PDS MULTI. 2021-22 Annual Report Analysis

Wed, 24 Aug

PDS MULTI. 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.

PDS MULTI. Income Statement Analysis

• Operating income during the year rose 42.1% 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 stood at 3.8% in FY22 as against 3.9% in FY21.
• Depreciation charges increased by 3.3% and finance costs decreased by 2.7% YoY, respectively.
• Other income grew by 130.0% YoY.
• Net profit for the year grew by 92.6% YoY.
• Net profit margins during the year grew from 2.5% in FY21 to 3.3% in FY22.

PDS MULTI. Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	62,129	88,282	42.1%
Other income	Rs m	374	860	130.0%
Total Revenues	Rs m	62,503	89,142	42.6%
Gross profit	Rs m	2,447	3,339	36.5%
Depreciation	Rs m	677	699	3.3%
Interest	Rs m	405	394	-2.7%
Profit before tax	Rs m	1,739	3,107	78.7%
Tax	Rs m	215	173	-19.8%
Profit after tax	Rs m	1,523	2,934	92.6%
Gross profit margin	%	3.9	3.8
Effective tax rate	%	12.4	5.6
Net profit margin	%	2.5	3.3

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PDS MULTI. Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 23 billion as compared to Rs 16 billion in FY21, thereby witnessing an increase of 50.2%.
• Long-term debt down at Rs 1 million as compared to Rs 18 million during FY21, a fall of 94.1%.
• Current assets rose 49% and stood at Rs 26 billion, while fixed assets rose 32% and stood at Rs 8 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 34 billion as against Rs 23 billion during FY21, thereby witnessing a growth of 45%.

PDS MULTI. Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	6,469	8,518	31.7
Current Liabilities	Rs m	15,643	23,499	50.2
Long-term Debt	Rs m	18	1	-94.1
Total Liabilities	Rs m	23,373	33,867	44.9
Current assets	Rs m	17,518	26,115	49.1
Fixed Assets	Rs m	5,855	7,753	32.4
Total Assets	Rs m	23,373	33,867	44.9

PDS MULTI. Cash Flow Statement Analysis

• PDS MULTI.'s cash flow from operating activities (CFO) during FY22 stood at Rs 4 billion, an improvement of 6.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -2 billion, an improvement of 174.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -219 million, an improvement of 94% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 2 billion from the Rs -550 million net cash flows seen during FY21.

PDS MULTI. 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	3,793	4,026	6.1%
Cash Flow from Investing Activities	Rs m	-831	-2,280	-
Cash Flow from Financing Activities	Rs m	-3,466	-219	-
Net Cash Flow	Rs m	-550	1,602	-

Current Valuations for PDS MULTI.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 112.6, an improvement from the EPS of Rs 58.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,702.9, stands at 15.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 9.9 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	2,385.0	3,388.9
TTM Earnings per share	Rs	58.5	112.6
Diluted earnings per share	Rs	58.4	112.4
Price to Cash Flow	x	7.9	9.9
TTM P/E ratio	x	11.5	15.9
Price / Book Value ratio	x	2.0	4.2
Market Cap	Rs m	13,090	35,879
Dividends per share (Unadj.)	Rs	15.8	23.9

Ratio Analysis for PDS MULTI.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY22, from 1.1x 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 8.9x 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 improved and stood at 34.4% during FY22, from 23.5% 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 41.1% during FY22, from 33.0% 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 improved and stood at 9.8% during FY22, from 8.3% 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	1.1	1.1
Debtors’ Days	Days	535	588
Interest coverage	x	5.3	8.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.3	9.8
Return on equity	%	23.5	34.4
Return on capital employed	%	33.0	41.1

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

PDS MULTI. Share Price Performance

Over the last one year, PDS MULTI. share price has moved up from Rs 1,207.8 to Rs 1,702.9, registering a gain of Rs 495.2 or around 41.0%.

Overall, the S&P BSE SENSEX is up 6.4% over the year.

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