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ANGEL BROKING 2022-23 Annual Report Analysis

Fri, 2 Jun

ANGEL BROKING 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.

ANGEL BROKING Income Statement Analysis

• Operating income during the year rose 31.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 39.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 43.1% in FY23 as against 40.4% in FY22.
• Depreciation charges increased by 62.4% and finance costs increased by 19.7% YoY, respectively.
• Other income grew by 244.4% YoY.
• Net profit for the year grew by 42.4% YoY.
• Net profit margins during the year grew from 27.3% in FY22 to 29.7% in FY23.

ANGEL BROKING Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	22,911	30,016	31.0%
Other income	Rs m	60	207	244.4%
Total Revenues	Rs m	22,971	30,222	31.6%
Gross profit	Rs m	9,253	12,924	39.7%
Depreciation	Rs m	186	303	62.4%
Interest	Rs m	760	909	19.7%
Profit before tax	Rs m	8,367	11,918	42.4%
Tax	Rs m	2,117	3,016	42.5%
Profit after tax	Rs m	6,251	8,902	42.4%
Gross profit margin	%	40.4	43.1
Effective tax rate	%	25.3	25.3
Net profit margin	%	27.3	29.7

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ANGEL BROKING Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 59 billion as compared to Rs 61 billion in FY22, thereby witnessing an decrease of -3.3%.
• Long-term debt down at Rs 5 million as compared to Rs 8 million during FY22, a fall of 38.6%.
• Current assets rose 4% and stood at Rs 77 billion, while fixed assets rose 20% and stood at Rs 4 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 81 billion as against Rs 77 billion during FY22, thereby witnessing a growth of 5%.

ANGEL BROKING Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	15,709	21,037	33.9
Current Liabilities	Rs m	61,136	59,118	-3.3
Long-term Debt	Rs m	8	5	-38.6
Total Liabilities	Rs m	76,984	80,786	4.9
Current assets	Rs m	73,605	76,748	4.3
Fixed Assets	Rs m	3,379	4,038	19.5
Total Assets	Rs m	76,984	80,786	4.9

ANGEL BROKING Cash Flow Statement Analysis

• ANGEL BROKING's cash flow from operating activities (CFO) during FY23 stood at Rs 8 billion, an improvement of 44.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion, an improvement of 253.6% 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.

ANGEL BROKING 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	5,575	8,032	44.1%
Cash Flow from Investing Activities	Rs m	-524	-1,851	-
Cash Flow from Financing Activities	Rs m	-1,651	-9,072	-
Net Cash Flow	Rs m	3,401	-2,890	-

Current Valuations for ANGEL BROKING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 106.7, an improvement from the EPS of Rs 75.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,340.4, stands at 12.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.3 times, while the price to sales ratio stands at 3.7 times.
• The company's price to cash flow (P/CF) ratio stood at 13.7 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	276.5	359.8
TTM Earnings per share	Rs	75.4	106.7
Diluted earnings per share	Rs	74.6	106.2
Price to Cash Flow	x	20.0	13.7
TTM P/E ratio	x	20.6	12.6
Price / Book Value ratio	x	5.3	6.0
Market Cap	Rs m	82,821	126,047
Dividends per share (Unadj.)	Rs	27.1	39.9

Ratio Analysis for ANGEL BROKING

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY23, from 1.2x 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 14.1x during FY23, from 12.0x 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 improved and stood at 42.3% during FY23, from 39.8% 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 61.0% during FY23, from 58.1% 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 12.1% during FY23, from 9.1% 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	1.2	1.3
Debtors’ Days	Days	90	46
Interest coverage	x	12.0	14.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.1	12.1
Return on equity	%	39.8	42.3
Return on capital employed	%	58.1	61.0

To see how ANGEL BROKING has performed over the last 5 years, please visit here.

ANGEL BROKING Share Price Performance

Over the last one year, ANGEL BROKING share price has moved down from Rs 1,479.0 to Rs 1,340.4, registering a loss of Rs 138.7 or around 9.4%.

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for ANGEL BROKING and quarterly results for ANGEL BROKING)