MAHARASHTRA SEAMLESS 2021-22 Annual Report Analysis

Thu, 8 Sep

MAHARASHTRA SEAMLESS 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.

MAHARASHTRA SEAMLESS Income Statement Analysis

• Operating income during the year rose 82.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 112.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.6% in FY22 as against 12.5% in FY21.
• Depreciation charges increased by 13.5% and finance costs decreased by 9.1% YoY, respectively.
• Other income grew by 26.8% YoY.
• Net profit for the year grew by 193.3% YoY.
• Net profit margins during the year grew from 6.4% in FY21 to 10.3% in FY22.

MAHARASHTRA SEAMLESS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	23,083	42,003	82.0%
Other income	Rs m	874	1,109	26.8%
Total Revenues	Rs m	23,957	43,111	80.0%
Gross profit	Rs m	2,887	6,122	112.1%
Depreciation	Rs m	1,215	1,379	13.5%
Interest	Rs m	557	507	-9.1%
Profit before tax	Rs m	1,989	5,345	168.7%
Tax	Rs m	511	1,012	97.9%
Profit after tax	Rs m	1,478	4,333	193.3%
Gross profit margin	%	12.5	14.6
Effective tax rate	%	25.7	18.9
Net profit margin	%	6.4	10.3

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MAHARASHTRA SEAMLESS Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 8 billion as compared to Rs 10 billion in FY21, thereby witnessing an decrease of -19.9%.
• Long-term debt down at Rs 5 billion as compared to Rs 7 billion during FY21, a fall of 25.8%.
• Current assets rose 23% and stood at Rs 26 billion, while fixed assets fell 15% and stood at Rs 27 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 54 billion as against Rs 54 billion during FY21, thereby witnessing a growth of 1%.

MAHARASHTRA SEAMLESS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	32,988	36,966	12.1
Current Liabilities	Rs m	10,494	8,406	-19.9
Long-term Debt	Rs m	6,941	5,149	-25.8
Total Liabilities	Rs m	53,556	53,876	0.6
Current assets	Rs m	21,480	26,471	23.2
Fixed Assets	Rs m	32,077	27,406	-14.6
Total Assets	Rs m	53,556	53,876	0.6

MAHARASHTRA SEAMLESS Cash Flow Statement Analysis

• MAHARASHTRA SEAMLESS's cash flow from operating activities (CFO) during FY22 stood at Rs -3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 6 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -156 million from the Rs -208 million net cash flows seen during FY21.

MAHARASHTRA SEAMLESS 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	4,474	-2,871	-
Cash Flow from Investing Activities	Rs m	-1,784	5,653	-
Cash Flow from Financing Activities	Rs m	-2,848	-2,914	-
Net Cash Flow	Rs m	-208	-156	-

Current Valuations for MAHARASHTRA SEAMLESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 64.7, an improvement from the EPS of Rs 22.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 832.0, stands at 11.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 5.1 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	344.5	626.9
TTM Earnings per share	Rs	22.1	64.7
Diluted earnings per share	Rs	22.1	64.7
Price to Cash Flow	x	6.9	5.1
TTM P/E ratio	x	12.5	11.4
Price / Book Value ratio	x	0.5	0.8
Market Cap	Rs m	17,921	28,907
Dividends per share (Unadj.)	Rs	3.5	5.0

Ratio Analysis for MAHARASHTRA SEAMLESS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.1x during FY22, from 2.0x 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 11.5x during FY22, from 4.6x 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 11.7% during FY22, from 4.5% 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 improved and stood at 13.9% during FY22, from 6.4% 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 improved and stood at 9.0% during FY22, from 3.8% 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	2.0	3.1
Debtors’ Days	Days	745	484
Interest coverage	x	4.6	11.5
Debt to equity ratio	x	0.2	0.1
Return on assets	%	3.8	9.0
Return on equity	%	4.5	11.7
Return on capital employed	%	6.4	13.9

To see how MAHARASHTRA SEAMLESS has performed over the last 5 years, please visit here.

MAHARASHTRA SEAMLESS Share Price Performance

Over the last one year, MAHARASHTRA SEAMLESS share price has moved up from Rs 311.1 to Rs 832.0, registering a gain of Rs 520.9 or around 167.4%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 19,032.0 (down 1.2%). Over the last one year it has moved down from 20,508.1 to 19,032.0, a loss of 1,476 points (down 7.2%).

Overall, the S&P BSE SENSEX is up 2.4% over the year.

(To know more, check out historical annual results for MAHARASHTRA SEAMLESS and quarterly results for MAHARASHTRA SEAMLESS)

Read: Latest Annual Report Analysis of MAHARASHTRA SEAMLESS