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KAJARIA CERAMICS 2021-22 Annual Report Analysis
Mon, 5 Sep

KAJARIA CERAMICS 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.

KAJARIA CERAMICS Income Statement Analysis

  • Operating income during the year rose 33.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.5% in FY22 as against 18.3% in FY21.
  • Depreciation charges increased by 8.1% and finance costs increased by 18.9% YoY, respectively.
  • Other income grew by 29.4% YoY.
  • Net profit for the year grew by 23.9% YoY.
  • Net profit margins during the year declined from 11.1% in FY21 to 10.3% in FY22.

KAJARIA CERAMICS Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 27,809 37,052 33.2%
Other income Rs m 213 276 29.4%
Total Revenues Rs m 28,022 37,328 33.2%
Gross profit Rs m 5,088 6,107 20.0%
Depreciation Rs m 1,067 1,154 8.1%
Interest Rs m 107 127 18.9%
Profit before tax Rs m 4,127 5,102 23.6%
Tax Rs m 1,038 1,274 22.7%
Profit after tax Rs m 3,089 3,827 23.9%
Gross profit margin % 18.3 16.5
Effective tax rate % 25.2 25.0
Net profit margin % 11.1 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KAJARIA CERAMICS Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 7 billion as compared to Rs 5 billion in FY21, thereby witnessing an increase of 43.4%.
  • Long-term debt down at Rs 238 million as compared to Rs 313 million during FY21, a fall of 24.0%.
  • Current assets rose 12% and stood at Rs 15 billion, while fixed assets rose 24% and stood at Rs 15 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 30 billion as against Rs 25 billion during FY21, thereby witnessing a growth of 18%.

KAJARIA CERAMICS Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 18,653 21,205 13.7
 
Current Liabilities Rs m 4,596 6,591 43.4
Long-term Debt Rs m 313 238 -24.0
Total Liabilities Rs m 25,253 29,858 18.2
 
Current assets Rs m 12,927 14,513 12.3
Fixed Assets Rs m 12,326 15,345 24.5
Total Assets Rs m 25,253 29,858 18.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KAJARIA CERAMICS Cash Flow Statement Analysis

  • KAJARIA CERAMICS'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 -3 billion, an improvement of 0.8% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -1 billion, an improvement of 41% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 75 million from the Rs 87 million net cash flows seen during FY21.

KAJARIA CERAMICS 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 5,088 4,255 -16.4%
Cash Flow from Investing Activities Rs m -2,955 -2,979 -
Cash Flow from Financing Activities Rs m -2,045 -1,201 -
Net Cash Flow Rs m 87 75 -14.1%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KAJARIA CERAMICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 24.0, an improvement from the EPS of Rs 19.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,137.5, stands at 41.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.5 times, while the price to sales ratio stands at 4.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 35.7 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 174.8 232.7
TTM Earnings per share Rs 19.4 24.0
Diluted earnings per share Rs 19.4 24.0
Price to Cash Flow x 35.4 35.7
TTM P/E ratio x 47.6 41.7
Price / Book Value ratio x 5.6 8.4
Market Cap Rs m 104,628 177,966
Dividends per share (Unadj.) Rs 10.0 11.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KAJARIA CERAMICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.2x during FY22, from 2.8x 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 41.1x during FY22, from 39.5x 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 18.0% during FY22, from 16.6% 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 improved and stood at 24.4% during FY22, from 22.3% 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 13.2% during FY22, from 12.7% 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 2.8 2.2
Debtors’ Days Days 6 5
Interest coverage x 39.5 41.1
Debt to equity ratio x 0.0 0.0
Return on assets % 12.7 13.2
Return on equity % 16.6 18.0
Return on capital employed % 22.3 24.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how KAJARIA CERAMICS has performed over the last 5 years, please visit here.

KAJARIA CERAMICS Share Price Performance

Over the last one year, KAJARIA CERAMICS share price has moved down from Rs 1,193.8 to Rs 1,137.5, registering a loss of Rs 56.3 or around 4.7%.

Overall, the S&P BSE SENSEX is up 3.3% over the year.

(To know more, check out historical annual results for KAJARIA CERAMICS and quarterly results for KAJARIA CERAMICS)

Annual Report FAQs

What is the current share price of KAJARIA CERAMICS?

KAJARIA CERAMICS currently trades at Rs 1,219.6 per share. You can check out the latest share price performance of KAJARIA CERAMICS here...

What was the revenue of KAJARIA CERAMICS in FY22? How does it compare to earlier years?

The revenues of KAJARIA CERAMICS stood at Rs 37,328 m in FY22, which was up 33.2% compared to Rs 28,022 m reported in FY21.

KAJARIA CERAMICS' revenue has grown from Rs 26,495 m in FY18 to Rs 37,328 m in FY22.

Over the past 5 years, the revenue of KAJARIA CERAMICS has grown at a CAGR of 8.9%.

What was the net profit of KAJARIA CERAMICS in FY22? How does it compare to earlier years?

The net profit of KAJARIA CERAMICS stood at Rs 3,827 m in FY22, which was up 23.9% compared to Rs 3,089 m reported in FY21.

This compares to a net profit of Rs 2,535 m in FY20 and a net profit of Rs 2,288 m in FY19.

Over the past 5 years, KAJARIA CERAMICS net profit has grown at a CAGR of 13.8%.

What does the cash flow statement of KAJARIA CERAMICS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of KAJARIA CERAMICS reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 4,255 m as compared to Rs 5,088 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -2,979 m as compared to Rs -2,955 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -1,201 m as compared to Rs -2,045 m in FY21.

Here's the cash flow statement of KAJARIA CERAMICS for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations2,3823,1742,2445,0884,255
From Investments-1,368-2,609-901-2,955-2,979
From Financial Activity-718-1,141-1,404-2,045-1,201
Net Cashflow298-576-608775

What does the Key Ratio analysis of KAJARIA CERAMICS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of KAJARIA CERAMICS reveals:

  • Operating profit margins witnessed a fall and stood at 16.5% in FY22 as against 18.3% in FY21.
  • Net profit margins declined from 11.1% in FY21 to 10.3% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.0 as compared to 0.0 in FY21.

Here's the ratio/financial analysis of KAJARIA CERAMICS for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)17.315.014.818.316.5
Net Profit Margin (%)8.77.79.011.110.3
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of KAJARIA CERAMICS

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