GREENPANEL INDUSTRIES 2021-22 Annual Report Analysis

Tue, 23 Aug

GREENPANEL INDUSTRIES 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.

GREENPANEL INDUSTRIES Income Statement Analysis

• Operating income during the year rose 59.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 111.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.5% in FY22 as against 19.9% in FY21.
• Depreciation charges increased by 6.9% and finance costs decreased by 54.0% YoY, respectively.
• Other income grew by 159.9% YoY.
• Net profit for the year grew by 249.5% YoY.
• Net profit margins during the year grew from 6.7% in FY21 to 14.8% in FY22.

GREENPANEL INDUSTRIES Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	10,208	16,250	59.2%
Other income	Rs m	34	90	159.9%
Total Revenues	Rs m	10,242	16,340	59.5%
Gross profit	Rs m	2,034	4,304	111.7%
Depreciation	Rs m	686	734	6.9%
Interest	Rs m	372	171	-54.0%
Profit before tax	Rs m	1,010	3,489	245.6%
Tax	Rs m	322	1,085	237.3%
Profit after tax	Rs m	688	2,405	249.5%
Gross profit margin	%	19.9	26.5
Effective tax rate	%	31.9	31.1
Net profit margin	%	6.7	14.8

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GREENPANEL INDUSTRIES 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 9.0%.
• Long-term debt down at Rs 2 billion as compared to Rs 4 billion during FY21, a fall of 53.6%.
• Current assets rose 37% and stood at Rs 5 billion, while fixed assets fell 4% and stood at Rs 11 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 15 billion as against Rs 15 billion during FY21, thereby witnessing a growth of 6%.

GREENPANEL INDUSTRIES Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	7,304	9,516	30.3
Current Liabilities	Rs m	2,860	3,117	9.0
Long-term Debt	Rs m	3,562	1,652	-53.6
Total Liabilities	Rs m	14,552	15,424	6.0
Current assets	Rs m	3,553	4,863	36.9
Fixed Assets	Rs m	11,000	10,561	-4.0
Total Assets	Rs m	14,552	15,424	6.0

GREENPANEL INDUSTRIES Cash Flow Statement Analysis

• GREENPANEL INDUSTRIES's cash flow from operating activities (CFO) during FY22 stood at Rs 4 billion, an improvement of 71.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -1 billion, an improvement of 94.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 443 million from the Rs 18 million net cash flows seen during FY21.

GREENPANEL INDUSTRIES 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	2,136	3,657	71.2%
Cash Flow from Investing Activities	Rs m	-703	-1,364	-
Cash Flow from Financing Activities	Rs m	-1,414	-1,849	-
Net Cash Flow	Rs m	18	443	2,340.0%

Current Valuations for GREENPANEL INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.6, an improvement from the EPS of Rs 5.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 444.5, stands at 18.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 3.4 times.
• The company's price to cash flow (P/CF) ratio stood at 14.9 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	83.2	132.5
TTM Earnings per share	Rs	5.6	19.6
Diluted earnings per share	Rs	5.6	19.6
Price to Cash Flow	x	14.3	14.9
TTM P/E ratio	x	28.5	18.9
Price / Book Value ratio	x	1.9	4.9
Market Cap	Rs m	13,891	46,795
Dividends per share (Unadj.)	Rs	0.0	1.5

Ratio Analysis for GREENPANEL INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x 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 improved and stood at 21.4x during FY22, from 3.7x 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 25.3% during FY22, from 9.4% 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 32.8% during FY22, from 12.7% 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 improved and stood at 16.7% during FY22, from 7.3% 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	1.6
Debtors’ Days	Days	278	93
Interest coverage	x	3.7	21.4
Debt to equity ratio	x	0.5	0.2
Return on assets	%	7.3	16.7
Return on equity	%	9.4	25.3
Return on capital employed	%	12.7	32.8

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

GREENPANEL INDUSTRIES Share Price Performance

Over the last one year, GREENPANEL INDUSTRIES share price has moved up from Rs 231.3 to Rs 444.5, registering a gain of Rs 213.3 or around 92.2%.

Overall, the S&P BSE SENSEX is up 6.7% over the year.

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

Read: Latest Annual Report Analysis of GREENPANEL INDUSTRIES