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DALMIA BHARAT 2021-22 Annual Report Analysis
Tue, 14 Jun

DALMIA BHARAT 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.

DALMIA BHARAT Income Statement Analysis

  • Operating income during the year rose 11.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.0% in FY22 as against 27.0% in FY21.
  • Depreciation charges decreased by 1.1% and finance costs decreased by 36.5% YoY, respectively.
  • Other income grew by 4.9% YoY.
  • Net profit for the year declined by 2.2% YoY.
  • Net profit margins during the year declined from 11.7% in FY21 to 10.3% in FY22.

DALMIA BHARAT Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 101,100 112,860 11.6%
Other income Rs m 2,040 2,140 4.9%
Total Revenues Rs m 103,140 115,000 11.5%
Gross profit Rs m 27,280 23,700 -13.1%
Depreciation Rs m 12,500 12,360 -1.1%
Interest Rs m 3,180 2,020 -36.5%
Profit before tax Rs m 13,640 11,460 -16.0%
Tax Rs m 1,780 -140 -107.9%
Profit after tax Rs m 11,860 11,600 -2.2%
Gross profit margin % 27.0 21.0
Effective tax rate % 13.0 -1.2
Net profit margin % 11.7 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DALMIA BHARAT Balance Sheet Analysis

  • The company's current liabilities during FY22 down at Rs 48 billion as compared to Rs 48 billion in FY21, thereby witnessing an decrease of -1.0%.
  • Long-term debt down at Rs 19 billion as compared to Rs 21 billion during FY21, a fall of 8.0%.
  • Current assets rose 24% and stood at Rs 75 billion, while fixed assets rose 7% and stood at Rs 170 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 245 billion as against Rs 219 billion during FY21, thereby witnessing a growth of 12%.

DALMIA BHARAT Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 128,040 156,660 22.4
 
Current Liabilities Rs m 48,230 47,760 -1.0
Long-term Debt Rs m 20,890 19,220 -8.0
Total Liabilities Rs m 218,860 244,720 11.8
 
Current assets Rs m 60,600 75,120 24.0
Fixed Assets Rs m 158,260 169,600 7.2
Total Assets Rs m 218,860 244,720 11.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DALMIA BHARAT Cash Flow Statement Analysis

  • DALMIA BHARAT's cash flow from operating activities (CFO) during FY22 stood at Rs 19 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -10 billion, an improvement of 248.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -9 billion, an improvement of 72% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -550 million from the Rs -710 million net cash flows seen during FY21.

DALMIA BHARAT 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 36,040 19,370 -46.3%
Cash Flow from Investing Activities Rs m -3,010 -10,480 -
Cash Flow from Financing Activities Rs m -33,750 -9,420 -
Net Cash Flow Rs m -710 -550 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DALMIA BHARAT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 61.9, an decline from the EPS of Rs 63.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,282.5, stands at 20.7 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 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.0 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 540.3 602.3
TTM Earnings per share Rs 63.4 61.9
Diluted earnings per share Rs 63.3 61.9
Price to Cash Flow x 12.2 15.0
TTM P/E ratio x 24.0 20.7
Price / Book Value ratio x 1.5 2.3
Market Cap Rs m 197,184 358,497
Dividends per share (Unadj.) Rs 1.3 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DALMIA BHARAT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY22, from 1.3x 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 6.7x during FY22, from 5.3x 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 declined and down at 7.4% during FY22, from 9.3% 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 declined and down at 7.7% during FY22, from 11.3% 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 declined and down at 5.6% during FY22, from 6.9% 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 1.3 1.6
Debtors’ Days Days 2 2
Interest coverage x 5.3 6.7
Debt to equity ratio x 0.2 0.1
Return on assets % 6.9 5.6
Return on equity % 9.3 7.4
Return on capital employed % 11.3 7.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

DALMIA BHARAT Share Price Performance

Over the last one year, DALMIA BHARAT share price has moved down from Rs 1,801.4 to Rs 1,282.5, registering a loss of Rs 518.9 or around 28.8%.

Overall, the S&P BSE SENSEX is up 0.9% over the year.

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

Annual Report FAQs

What is the current share price of DALMIA BHARAT?

DALMIA BHARAT currently trades at Rs 1,563.4 per share. You can check out the latest share price performance of DALMIA BHARAT here...

What was the revenue of DALMIA BHARAT in FY22? How does it compare to earlier years?

The revenues of DALMIA BHARAT stood at Rs 115,000 m in FY22, which was up 11.5% compared to Rs 103,140 m reported in FY21.

DALMIA BHARAT's revenue has grown from Rs 86,070 m in FY18 to Rs 115,000 m in FY22.

Over the past 5 years, the revenue of DALMIA BHARAT has grown at a CAGR of 7.5%.

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

The net profit of DALMIA BHARAT stood at Rs 11,600 m in FY22, which was down -2.2% compared to Rs 11,860 m reported in FY21.

This compares to a net profit of Rs 2,380 m in FY20 and a net profit of Rs 3,490 m in FY19.

Over the past 5 years, DALMIA BHARAT net profit has grown at a CAGR of 41.3%.

What does the cash flow statement of DALMIA BHARAT 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 DALMIA BHARAT reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 19,370 m as compared to Rs 36,040 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -10,480 m as compared to Rs -3,010 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -9,420 m as compared to Rs -33,750 m in FY21.

Here's the cash flow statement of DALMIA BHARAT for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations16,06018,43023,40036,04019,370
From Investments1,3501,870-17,600-3,010-10,480
From Financial Activity-15,640-20,670-5,940-33,750-9,420
Net Cashflow1,770-350-140-710-550

What does the Key Ratio analysis of DALMIA BHARAT 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 DALMIA BHARAT reveals:

  • Operating profit margins witnessed a fall and stood at 21.0% in FY22 as against 27.0% in FY21.
  • Net profit margins declined from 11.7% in FY21 to 10.3% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.1 as compared to 0.2 in FY21.

Here's the ratio/financial analysis of DALMIA BHARAT for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)24.319.321.527.021.0
Net Profit Margin (%)3.53.72.511.710.3
Debt to Equity Ratio (x)1.50.40.30.20.1

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