ANUPAM RASAYAN 2022-23 Annual Report Analysis

Tue, 12 Sep

ANUPAM RASAYAN 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.

ANUPAM RASAYAN Income Statement Analysis

• Operating income during the year rose 20.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 14.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 26.6% in FY23 as against 27.9% in FY22.
• Depreciation charges increased by 9.1% and finance costs increased by 100.7% YoY, respectively.
• Other income grew by 85.4% YoY.
• Net profit for the year grew by 10.7% YoY.
• Net profit margins during the year declined from 14.3% in FY22 to 13.1% in FY23.

ANUPAM RASAYAN Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	10,660	12,841	20.5%
Other income	Rs m	151	280	85.4%
Total Revenues	Rs m	10,811	13,121	21.4%
Gross profit	Rs m	2,977	3,416	14.8%
Depreciation	Rs m	601	656	9.1%
Interest	Rs m	308	619	100.7%
Profit before tax	Rs m	2,219	2,422	9.2%
Tax	Rs m	697	737	5.8%
Profit after tax	Rs m	1,522	1,685	10.7%
Gross profit margin	%	27.9	26.6
Effective tax rate	%	31.4	30.4
Net profit margin	%	14.3	13.1

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ANUPAM RASAYAN Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 8 billion as compared to Rs 6 billion in FY22, thereby witnessing an increase of 26.3%.
• Long-term debt down at Rs 4 billion as compared to Rs 5 billion during FY22, a fall of 28.2%.
• Current assets rose 33% and stood at Rs 19 billion, while fixed assets rose 14% and stood at Rs 16 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 36 billion as against Rs 29 billion during FY22, thereby witnessing a growth of 23%.

ANUPAM RASAYAN Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	17,227	23,485	36.3
Current Liabilities	Rs m	5,976	7,548	26.3
Long-term Debt	Rs m	4,945	3,550	-28.2
Total Liabilities	Rs m	28,931	35,690	23.4
Current assets	Rs m	14,500	19,309	33.2
Fixed Assets	Rs m	14,431	16,381	13.5
Total Assets	Rs m	28,931	35,690	23.4

ANUPAM RASAYAN Cash Flow Statement Analysis

• ANUPAM RASAYAN's cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -5 billion, an improvement of 16.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 4 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 1 billion from the Rs -2 billion net cash flows seen during FY22.

ANUPAM RASAYAN 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	-1,712	2,440	-
Cash Flow from Investing Activities	Rs m	-4,120	-4,779	-
Cash Flow from Financing Activities	Rs m	3,844	3,755	-2.3%
Net Cash Flow	Rs m	-1,989	1,416	-

Current Valuations for ANUPAM RASAYAN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.7, an improvement from the EPS of Rs 15.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 955.0, stands at 45.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 8.0 times.
• The company's price to cash flow (P/CF) ratio stood at 33.9 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	106.3	119.5
TTM Earnings per share	Rs	15.2	15.7
Diluted earnings per share	Rs	14.1	15.7
Price to Cash Flow	x	41.7	33.9
TTM P/E ratio	x	58.4	45.2
Price / Book Value ratio	x	4.7	3.4
Market Cap	Rs m	80,147	79,261
Dividends per share (Unadj.)	Rs	1.5	2.5

Ratio Analysis for ANUPAM RASAYAN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x during FY23, from 2.4x 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 4.9x during FY23, from 8.2x 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 7.2% during FY23, from 8.8% 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 declined and down at 11.2% during FY23, from 11.4% 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 6.5% during FY23, from 6.3% 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	2.4	2.6
Debtors’ Days	Days	96	106
Interest coverage	x	8.2	4.9
Debt to equity ratio	x	0.3	0.2
Return on assets	%	6.3	6.5
Return on equity	%	8.8	7.2
Return on capital employed	%	11.4	11.2

To see how ANUPAM RASAYAN has performed over the last 5 years, please visit here.

ANUPAM RASAYAN Share Price Performance

Over the last one year, ANUPAM RASAYAN share price has moved up from Rs 810.5 to Rs 955.0, registering a gain of Rs 144.6 or around 17.8%.

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

(To know more, check out historical annual results for ANUPAM RASAYAN and quarterly results for ANUPAM RASAYAN)