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USHA MARTIN 2021-22 Annual Report Analysis
Tue, 5 Jul

USHA MARTIN 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.

USHA MARTIN Income Statement Analysis

  • Operating income during the year fell 13.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.0% in FY22 as against 11.6% in FY21.
  • Depreciation charges decreased by 53.7% and finance costs decreased by 45.2% YoY, respectively.
  • Other income declined by 32.1% YoY.
  • Net profit for the year grew by 43.8% YoY.
  • Net profit margins during the year grew from 7.0% in FY21 to 11.7% in FY22.

USHA MARTIN Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 20,973 18,101 -13.7%
Other income Rs m 655 445 -32.1%
Total Revenues Rs m 21,628 18,545 -14.3%
Gross profit Rs m 2,426 2,715 11.9%
Depreciation Rs m 679 314 -53.7%
Interest Rs m 569 312 -45.2%
Profit before tax Rs m 1,834 2,534 38.2%
Tax Rs m 364 421 15.6%
Profit after tax Rs m 1,469 2,113 43.8%
Gross profit margin % 11.6 15.0
Effective tax rate % 19.9 16.6
Net profit margin % 7.0 11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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USHA MARTIN Balance Sheet Analysis

  • The company's current liabilities during FY22 down at Rs 4 billion as compared to Rs 8 billion in FY21, thereby witnessing an decrease of -50.9%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY21, a fall of 49.0%.
  • Current assets fell 40% and stood at Rs 8 billion, while fixed assets fell 43% and stood at Rs 7 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 15 billion as against Rs 26 billion during FY21, thereby witnessing a fall of 41%.

USHA MARTIN Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 14,035 9,275 -33.9
 
Current Liabilities Rs m 8,178 4,016 -50.9
Long-term Debt Rs m 2,374 1,210 -49.0
Total Liabilities Rs m 25,835 15,172 -41.3
 
Current assets Rs m 14,005 8,371 -40.2
Fixed Assets Rs m 11,830 6,801 -42.5
Total Assets Rs m 25,835 15,172 -41.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



USHA MARTIN Cash Flow Statement Analysis

  • USHA MARTIN's cash flow from operating activities (CFO) during FY22 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs 688 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -2 billion, an improvement of 9% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 929 million from the Rs 21 million net cash flows seen during FY21.

USHA MARTIN 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 2,137 1,849 -13.5%
Cash Flow from Investing Activities Rs m -345 688 -
Cash Flow from Financing Activities Rs m -1,775 -1,608 -
Net Cash Flow Rs m 21 929 4,241.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for USHA MARTIN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.9, an improvement from the EPS of Rs 4.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 130.0, stands at 14.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 2.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.7 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 68.8 59.4
TTM Earnings per share Rs 4.8 6.9
Diluted earnings per share Rs 4.8 6.9
Price to Cash Flow x 4.7 10.7
TTM P/E ratio x 6.7 14.0
Price / Book Value ratio x 0.6 2.8
Market Cap Rs m 7,847 25,934
Dividends per share (Unadj.) Rs 0.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for USHA MARTIN

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY22, from 1.7x 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 9.1x during FY22, from 4.2x 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 22.8% during FY22, from 10.5% 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 improved and stood at 27.1% during FY22, from 14.6% 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 16.0% during FY22, from 7.9% 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 1.7 2.1
Debtors’ Days Days 570 498
Interest coverage x 4.2 9.1
Debt to equity ratio x 0.2 0.1
Return on assets % 7.9 16.0
Return on equity % 10.5 22.8
Return on capital employed % 14.6 27.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how USHA MARTIN has performed over the last 5 years, please visit here.

USHA MARTIN Share Price Performance

Over the last one year, USHA MARTIN share price has moved up from Rs 56.8 to Rs 130.0, registering a gain of Rs 73.3 or around 129.1%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 15,433.5 (up 0.3%). Over the last one year it has moved down from 18,706.9 to 15,433.5, a loss of 3,273 points (down 17.5%).

Overall, the S&P BSE SENSEX is up 1.5% over the year.

(To know more, check out historical annual results for USHA MARTIN and quarterly results for USHA MARTIN)

Annual Report FAQs

What is the current share price of USHA MARTIN?

USHA MARTIN currently trades at Rs 122.2 per share. You can check out the latest share price performance of USHA MARTIN here...

What was the revenue of USHA MARTIN in FY22? How does it compare to earlier years?

The revenues of USHA MARTIN stood at Rs 18,545 m in FY22, which was down -14.3% compared to Rs 21,628 m reported in FY21.

USHA MARTIN's revenue has fallen from Rs 53,928 m in FY18 to Rs 18,545 m in FY22.

Over the past 5 years, the revenue of USHA MARTIN has grown at a CAGR of -23.4%.

What was the net profit of USHA MARTIN in FY22? How does it compare to earlier years?

The net profit of USHA MARTIN stood at Rs 2,113 m in FY22, which was up 43.8% compared to Rs 1,469 m reported in FY21.

This compares to a net profit of Rs 4,207 m in FY20 and a net profit of Rs 465 m in FY19.

Over the past 5 years, USHA MARTIN net profit has grown at a CAGR of NaN%.

What does the cash flow statement of USHA MARTIN reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of USHA MARTIN reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 1,849 m as compared to Rs 2,137 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs 688 m as compared to Rs -345 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -1,608 m as compared to Rs -1,775 m in FY21.

Here's the cash flow statement of USHA MARTIN for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations9,1389,7442,1242,1371,849
From Investments-337-4329,432-345688
From Financial Activity-8,716-9,734-31,047-1,775-1,608
Net Cashflow68-2149721929

What does the Key Ratio analysis of USHA MARTIN reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of USHA MARTIN reveals:

  • Operating profit margins witnessed a fall and down at 15.0% in FY22 as against 11.6% in FY21.
  • Net profit margins grew from 7.0% in FY21 to 11.7% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.1 as compared to 0.2 in FY21.

Here's the ratio/financial analysis of USHA MARTIN for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)9.89.97.211.615.0
Net Profit Margin (%)-5.10.719.07.011.7
Debt to Equity Ratio (x)3.82.90.20.20.1

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