JUST DIAL 2021-22 Annual Report Analysis

Sat, 17 Sep

JUST DIAL 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.

JUST DIAL Income Statement Analysis

• Operating income during the year fell 4.2% 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 2.4% in FY22 as against 28.0% in FY21.
• Depreciation charges decreased by 29.4% and finance costs decreased by 7.6% YoY, respectively.
• Other income declined by 11.2% YoY.
• Net profit for the year declined by 66.9% YoY.
• Net profit margins during the year declined from 38.7% in FY21 to 13.4% in FY22.

JUST DIAL Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	5,537	5,305	-4.2%
Other income	Rs m	1,495	1,327	-11.2%
Total Revenues	Rs m	7,032	6,632	-5.7%
Gross profit	Rs m	1,548	-127	NA
Depreciation	Rs m	423	299	-29.4%
Interest	Rs m	74	68	-7.6%
Profit before tax	Rs m	2,546	833	-67.3%
Tax	Rs m	405	125	-69.2%
Profit after tax	Rs m	2,142	708	-66.9%
Gross profit margin	%	28.0	-2.4
Effective tax rate	%	15.9	15.0
Net profit margin	%	38.7	13.4

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JUST DIAL Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 4 billion as compared to Rs 4 billion in FY21, thereby witnessing an increase of 4.2%.
• Current assets rose 2,954% and stood at Rs 35 billion, while fixed assets fell 70% and stood at Rs 5 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 40 billion as against Rs 18 billion during FY21, thereby witnessing a growth of 126%.

JUST DIAL Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	12,231	34,491	182.0
Current Liabilities	Rs m	4,061	4,230	4.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	17,865	40,329	125.7
Current assets	Rs m	1,158	35,368	2,954.2
Fixed Assets	Rs m	16,707	4,961	-70.3
Total Assets	Rs m	17,865	40,329	125.7

JUST DIAL Cash Flow Statement Analysis

• JUST DIAL's cash flow from operating activities (CFO) during FY22 stood at Rs 390 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -22 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 21 billion, an improvement of 825% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -382 million from the Rs 219 million net cash flows seen during FY21.

JUST DIAL 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	1,391	390	-72.0%
Cash Flow from Investing Activities	Rs m	1,738	-21,865	-
Cash Flow from Financing Activities	Rs m	-2,911	21,093	-
Net Cash Flow	Rs m	219	-382	-

Current Valuations for JUST DIAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.5, an decline from the EPS of Rs 34.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 579.0, stands at 187.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 9.1 times.
• The company's price to cash flow (P/CF) ratio stood at 74.0 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	89.5	63.5
TTM Earnings per share	Rs	34.6	8.5
Diluted earnings per share	Rs	25.4	8.4
Price to Cash Flow	x	28.3	74.0
TTM P/E ratio	x	34.0	187.8
Price / Book Value ratio	x	3.4	2.2
Market Cap	Rs m	41,730	74,530
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JUST DIAL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 8.4x during FY22, from 0.3x 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 13.2x during FY22, from 35.4x 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 2.1% 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 2.6% during FY22, from 21.4% 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 1.9% during FY22, from 12.4% 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	0.3	8.4
Debtors’ Days	Days	0	0
Interest coverage	x	35.4	13.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.4	1.9
Return on equity	%	17.5	2.1
Return on capital employed	%	21.4	2.6

To see how JUST DIAL has performed over the last 5 years, please visit here.

JUST DIAL Share Price Performance

Over the last one year, JUST DIAL share price has moved down from Rs 983.6 to Rs 579.0, registering a loss of Rs 404.6 or around 41.1%.

Overall, the S&P BSE SENSEX is up 0.2% over the year.

(To know more, check out historical annual results for JUST DIAL and quarterly results for JUST DIAL)

Read: Latest Annual Report Analysis of JUST DIAL