ALLCARGO LOGISTIC 2022-23 Annual Report Analysis

Fri, 31 Mar

ALLCARGO LOGISTIC 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.

ALLCARGO LOGISTIC Income Statement Analysis

• Operating income during the year fell 5.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.6% in FY23 as against 7.3% in FY22.
• Depreciation charges increased by 17.0% and finance costs decreased by 11.1% YoY, respectively.
• Other income grew by 112.7% YoY.
• Net profit for the year declined by 20.7% YoY.
• Net profit margins during the year declined from 4.3% in FY22 to 3.6% in FY23.

ALLCARGO LOGISTIC Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	190,621	180,508	-5.3%
Other income	Rs m	304	647	112.7%
Total Revenues	Rs m	190,925	181,154	-5.1%
Gross profit	Rs m	13,845	11,943	-13.7%
Depreciation	Rs m	2,376	2,780	17.0%
Interest	Rs m	962	856	-11.1%
Profit before tax	Rs m	10,811	8,953	-17.2%
Tax	Rs m	2,570	2,421	-5.8%
Profit after tax	Rs m	8,241	6,532	-20.7%
Gross profit margin	%	7.3	6.6
Effective tax rate	%	23.8	27.0
Net profit margin	%	4.3	3.6

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ALLCARGO LOGISTIC Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 33 billion as compared to Rs 46 billion in FY22, thereby witnessing an decrease of -27.2%.
• Long-term debt down at Rs 3 billion as compared to Rs 10 billion during FY22, a fall of 67.4%.
• Current assets fell 14% and stood at Rs 43 billion, while fixed assets fell 35% and stood at Rs 28 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 72 billion as against Rs 96 billion during FY22, thereby witnessing a fall of 25%.

ALLCARGO LOGISTIC Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	31,612	27,977	-11.5
Current Liabilities	Rs m	45,904	33,426	-27.2
Long-term Debt	Rs m	9,802	3,200	-67.4
Total Liabilities	Rs m	95,907	72,303	-24.6
Current assets	Rs m	50,338	43,397	-13.8
Fixed Assets	Rs m	43,104	27,928	-35.2
Total Assets	Rs m	95,907	72,303	-24.6

ALLCARGO LOGISTIC Cash Flow Statement Analysis

• ALLCARGO LOGISTIC's cash flow from operating activities (CFO) during FY23 stood at Rs 16 billion, an improvement of 86.1% 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 -9 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 3 billion from the Rs 3 billion net cash flows seen during FY22.

ALLCARGO LOGISTIC 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	8,503	15,828	86.1%
Cash Flow from Investing Activities	Rs m	-5,914	-3,806	-
Cash Flow from Financing Activities	Rs m	-188	-8,566	-
Net Cash Flow	Rs m	2,683	3,441	28.3%

Current Valuations for ALLCARGO LOGISTIC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.6, an decline from the EPS of Rs 33.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 69.2, stands at 10.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 0.1 times.
• The company's price to cash flow (P/CF) ratio stood at 7.6 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	775.8	734.7
TTM Earnings per share	Rs	33.5	26.6
Diluted earnings per share	Rs	8.4	6.6
Price to Cash Flow	x	6.4	7.6
TTM P/E ratio	x	7.7	10.2
Price / Book Value ratio	x	2.1	2.5
Market Cap	Rs m	65,509	71,161
Dividends per share (Unadj.)	Rs	3.0	3.3

Ratio Analysis for ALLCARGO LOGISTIC

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY23, from 1.1x 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 deteriorated and stood at 11.5x during FY23, from 12.2x 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 23.3% during FY23, from 26.1% 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 31.5% during FY23, from 28.4% 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 10.2% during FY23, from 9.6% 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	1.1	1.3
Debtors’ Days	Days	589	412
Interest coverage	x	12.2	11.5
Debt to equity ratio	x	0.3	0.1
Return on assets	%	9.6	10.2
Return on equity	%	26.1	23.3
Return on capital employed	%	28.4	31.5

To see how ALLCARGO LOGISTIC has performed over the last 5 years, please visit here.

ALLCARGO LOGISTIC Share Price Performance

Over the last one year, ALLCARGO LOGISTIC share price has moved down from Rs 69.6 to Rs 69.2, registering a loss of Rs 0.5 or around 0.7%.

Overall, the S&P BSE SENSEX is up 1.8% over the year.

(To know more, check out historical annual results for ALLCARGO LOGISTIC and quarterly results for ALLCARGO LOGISTIC)