BARTRONICS INDIA 2022-23 Annual Report Analysis

Fri, 31 Mar

BARTRONICS INDIA 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.

BARTRONICS INDIA Income Statement Analysis

• Operating income during the year fell 20.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 8062.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 883.6% in FY23 as against 8.7% in FY22.
• Depreciation charges decreased by 2.2% and finance costs decreased by 50.0% YoY, respectively.
• Other income grew by 356.6% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 77.0% in FY22 to 789.3% in FY23.

BARTRONICS INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	653	523	-20.0%
Other income	Rs m	1	6	356.6%
Total Revenues	Rs m	654	528	-19.3%
Gross profit	Rs m	57	4,617	8,062.5%
Depreciation	Rs m	43	42	-2.2%
Interest	Rs m	524	262	-50.0%
Profit before tax	Rs m	-509	4,319	NA
Tax	Rs m	-6	195	NA
Profit after tax	Rs m	-503	4,124	NA
Gross profit margin	%	8.7	883.6
Effective tax rate	%	1.1	4.5
Net profit margin	%	-77.0	789.3

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BARTRONICS INDIA Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 16 billion in FY22, thereby witnessing an decrease of -85.7%.
• Current assets fell 55% and stood at Rs 5 billion, while fixed assets fell 46% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 7 billion as against Rs 16 billion during FY22, thereby witnessing a fall of 53%.

BARTRONICS INDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	665	5,282	694.7
Current Liabilities	Rs m	15,525	2,218	-85.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	15,977	7,482	-53.2
Current assets	Rs m	12,258	5,456	-55.5
Fixed Assets	Rs m	3,719	2,026	-45.5
Total Assets	Rs m	15,977	7,482	-53.2

BARTRONICS INDIA Cash Flow Statement Analysis

• BARTRONICS INDIA's cash flow from operating activities (CFO) during FY23 stood at Rs -41 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 6 million, an improvement of 381.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -23 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -57 million from the Rs 41 million net cash flows seen during FY22.

BARTRONICS INDIA 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	40	-41	-
Cash Flow from Investing Activities	Rs m	1	6	381.1%
Cash Flow from Financing Activities	Rs m	0	-23	-
Net Cash Flow	Rs m	41	-57	-

Current Valuations for BARTRONICS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.5, an improvement from the EPS of Rs -14.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 6.4, stands at 0.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 3.7 times.
• The company's price to cash flow (P/CF) ratio stood at 0.8 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	19.2	1.7
TTM Earnings per share	Rs	-14.8	13.5
Diluted earnings per share	Rs	-1.7	13.5
Price to Cash Flow	x	-3.6	0.8
TTM P/E ratio	x	-3.3	0.5
Price / Book Value ratio	x	0.3	0.6
Market Cap	Rs m	220	3,227
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BARTRONICS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.5x during FY23, from 0.8x 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 17.5x during FY23, from 0.0x 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 78.1% during FY23, from -75.7% 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 improved and stood at 86.7% during FY23, from 2.3% 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 58.6% during FY23, from 0.1% 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	0.8	2.5
Debtors’ Days	Days	60,629	23,711
Interest coverage	x	0.0	17.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.1	58.6
Return on equity	%	-75.7	78.1
Return on capital employed	%	2.3	86.7

To see how BARTRONICS INDIA has performed over the last 5 years, please visit here.

BARTRONICS INDIA Share Price Performance

Over the last one year, BARTRONICS INDIA share price has moved up from Rs 5.4 to Rs 6.4, registering a gain of Rs 0.9 or around 17.3%.

Meanwhile, the S&P BSE IT Index is trading at Rs 28,479.0 (up 2.5%). Over the last one year it has moved down from 36,402.7 to 28,479.0, a loss of 7,924 points (down 21.8%).

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

(To know more, check out historical annual results for BARTRONICS INDIA and quarterly results for BARTRONICS INDIA)