JAY BHARAT MARUTI 2021-22 Annual Report Analysis

Tue, 8 Nov

JAY BHARAT MARUTI 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.

JAY BHARAT MARUTI Income Statement Analysis

• Operating income during the year rose 38.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 10.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.3% in FY22 as against 9.1% in FY21.
• Depreciation charges increased by 14.5% and finance costs decreased by 0.7% YoY, respectively.
• Other income declined by 90.4% YoY.
• Net profit for the year grew by 7.3% YoY.
• Net profit margins during the year declined from 1.8% in FY21 to 1.4% in FY22.

JAY BHARAT MARUTI Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	14,988	20,784	38.7%
Other income	Rs m	45	4	-90.4%
Total Revenues	Rs m	15,033	20,788	38.3%
Gross profit	Rs m	1,362	1,508	10.8%
Depreciation	Rs m	659	755	14.5%
Interest	Rs m	330	327	-0.7%
Profit before tax	Rs m	418	430	2.9%
Tax	Rs m	156	149	-4.4%
Profit after tax	Rs m	262	281	7.3%
Gross profit margin	%	9.1	7.3
Effective tax rate	%	37.3	34.6
Net profit margin	%	1.8	1.4

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JAY BHARAT MARUTI Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 5 billion as compared to Rs 4 billion in FY21, thereby witnessing an increase of 21.1%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY21, a fall of 12.4%.
• Current assets rose 42% and stood at Rs 3 billion, while fixed assets rose 0% and stood at Rs 10 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 13 billion as against Rs 12 billion during FY21, thereby witnessing a growth of 8%.

JAY BHARAT MARUTI Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	4,499	4,743	5.4
Current Liabilities	Rs m	4,421	5,356	21.1
Long-term Debt	Rs m	2,305	2,019	-12.4
Total Liabilities	Rs m	12,332	13,271	7.6
Current assets	Rs m	2,232	3,167	41.9
Fixed Assets	Rs m	10,099	10,104	0.0
Total Assets	Rs m	12,332	13,271	7.6

JAY BHARAT MARUTI Cash Flow Statement Analysis

• JAY BHARAT MARUTI'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 -758 million, an improvement of 52.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -286 million, an improvement of 75% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 11 million from the Rs 7 million net cash flows seen during FY21.

JAY BHARAT MARUTI 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	1,634	1,055	-35.4%
Cash Flow from Investing Activities	Rs m	-499	-758	-
Cash Flow from Financing Activities	Rs m	-1,128	-286	-
Net Cash Flow	Rs m	7	11	59.4%

Current Valuations for JAY BHARAT MARUTI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.5, an decline from the EPS of Rs 12.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 183.0, stands at 21.2 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 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 11.0 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	692.3	480.0
TTM Earnings per share	Rs	12.1	6.5
Diluted earnings per share	Rs	6.1	6.5
Price to Cash Flow	x	10.7	11.0
TTM P/E ratio	x	38.0	21.2
Price / Book Value ratio	x	0.9	2.4
Market Cap	Rs m	4,079	11,381
Dividends per share (Unadj.)	Rs	1.3	1.3

Ratio Analysis for JAY BHARAT MARUTI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.6x during FY22, from 0.5x 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 2.3x during FY22, from 2.3x 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 improved and stood at 5.9% during FY22, from 5.8% 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 11.2% during FY22, from 11.0% 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 4.6% during FY22, from 4.8% 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	0.5	0.6
Debtors’ Days	Days	150	159
Interest coverage	x	2.3	2.3
Debt to equity ratio	x	0.5	0.4
Return on assets	%	4.8	4.6
Return on equity	%	5.8	5.9
Return on capital employed	%	11.0	11.2

To see how JAY BHARAT MARUTI has performed over the last 5 years, please visit here.

JAY BHARAT MARUTI Share Price Performance

Over the last one year, JAY BHARAT MARUTI share price has moved down from Rs 190.6 to Rs 183.0, registering a loss of Rs 7.6 or around 4.0%.

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

(To know more, check out historical annual results for JAY BHARAT MARUTI and quarterly results for JAY BHARAT MARUTI)

Read: Latest Annual Report Analysis of JAY BHARAT MARUTI