MANALI PETRO 2021-22 Annual Report Analysis

Wed, 7 Sep

MANALI PETRO 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.

MANALI PETRO Income Statement Analysis

• Operating income during the year rose 63.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 86.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 31.2% in FY22 as against 27.3% in FY21.
• Depreciation charges decreased by 4.5% and finance costs increased by 97.9% YoY, respectively.
• Other income grew by 32.4% YoY.
• Net profit for the year grew by 89.4% YoY.
• Net profit margins during the year grew from 19.6% in FY21 to 22.8% in FY22.

MANALI PETRO Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	10,245	16,719	63.2%
Other income	Rs m	135	179	32.4%
Total Revenues	Rs m	10,380	16,898	62.8%
Gross profit	Rs m	2,801	5,221	86.4%
Depreciation	Rs m	210	201	-4.5%
Interest	Rs m	47	93	97.9%
Profit before tax	Rs m	2,678	5,106	90.6%
Tax	Rs m	666	1,295	94.4%
Profit after tax	Rs m	2,012	3,811	89.4%
Gross profit margin	%	27.3	31.2
Effective tax rate	%	24.9	25.4
Net profit margin	%	19.6	22.8

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MANALI PETRO Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 2 billion as compared to Rs 2 billion in FY21, thereby witnessing an increase of 9.0%.
• Current assets rose 65% and stood at Rs 9 billion, while fixed assets rose 12% and stood at Rs 4 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 13 billion as against Rs 9 billion during FY21, thereby witnessing a growth of 45%.

MANALI PETRO Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	6,800	10,304	51.5
Current Liabilities	Rs m	1,693	1,846	9.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	8,921	12,901	44.6
Current assets	Rs m	5,498	9,081	65.2
Fixed Assets	Rs m	3,423	3,820	11.6
Total Assets	Rs m	8,921	12,901	44.6

MANALI PETRO Cash Flow Statement Analysis

• MANALI PETRO's cash flow from operating activities (CFO) during FY22 stood at Rs 4 billion, an improvement of 70.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -131 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -261 million, an improvement of 7% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 3 billion from the Rs 2 billion net cash flows seen during FY21.

MANALI PETRO 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	2,186	3,731	70.7%
Cash Flow from Investing Activities	Rs m	-148	-131	-
Cash Flow from Financing Activities	Rs m	-282	-261	-
Net Cash Flow	Rs m	1,863	3,307	77.5%

Current Valuations for MANALI PETRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.2, an improvement from the EPS of Rs 11.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 98.6, stands at 5.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 4.3 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	59.6	97.2
TTM Earnings per share	Rs	11.7	22.2
Diluted earnings per share	Rs	11.7	22.2
Price to Cash Flow	x	4.6	4.3
TTM P/E ratio	x	5.1	5.0
Price / Book Value ratio	x	1.0	1.7
Market Cap	Rs m	6,873	17,071
Dividends per share (Unadj.)	Rs	1.5	2.5

Ratio Analysis for MANALI PETRO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.9x during FY22, from 3.2x 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 deteriorated and stood at 55.8x during FY22, from 57.9x 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 37.0% during FY22, from 29.6% 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 50.5% during FY22, from 40.1% 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 30.3% during FY22, from 23.1% 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	3.2	4.9
Debtors’ Days	Days	613	345
Interest coverage	x	57.9	55.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	23.1	30.3
Return on equity	%	29.6	37.0
Return on capital employed	%	40.1	50.5

To see how MANALI PETRO has performed over the last 5 years, please visit here.

MANALI PETRO Share Price Performance

Over the last one year, MANALI PETRO share price has moved up from Rs 86.4 to Rs 98.6, registering a gain of Rs 12.2 or around 14.1%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 19,994.0 (up 0.3%). Over the last one year it has moved up from 17,252.9 to 19,994.0, a gain of 2,741 points (up 15.9%).

Overall, the S&P BSE SENSEX is up 1.2% over the year.

(To know more, check out historical annual results for MANALI PETRO and quarterly results for MANALI PETRO)

Read: Latest Annual Report Analysis of MANALI PETRO