APOLLO SINDOORI HOTELS 2022-23 Annual Report Analysis

Thu, 26 Oct

APOLLO SINDOORI HOTELS 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.

APOLLO SINDOORI HOTELS Income Statement Analysis

• Operating income during the year rose 76.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 23.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.5% in FY23 as against 10.7% in FY22.
• Depreciation charges increased by 21.9% and finance costs increased by 130.9% YoY, respectively.
• Other income grew by 240.2% YoY.
• Net profit for the year grew by 14.2% YoY.
• Net profit margins during the year declined from 7.1% in FY22 to 4.6% in FY23.

APOLLO SINDOORI HOTELS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,079	3,670	76.5%
Other income	Rs m	28	94	240.2%
Total Revenues	Rs m	2,107	3,764	78.7%
Gross profit	Rs m	223	275	23.1%
Depreciation	Rs m	49	59	21.9%
Interest	Rs m	26	61	130.9%
Profit before tax	Rs m	176	249	41.5%
Tax	Rs m	28	80	184.8%
Profit after tax	Rs m	148	169	14.2%
Gross profit margin	%	10.7	7.5
Effective tax rate	%	16.0	32.1
Net profit margin	%	7.1	4.6

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APOLLO SINDOORI HOTELS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 billion as compared to Rs 391 million in FY22, thereby witnessing an increase of 235.7%.
• Long-term debt stood at Rs 481 million as compared to Rs 28 million during FY22, a growth of 1607.6%.
• Current assets rose 239% and stood at Rs 3 billion, while fixed assets fell 14% and stood at Rs 761 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 102%.

APOLLO SINDOORI HOTELS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,024	1,200	17.2
Current Liabilities	Rs m	391	1,312	235.7
Long-term Debt	Rs m	28	481	1,607.6
Total Liabilities	Rs m	1,633	3,306	102.4
Current assets	Rs m	750	2,545	239.2
Fixed Assets	Rs m	883	761	-13.8
Total Assets	Rs m	1,633	3,306	102.4

APOLLO SINDOORI HOTELS Cash Flow Statement Analysis

• APOLLO SINDOORI HOTELS 's cash flow from operating activities (CFO) during FY23 stood at Rs 35 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -497 million, an improvement of 299.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 425 million, an improvement of 1,065% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -36 million from the Rs 14 million net cash flows seen during FY22.

APOLLO SINDOORI HOTELS 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	182	35	-80.6%
Cash Flow from Investing Activities	Rs m	-124	-497	-
Cash Flow from Financing Activities	Rs m	-44	425	-
Net Cash Flow	Rs m	14	-36	-

Current Valuations for APOLLO SINDOORI HOTELS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 65.1, an improvement from the EPS of Rs 56.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,695.0, stands at 27.5 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 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 13.1 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	799.8	1,411.6
TTM Earnings per share	Rs	56.9	65.1
Diluted earnings per share	Rs	56.9	65.0
Price to Cash Flow	x	0.0	13.1
TTM P/E ratio	x	0.0	27.5
Price / Book Value ratio	x	2.0	2.5
Market Cap	Rs m	2,074	2,989
Dividends per share (Unadj.)	Rs	1.5	1.5

Ratio Analysis for APOLLO SINDOORI HOTELS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY23, from 1.9x 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 5.1x during FY23, from 7.7x 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 14.1% during FY23, from 14.5% 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 18.4% during FY23, from 19.2% 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 6.9% 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	1.9	1.9
Debtors’ Days	Days	645	834
Interest coverage	x	7.7	5.1
Debt to equity ratio	x	0.0	0.4
Return on assets	%	10.7	6.9
Return on equity	%	14.5	14.1
Return on capital employed	%	19.2	18.4

To see how APOLLO SINDOORI HOTELS has performed over the last 5 years, please visit here.

APOLLO SINDOORI HOTELS Share Price Performance

Over the last one year, APOLLO SINDOORI HOTELS share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 1.4% over the year.

(To know more, check out historical annual results for APOLLO SINDOORI HOTELS and quarterly results for APOLLO SINDOORI HOTELS )