VST TILLERS 2021-22 Annual Report Analysis

Tue, 2 Aug

VST TILLERS 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.

VST TILLERS Income Statement Analysis

• Operating income during the year rose 11.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 35.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.6% in FY22 as against 12.1% in FY21.
• Depreciation charges increased by 46.6% and finance costs decreased by 17.5% YoY, respectively.
• Other income declined by 26.0% YoY.
• Net profit for the year grew by 9.4% YoY.
• Net profit margins during the year declined from 11.9% in FY21 to 11.6% in FY22.

VST TILLERS Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	7,642	8,539	11.7%
Other income	Rs m	461	341	-26.0%
Total Revenues	Rs m	8,103	8,880	9.6%
Gross profit	Rs m	922	1,247	35.3%
Depreciation	Rs m	171	250	46.6%
Interest	Rs m	19	16	-17.5%
Profit before tax	Rs m	1,192	1,322	10.9%
Tax	Rs m	284	329	15.5%
Profit after tax	Rs m	908	993	9.4%
Gross profit margin	%	12.1	14.6
Effective tax rate	%	23.9	24.9
Net profit margin	%	11.9	11.6

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VST TILLERS Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 2 billion as compared to Rs 2 billion in FY21, thereby witnessing an decrease of -0.4%.
• Current assets rose 9% and stood at Rs 6 billion, while fixed assets rose 10% and stood at Rs 4 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 10 billion as against Rs 9 billion during FY21, thereby witnessing a growth of 9%.

VST TILLERS Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	6,676	7,495	12.3
Current Liabilities	Rs m	1,743	1,737	-0.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	8,848	9,661	9.2
Current assets	Rs m	5,505	5,982	8.7
Fixed Assets	Rs m	3,343	3,679	10.0
Total Assets	Rs m	8,848	9,661	9.2

VST TILLERS Cash Flow Statement Analysis

• VST TILLERS's cash flow from operating activities (CFO) during FY22 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -183 million on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -36 million from the Rs 57 million net cash flows seen during FY21.

VST TILLERS 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	1,552	1,243	-19.9%
Cash Flow from Investing Activities	Rs m	-1,480	-1,096	-
Cash Flow from Financing Activities	Rs m	-15	-183	-
Net Cash Flow	Rs m	57	-36	-

Current Valuations for VST TILLERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 114.9, an improvement from the EPS of Rs 105.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,633.2, stands at 22.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at 18.0 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	884.5	988.3
TTM Earnings per share	Rs	105.1	114.9
Diluted earnings per share	Rs	105.1	114.9
Price to Cash Flow	x	14.3	18.0
TTM P/E ratio	x	17.0	22.9
Price / Book Value ratio	x	1.7	3.0
Market Cap	Rs m	11,469	22,374
Dividends per share (Unadj.)	Rs	20.0	20.0

Ratio Analysis for VST TILLERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.4x during FY22, from 3.2x 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 83.5x during FY22, from 62.4x 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 13.2% during FY22, from 13.6% 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 declined and down at 17.8% during FY22, from 18.2% 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 declined and down at 10.4% during FY22, from 10.5% 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	3.2	3.4
Debtors’ Days	Days	391	289
Interest coverage	x	62.4	83.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.5	10.4
Return on equity	%	13.6	13.2
Return on capital employed	%	18.2	17.8

To see how VST TILLERS has performed over the last 5 years, please visit here.

VST TILLERS Share Price Performance

Over the last one year, VST TILLERS share price has moved up from Rs 2,045.5 to Rs 2,633.2, registering a gain of Rs 587.8 or around 28.7%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 29,841.3 (up 0.6%). Over the last one year it has moved up from 22,783.7 to 29,841.3, a gain of 7,058 points (up 31.0%).

Overall, the S&P BSE SENSEX is up 10.4% over the year.

(To know more, check out historical annual results for VST TILLERS and quarterly results for VST TILLERS)

Read: Latest Annual Report Analysis of VST TILLERS