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KALYAN JEWELLERS 2021-22 Annual Report Analysis
Mon, 5 Sep

KALYAN JEWELLERS 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.

KALYAN JEWELLERS Income Statement Analysis

  • Operating income during the year rose 26.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 36.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.9% in FY22 as against 7.3% in FY21.
  • Depreciation charges increased by 3.0% and finance costs decreased by 11.1% YoY, respectively.
  • Other income declined by 15.6% YoY.
  • Net profit for the year declined by NA YoY.
  • Net profit margins during the year grew from 0.1% in FY21 to 2.1% in FY22.

KALYAN JEWELLERS Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 85,733 108,179 26.2%
Other income Rs m 454 383 -15.6%
Total Revenues Rs m 86,187 108,562 26.0%
Gross profit Rs m 6,244 8,525 36.5%
Depreciation Rs m 2,249 2,316 3.0%
Interest Rs m 4,055 3,604 -11.1%
Profit before tax Rs m 394 2,989 659.3%
Tax Rs m 454 748 64.7%
Profit after tax Rs m -61 2,240 NA
Gross profit margin % 7.3 7.9
Effective tax rate % 115.4 25.0
Net profit margin % -0.1 2.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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KALYAN JEWELLERS Balance Sheet Analysis

  • The company's current liabilities during FY22 down at Rs 52 billion as compared to Rs 55 billion in FY21, thereby witnessing an decrease of -6.2%.
  • Long-term debt stood at Rs 243 million as compared to Rs 201 million during FY21, a growth of 20.5%.
  • Current assets fell 0% and stood at Rs 68 billion, while fixed assets rose 12% and stood at Rs 24 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 92 billion as against Rs 90 billion during FY21, thereby witnessing a growth of 3%.

KALYAN JEWELLERS Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 28,260 31,370 11.0
 
Current Liabilities Rs m 55,219 51,818 -6.2
Long-term Debt Rs m 201 243 20.5
Total Liabilities Rs m 89,690 91,971 2.5
 
Current assets Rs m 68,602 68,414 -0.3
Fixed Assets Rs m 21,088 23,558 11.7
Total Assets Rs m 89,690 91,971 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



KALYAN JEWELLERS Cash Flow Statement Analysis

  • KALYAN JEWELLERS's cash flow from operating activities (CFO) during FY22 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs 636 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -5 billion on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -2 billion from the Rs 2 billion net cash flows seen during FY21.

KALYAN JEWELLERS 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 6,289 2,450 -61.0%
Cash Flow from Investing Activities Rs m -2,173 636 -
Cash Flow from Financing Activities Rs m -2,076 -5,244 -
Net Cash Flow Rs m 2,040 -2,158 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for KALYAN JEWELLERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.2, an improvement from the EPS of Rs -0.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 83.1, stands at 22.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.4 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 83.2 105.0
TTM Earnings per share Rs -0.1 2.2
Diluted earnings per share Rs -0.1 2.2
Price to Cash Flow x 32.1 16.4
TTM P/E ratio x -1,155.1 22.3
Price / Book Value ratio x 2.7 2.4
Market Cap Rs m 76,610 74,936
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for KALYAN JEWELLERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x 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 1.8x during FY22, from 1.1x 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 7.1% during FY22, from -0.2% 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 20.9% during FY22, from 15.6% 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 6.4% during FY22, from 4.5% 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 1.3
Debtors’ Days Days 5 4
Interest coverage x 1.1 1.8
Debt to equity ratio x 0.0 0.0
Return on assets % 4.5 6.4
Return on equity % -0.2 7.1
Return on capital employed % 15.6 20.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how KALYAN JEWELLERS has performed over the last 5 years, please visit here.

KALYAN JEWELLERS Share Price Performance

Over the last one year, KALYAN JEWELLERS share price has moved up from Rs 66.1 to Rs 83.1, registering a gain of Rs 17.0 or around 25.7%.

Overall, the S&P BSE SENSEX is up 3.4% over the year.

(To know more, check out historical annual results for KALYAN JEWELLERS and quarterly results for KALYAN JEWELLERS)

Annual Report FAQs

What is the current share price of KALYAN JEWELLERS?

KALYAN JEWELLERS currently trades at Rs 428.0 per share. You can check out the latest share price performance of KALYAN JEWELLERS here...

What was the revenue of KALYAN JEWELLERS in FY22? How does it compare to earlier years?

The revenues of KALYAN JEWELLERS stood at Rs 108,562 m in FY22, which was up 26.0% compared to Rs 86,187 m reported in FY21.

KALYAN JEWELLERS' revenue has grown from Rs 105,801 m in FY18 to Rs 108,562 m in FY22.

Over the past 5 years, the revenue of KALYAN JEWELLERS has grown at a CAGR of 0.6%.

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

The net profit of KALYAN JEWELLERS stood at Rs 2,240 m in FY22, which was NA compared to Rs -61 m reported in FY21.

This compares to a net profit of Rs 1,423 m in FY20 and a net loss of Rs -49 m in FY19.

Over the past 5 years, KALYAN JEWELLERS net profit has grown at a CAGR of 9.7%.

What does the cash flow statement of KALYAN JEWELLERS 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 KALYAN JEWELLERS reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 2,450 m as compared to Rs 6,289 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs 636 m as compared to Rs -2,173 m in FY21.
  • Cash flow from financial activity decreased in FY22 and stood at Rs -5,244 m as compared to Rs -2,076 m in FY21.

Here's the cash flow statement of KALYAN JEWELLERS for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations9,2203,8893,1976,2892,450
From Investments-6,428-1,237343-2,173636
From Financial Activity-3,015-2,933-3,433-2,076-5,244
Net Cashflow-223-2811082,040-2,158

What does the Key Ratio analysis of KALYAN JEWELLERS 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 KALYAN JEWELLERS reveals:

  • Operating profit margins witnessed a fall and down at 7.9% in FY22 as against 7.3% in FY21.
  • Net profit margins grew from 0.1% in FY21 to 2.1% 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 KALYAN JEWELLERS for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)6.06.37.97.37.9
Net Profit Margin (%)1.50.01.4-0.12.1
Debt to Equity Ratio (x)0.10.10.00.00.0

Read: Latest Annual Report Analysis of KALYAN JEWELLERS

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