ASTRA MICRO 2022-23 Annual Report Analysis

Wed, 27 Sep

ASTRA MICRO 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.

ASTRA MICRO Income Statement Analysis

• Operating income during the year rose 8.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 66.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.8% in FY23 as against 11.6% in FY22.
• Depreciation charges increased by 7.3% and finance costs increased by 44.4% YoY, respectively.
• Other income declined by 14.3% YoY.
• Net profit for the year grew by 84.4% YoY.
• Net profit margins during the year grew from 5.0% in FY22 to 8.6% in FY23.

ASTRA MICRO Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	7,505	8,155	8.7%
Other income	Rs m	64	55	-14.3%
Total Revenues	Rs m	7,568	8,210	8.5%
Gross profit	Rs m	873	1,451	66.2%
Depreciation	Rs m	220	237	7.3%
Interest	Rs m	214	310	44.4%
Profit before tax	Rs m	502	959	91.1%
Tax	Rs m	123	261	111.6%
Profit after tax	Rs m	379	698	84.4%
Gross profit margin	%	11.6	17.8
Effective tax rate	%	24.6	27.2
Net profit margin	%	5.0	8.6

Download Now: 7 Unstoppable Growth Engines of India's $10 Trillion Bull Run...

ASTRA MICRO Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 4 billion as compared to Rs 3 billion in FY22, thereby witnessing an increase of 6.9%.
• Long-term debt down at Rs 33 million as compared to Rs 34 million during FY22, a fall of 0.7%.
• Current assets rose 13% and stood at Rs 9 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 11 billion as against Rs 10 billion during FY22, thereby witnessing a growth of 11%.

ASTRA MICRO Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	5,856	6,426	9.7
Current Liabilities	Rs m	3,372	3,603	6.9
Long-term Debt	Rs m	34	33	-0.7
Total Liabilities	Rs m	9,791	10,878	11.1
Current assets	Rs m	7,730	8,743	13.1
Fixed Assets	Rs m	2,061	2,135	3.6
Total Assets	Rs m	9,791	10,878	11.1

ASTRA MICRO Cash Flow Statement Analysis

• ASTRA MICRO's cash flow from operating activities (CFO) during FY23 stood at Rs -255 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -282 million, an improvement of 8.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 748 million, an improvement of 195% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 211 million from the Rs 100 million net cash flows seen during FY22.

ASTRA MICRO 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	1,147	-255	-
Cash Flow from Investing Activities	Rs m	-260	-282	-
Cash Flow from Financing Activities	Rs m	-787	748	-
Net Cash Flow	Rs m	100	211	111.9%

Current Valuations for ASTRA MICRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.1, an improvement from the EPS of Rs 4.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 430.1, stands at 71.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 4.6 times.
• The company's price to cash flow (P/CF) ratio stood at 25.8 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	86.6	94.2
TTM Earnings per share	Rs	4.4	8.1
Diluted earnings per share	Rs	4.0	7.4
Price to Cash Flow	x	35.6	25.8
TTM P/E ratio	x	53.1	71.5
Price / Book Value ratio	x	3.0	3.8
Market Cap	Rs m	17,389	24,156
Dividends per share (Unadj.)	Rs	1.4	1.6

Ratio Analysis for ASTRA MICRO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY23, from 2.3x 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 improved and stood at 4.1x during FY23, from 3.3x 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 improved and stood at 10.9% during FY23, from 6.5% 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 improved and stood at 19.6% during FY23, from 12.2% 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 improved and stood at 9.3% during FY23, from 6.1% 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	2.3	2.4
Debtors’ Days	Days	997	1,270
Interest coverage	x	3.3	4.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.1	9.3
Return on equity	%	6.5	10.9
Return on capital employed	%	12.2	19.6

To see how ASTRA MICRO has performed over the last 5 years, please visit here.

ASTRA MICRO Share Price Performance

Over the last one year, ASTRA MICRO share price has moved up from Rs 294.5 to Rs 430.1, registering a gain of Rs 135.6 or around 46.0%.

Overall, the S&P BSE SENSEX is up 15.5% over the year.

(To know more, check out historical annual results for ASTRA MICRO and quarterly results for ASTRA MICRO)