TIGER LOGISTICS 2021-22 Annual Report Analysis

Mon, 7 Nov

TIGER LOGISTICS 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.

TIGER LOGISTICS Income Statement Analysis

• Operating income during the year rose 266.4% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.1% in FY22 as against 6.3% in FY21.
• Depreciation charges decreased by 10.3% and finance costs decreased by 22.9% YoY, respectively.
• Other income grew by 51.6% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 7.4% in FY21 to 5.5% in FY22.

TIGER LOGISTICS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	1,679	6,151	266.4%
Other income	Rs m	14	21	51.6%
Total Revenues	Rs m	1,693	6,172	264.7%
Gross profit	Rs m	-107	376	NA
Depreciation	Rs m	9	8	-10.3%
Interest	Rs m	20	15	-22.9%
Profit before tax	Rs m	-121	374	NA
Tax	Rs m	3	37	1,132.9%
Profit after tax	Rs m	-124	336	NA
Gross profit margin	%	-6.3	6.1
Effective tax rate	%	-2.5	10.0
Net profit margin	%	-7.4	5.5

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TIGER LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 478 million as compared to Rs 372 million in FY21, thereby witnessing an increase of 28.5%.
• Current assets rose 90% and stood at Rs 1 billion, while fixed assets fell 43% and stood at Rs 148 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 1 billion as against Rs 834 million during FY21, thereby witnessing a growth of 49%.

TIGER LOGISTICS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	420	744	77.3
Current Liabilities	Rs m	372	478	28.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	834	1,245	49.2
Current assets	Rs m	577	1,097	90.0
Fixed Assets	Rs m	257	148	-42.6
Total Assets	Rs m	834	1,245	49.2

TIGER LOGISTICS Cash Flow Statement Analysis

• TIGER LOGISTICS's cash flow from operating activities (CFO) during FY22 stood at Rs 442 million, an improvement of 69.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -46 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -22 million on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 393 million from the Rs 230 million net cash flows seen during FY21.

TIGER LOGISTICS 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	261	442	69.4%
Cash Flow from Investing Activities	Rs m	3	-46	-
Cash Flow from Financing Activities	Rs m	-18	-22	-
Net Cash Flow	Rs m	230	393	71.0%

Current Valuations for TIGER LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.8, an improvement from the EPS of Rs -11.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 226.0, stands at 7.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 4.9 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	158.8	581.9
TTM Earnings per share	Rs	-11.8	31.8
Diluted earnings per share	Rs	-11.8	31.8
Price to Cash Flow	x	-3.9	4.9
TTM P/E ratio	x	-4.2	7.3
Price / Book Value ratio	x	1.1	2.3
Market Cap	Rs m	454	1,704
Dividends per share (Unadj.)	Rs	0.0	1.0

Ratio Analysis for TIGER LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY22, from 1.6x 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 25.8x during FY22, from -5.2x 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 45.2% during FY22, from -29.6% 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 52.3% during FY22, from -24.2% 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 improved and stood at 28.2% during FY22, from -12.5% 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	1.6	2.3
Debtors’ Days	Days	93,869,870	40,742,341
Interest coverage	x	-5.2	25.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-12.5	28.2
Return on equity	%	-29.6	45.2
Return on capital employed	%	-24.2	52.3

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

TIGER LOGISTICS Share Price Performance

Over the last one year, TIGER LOGISTICS share price has moved up from Rs 169.7 to Rs 226.0, registering a gain of Rs 56.4 or around 33.2%.

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

(To know more, check out historical annual results for TIGER LOGISTICS and quarterly results for TIGER LOGISTICS)

Read: Latest Annual Report Analysis of TIGER LOGISTICS