SHREE PUSHKAR CHEMICALS 2021-22 Annual Report Analysis

Mon, 7 Nov

SHREE PUSHKAR CHEMICALS 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.

SHREE PUSHKAR CHEMICALS Income Statement Analysis

• Operating income during the year rose 64.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 83.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.6% in FY22 as against 12.2% in FY21.
• Depreciation charges increased by 11.8% and finance costs increased by 35.0% YoY, respectively.
• Other income grew by 9.7% YoY.
• Net profit for the year grew by 94.6% YoY.
• Net profit margins during the year grew from 8.0% in FY21 to 9.5% in FY22.

SHREE PUSHKAR CHEMICALS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	3,549	5,840	64.5%
Other income	Rs m	67	74	9.7%
Total Revenues	Rs m	3,617	5,914	63.5%
Gross profit	Rs m	432	795	83.8%
Depreciation	Rs m	126	141	11.8%
Interest	Rs m	15	20	35.0%
Profit before tax	Rs m	359	708	97.4%
Tax	Rs m	73	152	107.9%
Profit after tax	Rs m	285	555	94.6%
Gross profit margin	%	12.2	13.6
Effective tax rate	%	20.4	21.5
Net profit margin	%	8.0	9.5

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SHREE PUSHKAR CHEMICALS Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 2 billion as compared to Rs 1 billion in FY21, thereby witnessing an increase of 89.2%.
• Long-term debt down at Rs 77 million as compared to Rs 84 million during FY21, a fall of 8.8%.
• Current assets rose 106% and stood at Rs 3 billion, while fixed assets fell 1% and stood at Rs 3 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 34%.

SHREE PUSHKAR CHEMICALS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	3,390	3,918	15.6
Current Liabilities	Rs m	1,188	2,247	89.2
Long-term Debt	Rs m	84	77	-8.8
Total Liabilities	Rs m	4,894	6,580	34.4
Current assets	Rs m	1,605	3,312	106.3
Fixed Assets	Rs m	3,289	3,268	-0.7
Total Assets	Rs m	4,894	6,580	34.4

SHREE PUSHKAR CHEMICALS Cash Flow Statement Analysis

• SHREE PUSHKAR CHEMICALS's cash flow from operating activities (CFO) during FY22 stood at Rs 422 million, an improvement of 2.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -630 million, an improvement of 92.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 312 million, an improvement of 564% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 104 million from the Rs 17 million net cash flows seen during FY21.

SHREE PUSHKAR CHEMICALS 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	412	422	2.5%
Cash Flow from Investing Activities	Rs m	-328	-630	-
Cash Flow from Financing Activities	Rs m	-67	312	-
Net Cash Flow	Rs m	17	104	502.5%

Current Valuations for SHREE PUSHKAR CHEMICALS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.0, an improvement from the EPS of Rs 9.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 234.7, stands at 13.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 9.8 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	115.1	189.4
TTM Earnings per share	Rs	9.3	18.0
Diluted earnings per share	Rs	9.0	17.6
Price to Cash Flow	x	10.5	9.8
TTM P/E ratio	x	15.5	13.1
Price / Book Value ratio	x	1.0	1.7
Market Cap	Rs m	3,462	6,854
Dividends per share (Unadj.)	Rs	1.0	2.0

Ratio Analysis for SHREE PUSHKAR CHEMICALS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY22, from 1.4x 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 37.1x during FY22, from 25.7x 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 14.2% during FY22, from 8.4% 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 18.2% during FY22, from 10.7% 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 8.7% during FY22, from 6.1% 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	1.4	1.5
Debtors’ Days	Days	791	591
Interest coverage	x	25.7	37.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.1	8.7
Return on equity	%	8.4	14.2
Return on capital employed	%	10.7	18.2

To see how SHREE PUSHKAR CHEMICALS has performed over the last 5 years, please visit here.

SHREE PUSHKAR CHEMICALS Share Price Performance

Over the last one year, SHREE PUSHKAR CHEMICALS share price has moved up from Rs 217.0 to Rs 234.7, registering a gain of Rs 17.7 or around 8.2%.

Overall, the S&P BSE SENSEX is up 2.4% over the year.

(To know more, check out historical annual results for SHREE PUSHKAR CHEMICALS and quarterly results for SHREE PUSHKAR CHEMICALS)

Read: Latest Annual Report Analysis of SHREE PUSHKAR CHEMICALS