MAH. SCOOTERS 2022-23 Annual Report Analysis

Sun, 2 Jul

MAH. SCOOTERS 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.

MAH. SCOOTERS Income Statement Analysis

• Operating income during the year rose 11.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 11.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 89.5% in FY23 as against 89.6% in FY22.
• Depreciation charges increased by 2.7% increased by 0.0% YoY, respectively.
• Other income grew by 287.1% YoY.
• Net profit for the year grew by 36.8% YoY.
• Net profit margins during the year grew from 73.5% in FY22 to 90.3% in FY23.

MAH. SCOOTERS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,941	2,164	11.5%
Other income	Rs m	4	14	287.1%
Total Revenues	Rs m	1,945	2,178	12.0%
Gross profit	Rs m	1,738	1,937	11.4%
Depreciation	Rs m	20	20	2.7%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	1,722	1,931	12.1%
Tax	Rs m	295	-22	NA
Profit after tax	Rs m	1,427	1,953	36.8%
Gross profit margin	%	89.6	89.5
Effective tax rate	%	17.1	-1.1
Net profit margin	%	73.5	90.3

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MAH. SCOOTERS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 75 million as compared to Rs 82 million in FY22, thereby witnessing an decrease of -8.2%.
• Current assets fell 72% and stood at Rs 380 million, while fixed assets fell 17% and stood at Rs 204 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 204 billion as against Rs 247 billion during FY22, thereby witnessing a fall of 17%.

MAH. SCOOTERS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	228,530	190,428	-16.7
Current Liabilities	Rs m	82	75	-8.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	246,990	203,983	-17.4
Current assets	Rs m	1,375	380	-72.4
Fixed Assets	Rs m	245,615	203,603	-17.1
Total Assets	Rs m	246,990	203,983	-17.4

MAH. SCOOTERS Cash Flow Statement Analysis

• MAH. SCOOTERS's cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion, an improvement of 75.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -35 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 1 million from the Rs -4 million net cash flows seen during FY22.

MAH. SCOOTERS 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	1,188	2,088	75.7%
Cash Flow from Investing Activities	Rs m	-616	-35	-
Cash Flow from Financing Activities	Rs m	-576	-2,051	-
Net Cash Flow	Rs m	-4	1	-

Current Valuations for MAH. SCOOTERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 170.9, an improvement from the EPS of Rs 124.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 5,483.0, stands at 32.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 29.0 times.
• The company's price to cash flow (P/CF) ratio stood at 26.0 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	169.8	189.3
TTM Earnings per share	Rs	124.9	170.9
Diluted earnings per share	Rs	124.9	170.9
Price to Cash Flow	x	29.1	26.0
TTM P/E ratio	x	29.5	32.1
Price / Book Value ratio	x	0.2	0.3
Market Cap	Rs m	47,562	51,242
Dividends per share (Unadj.)	Rs	80.0	160.0

Ratio Analysis for MAH. SCOOTERS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 5.1x during FY23, from 16.8x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 1.0% during FY23, from 0.6% 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 1.0% during FY23, from 0.8% 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 1.0% during FY23, from 0.6% 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	16.8	5.1
Debtors’ Days	Days	189	110
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.6	1.0
Return on equity	%	0.6	1.0
Return on capital employed	%	0.8	1.0

To see how MAH. SCOOTERS has performed over the last 5 years, please visit here.

MAH. SCOOTERS Share Price Performance

Over the last one year, MAH. SCOOTERS share price has moved up from Rs 3,678.9 to Rs 5,483.0, registering a gain of Rs 1,804.1 or around 49.0%.

Overall, the S&P BSE SENSEX is up 21.7% over the year.

(To know more, check out historical annual results for MAH. SCOOTERS and quarterly results for MAH. SCOOTERS)