The company has witnessed a significant growth of 59% in FY22 from FY21, on account of an increase in the revenue from operations, which was a result of strong demand in the auto component sector. The COVID-19 pandemic had a significant impact on global automotive demand for passenger cars and commercial vehicles, as well as non-automotive demand. The pent-up demand from the lockdown period and the strong economic revival in India, supported by a good monsoon, have aided in the strong surge in demand for the passenger segment and agricultural tractors. The company has effectively managed to ramp up its resources needed to manage the demand. As a result, the company has witnessed strong growth in its total revenue.

The company's focus on operational excellence, relentless cost reduction measures, lean manufacturing practices, and improvised supply chain management with tight control of working capital helped the company to book a higher net profit in FY22 compared to FY21. There has been overall growth in the total expenses of the company (excluding depreciation and interest expense) of 60%, but the EBIT margin of the company has shown a growth of 14%, which indicates efficient control over the resources to manage the pent-up demand after COVID-19.

The overall increase in the EPS of the company is entirely attributable to the increase in the net profits of the company in FY22.

Ring Plus Aqua's book value per share has shown a de-growth of 3.5% in FY22 from FY21 despite higher net profits. This is attributable to lower other equity realised in FY22, which was a result of the interim dividend declared by the company of Rs. 93 per equity share, which led to an outflow of Rs. 72 Cr. from other equity, resulting in a de-growth in the total equity of 21%, and subsequently a fall in the book value per share of the company. It must be noted that this de-growth is temporary and doesn't indicate a negative impact whatsoever. 

The increase in EBITDA of 56% from FY21 to FY22 is mostly attributable to an increase in the company's overall sales in FY22. In absolute terms, total revenue increased by Rs. 120 Cr. in FY22, whereas total expenses increased by Rs. 98 Cr., explaining the increase in EBITDA. The cost of material consumers incurred the highest expense, worth Rs. 124 Cr. in FY22, which was a result of higher sales in FY22. Although the inventory turnover of the company has improved in FY22 to 3.92x from 2.88x in FY21, which is a positive sign for the company altogether. 

EBIT in FY22 amounted to Rs. 52 Cr., which represents a growth of 77% in FY22 from FY21. The reason for the growth in EBIT is the same as for EBITDA, as depreciation has remained more or less at the same level as it was in FY21 as the company has disposed of its vehicles, which also led to a decrease in the overall assets of the company and the same level of depreciation expense. 

Total assets of the company have shown a de-growth of 12% in FY22 compared to FY21. Although it must be noted that the asset turnover of the company has shown substantial growth of 79%, which indicates the company has been able to effectively generate sales with the given level of assets in FY22. Current assets comprise 61% of the total assets, which saw a dip of Rs. 28 Cr., which as a result impacted the total assets of the company. This was due to a Rs. 50 Cr. loan given to Raymond Apparel in FY21, but no similar loans were given in FY22. 

The net cash flow from operations, which fell by 13% in FY21 from FY20 has now rebounded to realise a growth of 12% in FY22 from FY21. The main reason for such growth is due to higher PBT in FY22 than FY21. Overall PBT has witnessed a growth of 81% in FY22 from FY21. It must be noted that in terms of working capital adjustments, there were high outflow of cash in FY22 than in FY21, primarily on account of increase in the trade receivable of the company, which also reduced the receivable turnover ratio of the company.