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MUFIN GREEN FINANCE 2022-23 Annual Report Analysis

Mon, 19 Feb

MUFIN GREEN FINANCE 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.

MUFIN GREEN FINANCE Income Statement Analysis

• Operating income during the year rose 130.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 43.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 52.6% in FY23 as against 84.3% in FY22.
• Depreciation charges increased by 4070.5% and finance costs increased by 3795.5% YoY, respectively.
• Other income grew by 561.9% YoY.
• Net profit for the year declined by 25.4% YoY.
• Net profit margins during the year declined from 71.3% in FY22 to 23.1% in FY23.

MUFIN GREEN FINANCE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	153	352	130.5%
Other income	Rs m	0	1	561.9%
Total Revenues	Rs m	153	353	131.1%
Gross profit	Rs m	129	185	43.8%
Depreciation	Rs m	0	18	4,070.5%
Interest	Rs m	2	60	3,795.5%
Profit before tax	Rs m	127	108	-14.9%
Tax	Rs m	18	27	48.9%
Profit after tax	Rs m	109	81	-25.4%
Gross profit margin	%	84.3	52.6
Effective tax rate	%	14.2	24.8
Net profit margin	%	71.3	23.1

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MUFIN GREEN FINANCE Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 2 billion as compared to Rs 12 million in FY22, thereby witnessing an increase of 14918.0%.
• Long-term debt stood at Rs 583 million as compared to Rs 0 million during FY22, a fall of 0.0%.
• Current assets rose 328% and stood at Rs 4 billion, while fixed assets fell 49% and stood at Rs 62 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 4 billion as against Rs 1 billion during FY22, thereby witnessing a growth of 284%.

MUFIN GREEN FINANCE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,016	1,522	49.8
Current Liabilities	Rs m	12	1,835	14,918.0
Long-term Debt	Rs m	0	583	0.0
Total Liabilities	Rs m	1,029	3,949	283.8
Current assets	Rs m	909	3,887	327.7
Fixed Assets	Rs m	120	62	-48.8
Total Assets	Rs m	1,029	3,949	283.8

MUFIN GREEN FINANCE Cash Flow Statement Analysis

• MUFIN GREEN FINANCE's cash flow from operating activities (CFO) during FY23 stood at Rs -2 billion, an improvement of 200.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -854 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 3 billion, an improvement of 132,440% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 79 million from the Rs 88 million net cash flows seen during FY22.

MUFIN GREEN FINANCE 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	-584	-1,753	-
Cash Flow from Investing Activities	Rs m	674	-854	-
Cash Flow from Financing Activities	Rs m	-2	2,687	-
Net Cash Flow	Rs m	88	79	-9.9%

Current Valuations for MUFIN GREEN FINANCE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.6, an decline from the EPS of Rs 5.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 112.8, stands at 69.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 16.1 times.
• The company's price to cash flow (P/CF) ratio stood at 43.8 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	7.1	7.0
TTM Earnings per share	Rs	5.0	1.6
Diluted earnings per share	Rs	2.2	1.6
Price to Cash Flow	x	6.1	43.8
TTM P/E ratio	x	6.1	69.9
Price / Book Value ratio	x	1.0	2.9
Market Cap	Rs m	989	4,359
Dividends per share (Unadj.)	Rs	0.1	0.0

Ratio Analysis for MUFIN GREEN FINANCE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY23, from 74.4x 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 deteriorated and stood at 2.8x during FY23, from 83.3x 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 5.3% during FY23, from 10.7% 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 8.0% during FY23, from 12.6% 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 3.6% during FY23, from 10.7% 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	74.4	2.1
Debtors’ Days	Days	0	35
Interest coverage	x	83.3	2.8
Debt to equity ratio	x	0.0	0.4
Return on assets	%	10.7	3.6
Return on equity	%	10.7	5.3
Return on capital employed	%	12.6	8.0

To see how MUFIN GREEN FINANCE has performed over the last 5 years, please visit here.

MUFIN GREEN FINANCE Share Price Performance

Over the last one year, MUFIN GREEN FINANCE share price has moved up from Rs 30.8 to Rs 112.8, registering a gain of Rs 82.0 or around 266.7%.

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

(To know more, check out historical annual results for MUFIN GREEN FINANCE and quarterly results for MUFIN GREEN FINANCE)