AMINES & PLASTIC 2022-23 Annual Report Analysis

Fri, 31 Mar

AMINES & PLASTIC 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.

AMINES & PLASTIC Income Statement Analysis

• Operating income during the year rose 6.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 5.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.1% in FY23 as against 7.1% in FY22.
• Depreciation charges increased by 10.0% and finance costs increased by 14.9% YoY, respectively.
• Other income declined by 46.8% YoY.
• Net profit for the year declined by 4.1% YoY.
• Net profit margins during the year declined from 4.2% in FY22 to 3.8% in FY23.

AMINES & PLASTIC Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	5,632	5,973	6.1%
Other income	Rs m	52	28	-46.8%
Total Revenues	Rs m	5,684	6,001	5.6%
Gross profit	Rs m	402	425	5.7%
Depreciation	Rs m	44	48	10.0%
Interest	Rs m	88	101	14.9%
Profit before tax	Rs m	322	303	-5.8%
Tax	Rs m	83	74	-10.8%
Profit after tax	Rs m	239	229	-4.1%
Gross profit margin	%	7.1	7.1
Effective tax rate	%	25.8	24.5
Net profit margin	%	4.2	3.8

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AMINES & PLASTIC 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 13.7%.
• Long-term debt down at Rs 227 million as compared to Rs 255 million during FY22, a fall of 11.1%.
• Current assets rose 16% and stood at Rs 3 billion, while fixed assets fell 2% and stood at Rs 879 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 3 billion during FY22, thereby witnessing a growth of 11%.

AMINES & PLASTIC Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,623	1,826	12.6
Current Liabilities	Rs m	1,150	1,307	13.7
Long-term Debt	Rs m	255	227	-11.1
Total Liabilities	Rs m	3,100	3,440	11.0
Current assets	Rs m	2,199	2,560	16.5
Fixed Assets	Rs m	902	879	-2.4
Total Assets	Rs m	3,100	3,440	11.0

AMINES & PLASTIC Cash Flow Statement Analysis

• AMINES & PLASTIC's cash flow from operating activities (CFO) during FY23 stood at Rs 45 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -24 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 4 million, an improvement of 103% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 25 million from the Rs -426 million net cash flows seen during FY22.

AMINES & PLASTIC 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	-266	45	-
Cash Flow from Investing Activities	Rs m	-35	-24	-
Cash Flow from Financing Activities	Rs m	-125	4	-
Net Cash Flow	Rs m	-426	25	-

Current Valuations for AMINES & PLASTIC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.2, an decline from the EPS of Rs 4.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 69.9, stands at 16.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 19.2 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	102.4	108.6
TTM Earnings per share	Rs	4.3	4.2
Diluted earnings per share	Rs	4.3	4.2
Price to Cash Flow	x	21.3	19.2
TTM P/E ratio	x	25.2	16.9
Price / Book Value ratio	x	4.2	2.9
Market Cap	Rs m	6,767	5,309
Dividends per share (Unadj.)	Rs	0.4	0.5

Ratio Analysis for AMINES & PLASTIC

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x 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 4.0x during FY23, from 4.7x 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 12.5% during FY23, from 14.7% 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 19.7% during FY23, from 21.8% 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 9.6% during FY23, from 10.5% 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	2.0
Debtors’ Days	Days	663	742
Interest coverage	x	4.7	4.0
Debt to equity ratio	x	0.2	0.1
Return on assets	%	10.5	9.6
Return on equity	%	14.7	12.5
Return on capital employed	%	21.8	19.7

To see how AMINES & PLASTIC has performed over the last 5 years, please visit here.

AMINES & PLASTIC Share Price Performance

Over the last one year, AMINES & PLASTIC share price has moved down from Rs 109.3 to Rs 69.9, registering a loss of Rs 39.3 or around 36.0%.

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

(To know more, check out historical annual results for AMINES & PLASTIC and quarterly results for AMINES & PLASTIC)