• Operating income during the year rose 1.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 3.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 54.9% in FY22 as against 57.6% in FY21.
• Depreciation charges decreased by 3.1% and finance costs decreased by 24.5% YoY, respectively.
• Other income declined by 29.2% YoY.
• Net profit for the year declined by 10.0% YoY.
• Net profit margins during the year declined from 29.3% in FY21 to 26.0% in FY22.

GUJARAT PIPAVAV PORT Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	7,335	7,435	1.4%
Other income	Rs m	404	286	-29.2%
Total Revenues	Rs m	7,739	7,721	-0.2%
Gross profit	Rs m	4,221	4,080	-3.4%
Depreciation	Rs m	1,335	1,293	-3.1%
Interest	Rs m	63	48	-24.5%
Profit before tax	Rs m	3,228	3,025	-6.3%
Tax	Rs m	1,082	1,093	1.0%
Profit after tax	Rs m	2,146	1,932	-10.0%
Gross profit margin	%	57.6	54.9
Effective tax rate	%	33.5	36.1
Net profit margin	%	29.3	26.0

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GUJARAT PIPAVAV PORT Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 3 billion as compared to Rs 3 billion in FY21, thereby witnessing an increase of 12.0%.
• Current assets rose 17% and stood at Rs 10 billion, while fixed assets rose 5% and stood at Rs 23 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 33 billion as against Rs 31 billion during FY21, thereby witnessing a growth of 8%.

GUJARAT PIPAVAV PORT Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	22,392	22,435	0.2
Current Liabilities	Rs m	2,778	3,110	12.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	30,552	33,139	8.5
Current assets	Rs m	8,528	9,962	16.8
Fixed Assets	Rs m	22,024	23,177	5.2
Total Assets	Rs m	30,552	33,139	8.5

GUJARAT PIPAVAV PORT Cash Flow Statement Analysis

• GUJARAT PIPAVAV PORT's cash flow from operating activities (CFO) during FY22 stood at Rs 4 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -2 billion, an improvement of 58.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -2 billion, an improvement of 26% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -60 million from the Rs -126 million net cash flows seen during FY21.

GUJARAT PIPAVAV PORT 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	3,879	3,803	-1.9%
Cash Flow from Investing Activities	Rs m	-1,048	-1,665	-
Cash Flow from Financing Activities	Rs m	-2,957	-2,198	-
Net Cash Flow	Rs m	-126	-60	-

Current Valuations for GUJARAT PIPAVAV PORT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.0, an decline from the EPS of Rs 4.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 79.6, stands at 19.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 5.2 times.
• The company's price to cash flow (P/CF) ratio stood at 15.0 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	15.2	15.4
TTM Earnings per share	Rs	4.4	4.0
Diluted earnings per share	Rs	4.4	4.0
Price to Cash Flow	x	13.5	15.0
TTM P/E ratio	x	21.9	19.9
Price / Book Value ratio	x	1.8	2.2
Market Cap	Rs m	41,274	48,404
Dividends per share (Unadj.)	Rs	4.5	4.0

Ratio Analysis for GUJARAT PIPAVAV PORT

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.2x during FY22, from 3.1x 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 64.5x during FY22, from 52.2x 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 8.6% during FY22, from 9.6% 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 13.7% during FY22, from 14.7% 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 6.0% during FY22, from 7.2% 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	3.1	3.2
Debtors’ Days	Days	24	26
Interest coverage	x	52.2	64.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.2	6.0
Return on equity	%	9.6	8.6
Return on capital employed	%	14.7	13.7

To see how GUJARAT PIPAVAV PORT has performed over the last 5 years, please visit here.

GUJARAT PIPAVAV PORT Share Price Performance

Over the last one year, GUJARAT PIPAVAV PORT share price has moved down from Rs 109.8 to Rs 79.6, registering a loss of Rs 30.2 or around 27.5%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,334.6 (up 0.1%). Over the last one year it has moved up from 3,003.1 to 3,334.6, a gain of 332 points (up 11.0%).

Overall, the S&P BSE SENSEX is up 2.1% over the year.

(To know more, check out historical annual results for GUJARAT PIPAVAV PORT and quarterly results for GUJARAT PIPAVAV PORT)

Read: Latest Annual Report Analysis of GUJARAT PIPAVAV PORT