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PLASTIBLENDS INDIA 2021-22 Annual Report Analysis

Tue, 14 Jun

PLASTIBLENDS INDIA 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.

PLASTIBLENDS INDIA Income Statement Analysis

• Operating income during the year rose 24.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 10.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.5% in FY22 as against 11.9% in FY21.
• Depreciation charges increased by 1.4% and finance costs increased by 2.7% YoY, respectively.
• Other income grew by 93.5% YoY.
• Net profit for the year declined by 1.7% YoY.
• Net profit margins during the year declined from 6.5% in FY21 to 5.1% in FY22.

PLASTIBLENDS INDIA Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	5,773	7,176	24.3%
Other income	Rs m	36	69	93.5%
Total Revenues	Rs m	5,809	7,246	24.7%
Gross profit	Rs m	685	612	-10.6%
Depreciation	Rs m	159	161	1.4%
Interest	Rs m	30	31	2.7%
Profit before tax	Rs m	532	490	-7.9%
Tax	Rs m	158	123	-22.5%
Profit after tax	Rs m	373	367	-1.7%
Gross profit margin	%	11.9	8.5
Effective tax rate	%	29.8	25.1
Net profit margin	%	6.5	5.1

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PLASTIBLENDS INDIA Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 919 million as compared to Rs 913 million in FY21, thereby witnessing an increase of 0.7%.
• Current assets rose 13% and stood at Rs 3 billion, while fixed assets rose 15% and stood at Rs 2 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 5 billion as against Rs 5 billion during FY21, thereby witnessing a growth of 14%.

PLASTIBLENDS INDIA Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	3,301	3,815	15.6
Current Liabilities	Rs m	913	919	0.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,528	5,174	14.3
Current assets	Rs m	2,459	2,785	13.3
Fixed Assets	Rs m	2,069	2,389	15.5
Total Assets	Rs m	4,528	5,174	14.3

PLASTIBLENDS INDIA Cash Flow Statement Analysis

• PLASTIBLENDS INDIA's cash flow from operating activities (CFO) during FY22 stood at Rs 156 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -48 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -128 million, an improvement of 34% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -19 million from the Rs 14 million net cash flows seen during FY21.

PLASTIBLENDS INDIA 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	481	156	-67.6%
Cash Flow from Investing Activities	Rs m	-273	-48	-
Cash Flow from Financing Activities	Rs m	-194	-128	-
Net Cash Flow	Rs m	14	-19	-

Current Valuations for PLASTIBLENDS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.1, an decline from the EPS of Rs 14.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 200.7, stands at 14.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 12.3 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	222.1	276.1
TTM Earnings per share	Rs	14.4	14.1
Diluted earnings per share	Rs	14.4	14.1
Price to Cash Flow	x	11.2	12.3
TTM P/E ratio	x	15.9	14.2
Price / Book Value ratio	x	1.5	1.7
Market Cap	Rs m	5,061	6,478
Dividends per share (Unadj.)	Rs	4.0	4.0

Ratio Analysis for PLASTIBLENDS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.0x during FY22, from 2.7x 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 16.8x during FY22, from 18.6x 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 9.6% during FY22, from 11.3% 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 13.7% during FY22, from 17.0% 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 7.7% during FY22, from 8.9% 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	2.7	3.0
Debtors’ Days	Days	592	607
Interest coverage	x	18.6	16.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.9	7.7
Return on equity	%	11.3	9.6
Return on capital employed	%	17.0	13.7

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

PLASTIBLENDS INDIA Share Price Performance

Over the last one year, PLASTIBLENDS INDIA share price has moved down from Rs 246.1 to Rs 200.7, registering a loss of Rs 45.5 or around 18.5%.

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

(To know more, check out historical annual results for PLASTIBLENDS INDIA and quarterly results for PLASTIBLENDS INDIA)

Read: Latest Annual Report Analysis of PLASTIBLENDS INDIA