MAHARASHTRA SEAMLESS 2022-23 Annual Report Analysis

Mon, 2 Oct

MAHARASHTRA SEAMLESS has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

MAHARASHTRA SEAMLESS Income Statement Analysis

• Operating income during the year rose 35.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 72.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.6% in FY23 as against 13.8% in FY22.
• Depreciation charges decreased by 0.1% and finance costs decreased by 14.6% YoY, respectively.
• Other income declined by 16.8% YoY.
• Net profit for the year grew by 11.0% YoY.
• Net profit margins during the year declined from 16.4% in FY22 to 13.4% in FY23.

MAHARASHTRA SEAMLESS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	42,108	57,164	35.8%
Other income	Rs m	1,109	922	-16.8%
Total Revenues	Rs m	43,217	58,086	34.4%
Gross profit	Rs m	5,831	10,075	72.8%
Depreciation	Rs m	1,379	1,377	-0.1%
Interest	Rs m	449	383	-14.6%
Profit before tax	Rs m	5,112	9,237	80.7%
Tax	Rs m	-1,805	1,560	NA
Profit after tax	Rs m	6,916	7,676	11.0%
Gross profit margin	%	13.8	17.6
Effective tax rate	%	-35.3	16.9
Net profit margin	%	16.4	13.4

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MAHARASHTRA SEAMLESS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 5 billion as compared to Rs 8 billion in FY22, thereby witnessing an decrease of -30.7%.
• Long-term debt down at Rs 2 billion as compared to Rs 5 billion during FY22, a fall of 68.6%.
• Current assets rose 21% and stood at Rs 32 billion, while fixed assets fell 3% and stood at Rs 27 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 59 billion as against Rs 54 billion during FY22, thereby witnessing a growth of 9%.

MAHARASHTRA SEAMLESS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	39,842	47,740	19.8
Current Liabilities	Rs m	7,842	5,433	-30.7
Long-term Debt	Rs m	5,149	1,618	-68.6
Total Liabilities	Rs m	53,878	58,588	8.7
Current assets	Rs m	26,474	32,075	21.2
Fixed Assets	Rs m	27,405	26,512	-3.3
Total Assets	Rs m	53,878	58,588	8.7

MAHARASHTRA SEAMLESS Cash Flow Statement Analysis

• MAHARASHTRA SEAMLESS's cash flow from operating activities (CFO) during FY23 stood at Rs 9 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -5 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -166 million from the Rs 79 million net cash flows seen during FY22.

MAHARASHTRA SEAMLESS Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	-2,694	9,118	-
Cash Flow from Investing Activities	Rs m	5,537	-3,821	-
Cash Flow from Financing Activities	Rs m	-2,856	-5,421	-
Net Cash Flow	Rs m	79	-166	-

Current Valuations for MAHARASHTRA SEAMLESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 57.3, an decline from the EPS of Rs 103.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 615.3, stands at 8.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 5.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	628.5	426.6
TTM Earnings per share	Rs	103.2	57.3
Diluted earnings per share	Rs	51.6	57.3
Price to Cash Flow	x	4.5	5.3
TTM P/E ratio	x	5.1	8.6
Price / Book Value ratio	x	0.7	1.0
Market Cap	Rs m	28,907	48,072
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for MAHARASHTRA SEAMLESS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.9x during FY23, from 3.4x during FY22. 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 25.1x during FY23, from 12.4x during FY22. 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 16.1% during FY23, from 17.4% during FY23. 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 19.5% during FY23, from 12.4% during FY22. 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 13.8% during FY23, from 13.7% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	3.4	5.9
Debtors’ Days	Days	483	410
Interest coverage	x	12.4	25.1
Debt to equity ratio	x	0.1	0.0
Return on assets	%	13.7	13.8
Return on equity	%	17.4	16.1
Return on capital employed	%	12.4	19.5

To see how MAHARASHTRA SEAMLESS has performed over the last 5 years, please visit here.

MAHARASHTRA SEAMLESS Share Price Performance

Over the last one year, MAHARASHTRA SEAMLESS share price has moved up from Rs 388.9 to Rs 615.3, registering a gain of Rs 226.4 or around 58.2%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 23,206.3 (up 2.7%). Over the last one year it has moved up from 18,015.2 to 23,206.3, a gain of 5,191 points (up 28.8%).

Overall, the S&P BSE SENSEX is up 16.3% over the year.

(To know more, check out historical annual results for MAHARASHTRA SEAMLESS and quarterly results for MAHARASHTRA SEAMLESS)