PAUSHAK. 2021-22 Annual Report Analysis

Tue, 12 Jul

PAUSHAK. 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.

PAUSHAK. Income Statement Analysis

• Operating income during the year rose 6.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 7.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 36.1% in FY22 as against 35.8% in FY21.
• Depreciation charges increased by 82.0% and finance costs increased by 26.5% YoY, respectively.
• Other income declined by 16.2% YoY.
• Net profit for the year grew by 0.8% YoY.
• Net profit margins during the year declined from 26.5% in FY21 to 25.1% in FY22.

PAUSHAK. Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	1,410	1,501	6.5%
Other income	Rs m	61	51	-16.2%
Total Revenues	Rs m	1,471	1,552	5.5%
Gross profit	Rs m	505	542	7.5%
Depreciation	Rs m	50	90	82.0%
Interest	Rs m	0	1	26.5%
Profit before tax	Rs m	516	503	-2.5%
Tax	Rs m	143	127	-11.4%
Profit after tax	Rs m	373	376	0.8%
Gross profit margin	%	35.8	36.1
Effective tax rate	%	27.7	25.2
Net profit margin	%	26.5	25.1

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PAUSHAK. Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 270 million as compared to Rs 272 million in FY21, thereby witnessing an decrease of -0.6%.
• Current assets rose 9% and stood at Rs 1 billion, while fixed assets rose 12% and stood at Rs 3 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 4 billion as against Rs 3 billion during FY21, thereby witnessing a growth of 11%.

PAUSHAK. Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	2,717	3,056	12.5
Current Liabilities	Rs m	272	270	-0.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,288	3,665	11.5
Current assets	Rs m	949	1,035	9.1
Fixed Assets	Rs m	2,339	2,630	12.5
Total Assets	Rs m	3,288	3,665	11.5

PAUSHAK. Cash Flow Statement Analysis

• PAUSHAK.'s cash flow from operating activities (CFO) during FY22 stood at Rs 440 million, an improvement of 47.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -424 million, an improvement of 48.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -17 million, an improvement of 6% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -1 million from the Rs -6 million net cash flows seen during FY21.

PAUSHAK. 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	298	440	47.6%
Cash Flow from Investing Activities	Rs m	-286	-424	-
Cash Flow from Financing Activities	Rs m	-18	-17	-
Net Cash Flow	Rs m	-6	-1	-

Current Valuations for PAUSHAK.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 122.1, an improvement from the EPS of Rs 121.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 9,505.0, stands at 77.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.6 times, while the price to sales ratio stands at 19.5 times.
• The company's price to cash flow (P/CF) ratio stood at 61.8 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	457.8	487.3
TTM Earnings per share	Rs	121.1	122.1
Diluted earnings per share	Rs	121.0	122.0
Price to Cash Flow	x	61.0	61.8
TTM P/E ratio	x	69.1	77.9
Price / Book Value ratio	x	6.3	9.4
Market Cap	Rs m	17,227	28,799
Dividends per share (Unadj.)	Rs	6.0	12.0

Ratio Analysis for PAUSHAK.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.8x during FY22, from 3.5x 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 811.9x during FY22, from 1,053.8x 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 12.3% during FY22, from 13.7% 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 16.5% during FY22, from 19.0% 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 10.3% during FY22, from 11.4% 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	3.5	3.8
Debtors’ Days	Days	852	966
Interest coverage	x	1,053.8	811.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.4	10.3
Return on equity	%	13.7	12.3
Return on capital employed	%	19.0	16.5

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

PAUSHAK. Share Price Performance

Over the last one year, PAUSHAK. share price has moved up from Rs 8,679.0 to Rs 9,505.0, registering a gain of Rs 826.0 or around 9.5%.

Overall, the S&P BSE SENSEX is up 2.5% over the year.

(To know more, check out historical annual results for PAUSHAK. and quarterly results for PAUSHAK.)

Read: Latest Annual Report Analysis of PAUSHAK.