APOLLO TRICOAT TUBES 2021-22 Annual Report Analysis

Fri, 9 Sep

APOLLO TRICOAT TUBES 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.

APOLLO TRICOAT TUBES Income Statement Analysis

• Operating income during the year rose 85.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 27.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.6% in FY22 as against 11.1% in FY21.
• Depreciation charges increased by 15.4% and finance costs decreased by 48.9% YoY, respectively.
• Other income grew by 33.3% YoY.
• Net profit for the year grew by 33.0% YoY.
• Net profit margins during the year declined from 7.1% in FY21 to 5.1% in FY22.

APOLLO TRICOAT TUBES Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	14,728	27,321	85.5%
Other income	Rs m	18	24	33.3%
Total Revenues	Rs m	14,746	27,345	85.4%
Gross profit	Rs m	1,637	2,087	27.5%
Depreciation	Rs m	165	191	15.4%
Interest	Rs m	97	50	-48.9%
Profit before tax	Rs m	1,393	1,870	34.3%
Tax	Rs m	342	474	38.3%
Profit after tax	Rs m	1,050	1,397	33.0%
Gross profit margin	%	11.1	7.6
Effective tax rate	%	24.6	25.3
Net profit margin	%	7.1	5.1

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APOLLO TRICOAT TUBES Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 2 billion as compared to Rs 981 million in FY21, thereby witnessing an increase of 126.1%.
• Long-term debt down at Rs 358 million as compared to Rs 490 million during FY21, a fall of 26.9%.
• Current assets rose 81% and stood at Rs 2 billion, while fixed assets rose 42% and stood at Rs 5 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 7 billion as against Rs 5 billion during FY21, thereby witnessing a growth of 53%.

APOLLO TRICOAT TUBES Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	3,043	4,440	45.9
Current Liabilities	Rs m	981	2,217	126.1
Long-term Debt	Rs m	490	358	-26.9
Total Liabilities	Rs m	4,851	7,406	52.7
Current assets	Rs m	1,309	2,375	81.4
Fixed Assets	Rs m	3,542	5,032	42.1
Total Assets	Rs m	4,851	7,406	52.7

APOLLO TRICOAT TUBES Cash Flow Statement Analysis

• APOLLO TRICOAT TUBES's cash flow from operating activities (CFO) during FY22 stood at Rs 2 billion, an improvement of 107.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -2 billion, an improvement of 256.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -182 million, an improvement of 70% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 433 million from the Rs 50 million net cash flows seen during FY21.

APOLLO TRICOAT TUBES 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	1,148	2,384	107.7%
Cash Flow from Investing Activities	Rs m	-497	-1,769	-
Cash Flow from Financing Activities	Rs m	-601	-182	-
Net Cash Flow	Rs m	50	433	758.9%

Current Valuations for APOLLO TRICOAT TUBES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.0, an decline from the EPS of Rs 34.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 996.0, stands at 49.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 13.6 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 46.9 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	484.5	449.4
TTM Earnings per share	Rs	34.5	23.0
Diluted earnings per share	Rs	17.3	23.0
Price to Cash Flow	x	60.0	46.9
TTM P/E ratio	x	103.2	49.4
Price / Book Value ratio	x	7.3	16.8
Market Cap	Rs m	22,139	74,510
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for APOLLO TRICOAT TUBES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x 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 38.7x during FY22, from 15.4x 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 31.5% during FY22, from 34.5% 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 declined and down at 40.0% during FY22, from 42.2% 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 19.5% during FY22, from 23.6% 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	1.1
Debtors’ Days	Days	0	0
Interest coverage	x	15.4	38.7
Debt to equity ratio	x	0.2	0.1
Return on assets	%	23.6	19.5
Return on equity	%	34.5	31.5
Return on capital employed	%	42.2	40.0

To see how APOLLO TRICOAT TUBES has performed over the last 5 years, please visit here.

APOLLO TRICOAT TUBES Share Price Performance

Over the last one year, APOLLO TRICOAT TUBES share price has moved down from Rs 1,745.7 to Rs 996.0, registering a loss of Rs 749.7 or around 42.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 19,085.2 (up 0.2%). Over the last one year it has moved down from 20,704.0 to 19,085.2, a loss of 1,619 points (down 7.8%).

Overall, the S&P BSE SENSEX is up 2.7% over the year.

(To know more, check out historical annual results for APOLLO TRICOAT TUBES and quarterly results for APOLLO TRICOAT TUBES)