ASTRON PAPER & BOARD MILL 2022-23 Annual Report Analysis

Mon, 9 Oct

ASTRON PAPER & BOARD MILL 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.

ASTRON PAPER & BOARD MILL Income Statement Analysis

• Operating income during the year fell 23.9% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 5.0% in FY23 as against 6.1% in FY22.
• Depreciation charges decreased by 2.2% and finance costs increased by 13.5% YoY, respectively.
• Other income declined by 34.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 1.8% in FY22 to 6.9% in FY23.

ASTRON PAPER & BOARD MILL Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	4,567	3,476	-23.9%
Other income	Rs m	12	8	-34.8%
Total Revenues	Rs m	4,579	3,484	-23.9%
Gross profit	Rs m	278	-175	NA
Depreciation	Rs m	70	68	-2.2%
Interest	Rs m	97	110	13.5%
Profit before tax	Rs m	123	-346	NA
Tax	Rs m	42	-106	NA
Profit after tax	Rs m	81	-239	NA
Gross profit margin	%	6.1	-5.0
Effective tax rate	%	34.0	30.7
Net profit margin	%	1.8	-6.9

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ASTRON PAPER & BOARD MILL Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 billion as compared to Rs 1 billion in FY22, thereby witnessing an increase of 0.4%.
• Long-term debt down at Rs 29 million as compared to Rs 82 million during FY22, a fall of 65.2%.
• Current assets fell 22% and stood at Rs 2 billion, while fixed assets rose 2% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 4 billion during FY22, thereby witnessing a fall of 11%.

ASTRON PAPER & BOARD MILL Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,837	1,592	-13.3
Current Liabilities	Rs m	1,485	1,491	0.4
Long-term Debt	Rs m	82	29	-65.2
Total Liabilities	Rs m	3,520	3,119	-11.4
Current assets	Rs m	1,970	1,541	-21.8
Fixed Assets	Rs m	1,550	1,579	1.9
Total Assets	Rs m	3,520	3,119	-11.4

ASTRON PAPER & BOARD MILL Cash Flow Statement Analysis

• ASTRON PAPER & BOARD MILL's cash flow from operating activities (CFO) during FY23 stood at Rs 111 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -96 million, an improvement of 213.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 13 million from the Rs -17 million net cash flows seen during FY22.

ASTRON PAPER & BOARD MILL 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	-99	111	-
Cash Flow from Investing Activities	Rs m	-31	-96	-
Cash Flow from Financing Activities	Rs m	113	-2	-
Net Cash Flow	Rs m	-17	13	-

Current Valuations for ASTRON PAPER & BOARD MILL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -5.1, an decline from the EPS of Rs 1.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 32.0, stands at -6.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at -10.0 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	98.2	74.8
TTM Earnings per share	Rs	1.7	-5.1
Diluted earnings per share	Rs	1.7	-5.1
Price to Cash Flow	x	13.2	-10.0
TTM P/E ratio	x	13.5	-6.8
Price / Book Value ratio	x	1.4	1.1
Market Cap	Rs m	2,481	1,702
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ASTRON PAPER & BOARD MILL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.3x 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 -2.2x during FY23, from 2.3x 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 -15.0% during FY23, from 4.4% 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 -14.6% 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 declined and down at -4.2% during FY23, from 5.0% 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	1.3	1.0
Debtors’ Days	Days	787	680
Interest coverage	x	2.3	-2.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.0	-4.2
Return on equity	%	4.4	-15.0
Return on capital employed	%	11.4	-14.6

To see how ASTRON PAPER & BOARD MILL has performed over the last 5 years, please visit here.

ASTRON PAPER & BOARD MILL Share Price Performance

Over the last one year, ASTRON PAPER & BOARD MILL share price has moved down from Rs 36.9 to Rs 32.0, registering a loss of Rs 4.9 or around 13.3%.

Overall, the S&P BSE SENSEX is up 12.5% over the year.

(To know more, check out historical annual results for ASTRON PAPER & BOARD MILL and quarterly results for ASTRON PAPER & BOARD MILL)