THE MANDHANA RETAIL VENTURES 2021-22 Annual Report Analysis

Wed, 7 Sep

THE MANDHANA RETAIL VENTURES 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.

THE MANDHANA RETAIL VENTURES Income Statement Analysis

• Operating income during the year rose 120.1% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 655.4% in FY22 as against 1733.9% in FY21.
• Depreciation charges decreased by 18.0% and finance costs increased by 141.3% YoY, respectively.
• Other income declined by 69.9% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year grew from 631.0% in FY21 to 550.9% in FY22.

THE MANDHANA RETAIL VENTURES Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	4	10	120.1%
Other income	Rs m	51	15	-69.9%
Total Revenues	Rs m	56	25	-54.8%
Gross profit	Rs m	-77	-64	NA
Depreciation	Rs m	1	0	-18.0%
Interest	Rs m	2	5	141.3%
Profit before tax	Rs m	-28	-54	NA
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	-28	-54	NA
Gross profit margin	%	-1,733.9	-655.4
Effective tax rate	%	0.0	0.0
Net profit margin	%	-631.0	-550.9

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THE MANDHANA RETAIL VENTURES Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 89 million as compared to Rs 124 million in FY21, thereby witnessing an decrease of -28.7%.
• Current assets fell 20% and stood at Rs 366 million, while fixed assets rose 51% and stood at Rs 4 million in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 369 million as against Rs 459 million during FY21, thereby witnessing a fall of 19%.

THE MANDHANA RETAIL VENTURES Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	331	278	-16.2
Current Liabilities	Rs m	124	89	-28.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	459	369	-19.4
Current assets	Rs m	456	366	-19.8
Fixed Assets	Rs m	2	4	50.8
Total Assets	Rs m	459	369	-19.4

THE MANDHANA RETAIL VENTURES Cash Flow Statement Analysis

• THE MANDHANA RETAIL VENTURES's cash flow from operating activities (CFO) during FY22 stood at Rs -16 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 20 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -5 million, an improvement of 80% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -1 million from the Rs -54 million net cash flows seen during FY21.

THE MANDHANA RETAIL VENTURES 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	122	-16	-
Cash Flow from Investing Activities	Rs m	-151	20	-
Cash Flow from Financing Activities	Rs m	-24	-5	-
Net Cash Flow	Rs m	-54	-1	-

Current Valuations for THE MANDHANA RETAIL VENTURES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.4, an decline from the EPS of Rs -1.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 13.6, stands at -5.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 30.7 times.
• The company's price to cash flow (P/CF) ratio stood at -7.3 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	0.2	0.4
TTM Earnings per share	Rs	-1.3	-2.4
Diluted earnings per share	Rs	-1.3	-2.4
Price to Cash Flow	x	-9.7	-7.3
TTM P/E ratio	x	-9.5	-5.4
Price / Book Value ratio	x	0.7	1.4
Market Cap	Rs m	246	390
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for THE MANDHANA RETAIL VENTURES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.1x during FY22, from 3.7x 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 improved and stood at -10.1x during FY22, from -12.9x 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 -19.3% 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 declined and down at -17.6% during FY22, from -7.8% 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 -13.2% during FY22, from -5.6% 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	3.7	4.1
Debtors’ Days	Days	16,319	5,191
Interest coverage	x	-12.9	-10.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-5.6	-13.2
Return on equity	%	-8.4	-19.3
Return on capital employed	%	-7.8	-17.6

To see how THE MANDHANA RETAIL VENTURES has performed over the last 5 years, please visit here.

THE MANDHANA RETAIL VENTURES Share Price Performance

Over the last one year, THE MANDHANA RETAIL VENTURES share price has moved down from Rs 15.2 to Rs 13.6, registering a loss of Rs 1.7 or around 10.9%.

Overall, the S&P BSE SENSEX is up 1.3% over the year.

(To know more, check out historical annual results for THE MANDHANA RETAIL VENTURES and quarterly results for THE MANDHANA RETAIL VENTURES)