ASTRAL POLY TECHNICK 2021-22 Annual Report Analysis

Tue, 9 Aug

ASTRAL POLY TECHNICK 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.

ASTRAL POLY TECHNICK Income Statement Analysis

• Operating income during the year rose 38.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.2% in FY22 as against 20.3% in FY21.
• Depreciation charges increased by 8.9% and finance costs decreased by 1.5% YoY, respectively.
• Other income grew by 39.0% YoY.
• Net profit for the year grew by 18.6% YoY.
• Net profit margins during the year declined from 13.1% in FY21 to 11.2% in FY22.

ASTRAL POLY TECHNICK Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	31,763	43,940	38.3%
Other income	Rs m	251	349	39.0%
Total Revenues	Rs m	32,014	44,289	38.3%
Gross profit	Rs m	6,445	7,553	17.2%
Depreciation	Rs m	1,165	1,269	8.9%
Interest	Rs m	131	129	-1.5%
Profit before tax	Rs m	5,400	6,504	20.4%
Tax	Rs m	1,248	1,581	26.7%
Profit after tax	Rs m	4,152	4,923	18.6%
Gross profit margin	%	20.3	17.2
Effective tax rate	%	23.1	24.3
Net profit margin	%	13.1	11.2

Dear Reader: If You Invest in Midcap Stocks, this is for You

ASTRAL POLY TECHNICK Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 9 billion as compared to Rs 7 billion in FY21, thereby witnessing an increase of 36.7%.
• Long-term debt stood at Rs 328 million as compared to Rs 168 million during FY21, a growth of 95.2%.
• Current assets rose 38% and stood at Rs 17 billion, while fixed assets rose 17% and stood at Rs 16 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 34 billion as against Rs 27 billion during FY21, thereby witnessing a growth of 27%.

ASTRAL POLY TECHNICK Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	18,953	23,353	23.2
Current Liabilities	Rs m	6,883	9,409	36.7
Long-term Debt	Rs m	168	328	95.2
Total Liabilities	Rs m	26,727	33,869	26.7
Current assets	Rs m	12,690	17,451	37.5
Fixed Assets	Rs m	14,037	16,418	17.0
Total Assets	Rs m	26,727	33,869	26.7

ASTRAL POLY TECHNICK Cash Flow Statement Analysis

• ASTRAL POLY TECHNICK's cash flow from operating activities (CFO) during FY22 stood at Rs 5 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 715 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -440 million, an improvement of 71% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 6 billion from the Rs 568 million net cash flows seen during FY21.

ASTRAL POLY TECHNICK 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	6,641	5,431	-18.2%
Cash Flow from Investing Activities	Rs m	-4,541	715	-
Cash Flow from Financing Activities	Rs m	-1,532	-440	-
Net Cash Flow	Rs m	568	5,706	904.6%

Current Valuations for ASTRAL POLY TECHNICK

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 24.5, an improvement from the EPS of Rs 20.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,971.9, stands at 80.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.0 times, while the price to sales ratio stands at 9.0 times.
• The company's price to cash flow (P/CF) ratio stood at 63.9 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	158.1	218.7
TTM Earnings per share	Rs	20.7	24.5
Diluted earnings per share	Rs	20.7	24.5
Price to Cash Flow	x	61.1	63.9
TTM P/E ratio	x	78.2	80.5
Price / Book Value ratio	x	18.1	16.9
Market Cap	Rs m	343,351	395,481
Dividends per share (Unadj.)	Rs	2.0	3.0

Ratio Analysis for ASTRAL POLY TECHNICK

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY22, from 1.8x 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 51.4x during FY22, from 42.2x 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 declined and down at 21.1% during FY22, from 21.9% 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 28.0% during FY22, from 28.9% 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 14.9% during FY22, from 16.0% 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	1.8	1.9
Debtors’ Days	Days	32	22
Interest coverage	x	42.2	51.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.0	14.9
Return on equity	%	21.9	21.1
Return on capital employed	%	28.9	28.0

To see how ASTRAL POLY TECHNICK has performed over the last 5 years, please visit here.

ASTRAL POLY TECHNICK Share Price Performance

Over the last one year, ASTRAL POLY TECHNICK share price has moved down from Rs 2,151.0 to Rs 1,971.9, registering a loss of Rs 179.1 or around 8.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 30,291.4 (up 2.0%). Over the last one year it has moved up from 23,588.1 to 30,291.4, a gain of 6,703 points (up 28.4%).

Overall, the S&P BSE SENSEX is up 8.0% over the year.

(To know more, check out historical annual results for ASTRAL POLY TECHNICK and quarterly results for ASTRAL POLY TECHNICK)

Read: Latest Annual Report Analysis of ASTRAL