AEGIS LOGISTICS 2022-23 Annual Report Analysis

Thu, 6 Jul

AEGIS LOGISTICS 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.

AEGIS LOGISTICS Income Statement Analysis

• Operating income during the year rose 86.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.8% in FY23 as against 11.5% in FY22.
• Depreciation charges increased by 58.5% and finance costs increased by 305.7% YoY, respectively.
• Other income grew by 382.7% YoY.
• Net profit for the year grew by 32.7% YoY.
• Net profit margins during the year declined from 8.3% in FY22 to 5.9% in FY23.

AEGIS LOGISTICS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	46,310	86,272	86.3%
Other income	Rs m	387	1,870	382.7%
Total Revenues	Rs m	46,697	88,142	88.8%
Gross profit	Rs m	5,344	6,718	25.7%
Depreciation	Rs m	794	1,258	58.5%
Interest	Rs m	217	882	305.7%
Profit before tax	Rs m	4,720	6,448	36.6%
Tax	Rs m	870	1,341	54.0%
Profit after tax	Rs m	3,849	5,107	32.7%
Gross profit margin	%	11.5	7.8
Effective tax rate	%	18.4	20.8
Net profit margin	%	8.3	5.9

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AEGIS LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 11 billion as compared to Rs 12 billion in FY22, thereby witnessing an decrease of -2.9%.
• Long-term debt stood at Rs 10 billion as compared to Rs 643 million during FY22, a growth of 1422.2%.
• Current assets rose 133% and stood at Rs 28 billion, while fixed assets rose 52% and stood at Rs 42 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 70 billion as against Rs 40 billion during FY22, thereby witnessing a growth of 77%.

AEGIS LOGISTICS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	21,798	35,323	62.0
Current Liabilities	Rs m	11,670	11,329	-2.9
Long-term Debt	Rs m	643	9,784	1,422.2
Total Liabilities	Rs m	39,586	69,884	76.5
Current assets	Rs m	11,834	27,588	133.1
Fixed Assets	Rs m	27,753	42,296	52.4
Total Assets	Rs m	39,586	69,884	76.5

AEGIS LOGISTICS Cash Flow Statement Analysis

• AEGIS LOGISTICS's cash flow from operating activities (CFO) during FY23 stood at Rs 4 billion, an improvement of 28.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -9 billion, an improvement of 419.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 13 billion, an improvement of 532% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 7 billion from the Rs -2 billion net cash flows seen during FY22.

AEGIS LOGISTICS 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	2,801	3,584	28.0%
Cash Flow from Investing Activities	Rs m	-1,791	-9,310	-
Cash Flow from Financing Activities	Rs m	-3,036	13,109	-
Net Cash Flow	Rs m	-2,026	7,383	-

Current Valuations for AEGIS LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.5, an improvement from the EPS of Rs 11.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 353.0, stands at 24.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 16.2 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	131.9	245.8
TTM Earnings per share	Rs	11.0	14.5
Diluted earnings per share	Rs	11.0	14.5
Price to Cash Flow	x	15.5	16.2
TTM P/E ratio	x	18.7	24.3
Price / Book Value ratio	x	4.5	2.9
Market Cap	Rs m	98,605	103,141
Dividends per share (Unadj.)	Rs	2.5	5.8

Ratio Analysis for AEGIS LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY23, from 1.0x 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 8.3x during FY23, from 22.7x 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 14.5% during FY23, from 17.7% 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 declined and down at 16.2% during FY23, from 22.0% 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 declined and down at 8.6% during FY23, from 10.3% 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	1.0	2.4
Debtors’ Days	Days	582	355
Interest coverage	x	22.7	8.3
Debt to equity ratio	x	0.0	0.3
Return on assets	%	10.3	8.6
Return on equity	%	17.7	14.5
Return on capital employed	%	22.0	16.2

To see how AEGIS LOGISTICS has performed over the last 5 years, please visit here.

AEGIS LOGISTICS Share Price Performance

Over the last one year, AEGIS LOGISTICS share price has moved up from Rs 208.5 to Rs 353.0, registering a gain of Rs 144.6 or around 69.3%.

Overall, the S&P BSE SENSEX is up 22.9% over the year.

(To know more, check out historical annual results for AEGIS LOGISTICS and quarterly results for AEGIS LOGISTICS)