XPRO INDIA 2021-22 Annual Report Analysis

Tue, 31 May

XPRO INDIA 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.

XPRO INDIA Income Statement Analysis

• Operating income during the year rose 26.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 58.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.5% in FY22 as against 10.8% in FY21.
• Depreciation charges decreased by 2.7% and finance costs decreased by 21.3% YoY, respectively.
• Other income declined by 12.8% YoY.
• Net profit for the year grew by 437.9% YoY.
• Net profit margins during the year grew from 2.2% in FY21 to 9.5% in FY22.

XPRO INDIA Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	3,734	4,717	26.3%
Other income	Rs m	21	18	-12.8%
Total Revenues	Rs m	3,755	4,736	26.1%
Gross profit	Rs m	403	638	58.4%
Depreciation	Rs m	124	121	-2.7%
Interest	Rs m	165	130	-21.3%
Profit before tax	Rs m	135	406	201.1%
Tax	Rs m	51	-43	-184.7%
Profit after tax	Rs m	84	449	437.9%
Gross profit margin	%	10.8	13.5
Effective tax rate	%	38.0	-10.7
Net profit margin	%	2.2	9.5

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XPRO INDIA Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 949 million as compared to Rs 1 billion in FY21, thereby witnessing an decrease of -17.2%.
• Long-term debt down at Rs 637 million as compared to Rs 970 million during FY21, a fall of 34.3%.
• Current assets rose 19% and stood at Rs 1 billion, while fixed assets fell 0% and stood at Rs 2 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 3 billion as against Rs 3 billion during FY21, thereby witnessing a growth of 7%.

XPRO INDIA Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	899	1,345	49.7
Current Liabilities	Rs m	1,146	949	-17.2
Long-term Debt	Rs m	970	637	-34.3
Total Liabilities	Rs m	3,080	3,303	7.2
Current assets	Rs m	1,221	1,452	19.0
Fixed Assets	Rs m	1,860	1,851	-0.5
Total Assets	Rs m	3,080	3,303	7.2

XPRO INDIA Cash Flow Statement Analysis

• XPRO INDIA's cash flow from operating activities (CFO) during FY22 stood at Rs 486 million, an improvement of 1.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -105 million, an improvement of 598.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -212 million, an improvement of 58% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 170 million from the Rs -45 million net cash flows seen during FY21.

XPRO INDIA 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	478	486	1.7%
Cash Flow from Investing Activities	Rs m	-15	-105	-
Cash Flow from Financing Activities	Rs m	-508	-212	-
Net Cash Flow	Rs m	-45	170	-

Current Valuations for XPRO INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 38.0, an improvement from the EPS of Rs 7.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,062.3, stands at 27.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.3 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at 18.1 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	316.1	399.4
TTM Earnings per share	Rs	7.1	38.0
Diluted earnings per share	Rs	7.1	38.0
Price to Cash Flow	x	4.2	18.1
TTM P/E ratio	x	10.5	27.9
Price / Book Value ratio	x	0.6	7.7
Market Cap	Rs m	525	10,302
Dividends per share (Unadj.)	Rs	0.0	2.0

Ratio Analysis for XPRO INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY22, from 1.1x 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 4.1x during FY22, from 1.8x 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 33.4% during FY22, from 9.3% 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 27.0% during FY22, from 16.1% 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 17.5% during FY22, from 8.1% 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	1.1	1.5
Debtors’ Days	Days	649	513
Interest coverage	x	1.8	4.1
Debt to equity ratio	x	1.1	0.5
Return on assets	%	8.1	17.5
Return on equity	%	9.3	33.4
Return on capital employed	%	16.1	27.0

To see how XPRO INDIA has performed over the last 5 years, please visit here.

XPRO INDIA Share Price Performance

Over the last one year, XPRO INDIA share price has moved up from Rs 148.6 to Rs 1,062.3, registering a gain of Rs 913.7 or around 615.1%.

Overall, the S&P BSE SENSEX is up 9.2% over the year.

(To know more, check out historical annual results for XPRO INDIA and quarterly results for XPRO INDIA)

Read: Latest Annual Report Analysis of XPRO INDIA