BCPL RAILWAY INFRASTRUCTURE 2022-23 Annual Report Analysis

Wed, 5 Jul

BCPL RAILWAY INFRASTRUCTURE 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.

BCPL RAILWAY INFRASTRUCTURE Income Statement Analysis

• Operating income during the year rose 16.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.3% in FY23 as against 9.1% in FY22.
• Depreciation charges increased by 4.4% and finance costs increased by 54.8% YoY, respectively.
• Other income grew by 24.3% YoY.
• Net profit for the year grew by 9.1% YoY.
• Net profit margins during the year declined from 7.0% in FY22 to 6.6% in FY23.

BCPL RAILWAY INFRASTRUCTURE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,054	1,228	16.5%
Other income	Rs m	22	27	24.3%
Total Revenues	Rs m	1,076	1,255	16.6%
Gross profit	Rs m	96	102	6.4%
Depreciation	Rs m	2	2	4.4%
Interest	Rs m	11	17	54.8%
Profit before tax	Rs m	106	111	5.1%
Tax	Rs m	31	30	-4.2%
Profit after tax	Rs m	74	81	9.1%
Gross profit margin	%	9.1	8.3
Effective tax rate	%	29.8	27.2
Net profit margin	%	7.0	6.6

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BCPL RAILWAY INFRASTRUCTURE Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 250 million as compared to Rs 252 million in FY22, thereby witnessing an decrease of -1.0%.
• Long-term debt down at Rs 3 million as compared to Rs 9 million during FY22, a fall of 62.8%.
• Current assets rose 7% and stood at Rs 684 million, while fixed assets rose 2% and stood at Rs 413 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 1 billion during FY22, thereby witnessing a growth of 5%.

BCPL RAILWAY INFRASTRUCTURE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	771	845	9.5
Current Liabilities	Rs m	252	250	-1.0
Long-term Debt	Rs m	9	3	-62.8
Total Liabilities	Rs m	1,046	1,097	4.8
Current assets	Rs m	642	684	6.6
Fixed Assets	Rs m	405	413	2.0
Total Assets	Rs m	1,046	1,097	4.8

BCPL RAILWAY INFRASTRUCTURE Cash Flow Statement Analysis

• BCPL RAILWAY INFRASTRUCTURE's cash flow from operating activities (CFO) during FY23 stood at Rs 17 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -62 million, an improvement of 69.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -28 million, an improvement of 11% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -72 million from the Rs -17 million net cash flows seen during FY22.

BCPL RAILWAY INFRASTRUCTURE 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	51	17	-67.1%
Cash Flow from Investing Activities	Rs m	-36	-62	-
Cash Flow from Financing Activities	Rs m	-31	-28	-
Net Cash Flow	Rs m	-17	-72	-

Current Valuations for BCPL RAILWAY INFRASTRUCTURE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.8, 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 50.0, stands at 10.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 8.7 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	63.0	73.4
TTM Earnings per share	Rs	4.4	4.8
Diluted earnings per share	Rs	4.4	4.8
Price to Cash Flow	x	8.3	8.7
TTM P/E ratio	x	8.5	10.4
Price / Book Value ratio	x	1.1	0.8
Market Cap	Rs m	886	715
Dividends per share (Unadj.)	Rs	0.7	0.7

Ratio Analysis for BCPL RAILWAY INFRASTRUCTURE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY23, from 2.5x 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 7.6x during FY23, from 10.7x 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 9.6% during FY23, from 9.6% 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 15.1% during FY23, from 14.9% 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 8.9% during FY23, from 8.1% 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	2.5	2.7
Debtors’ Days	Days	684	471
Interest coverage	x	10.7	7.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.1	8.9
Return on equity	%	9.6	9.6
Return on capital employed	%	14.9	15.1

To see how BCPL RAILWAY INFRASTRUCTURE has performed over the last 5 years, please visit here.

BCPL RAILWAY INFRASTRUCTURE Share Price Performance

Over the last one year, BCPL RAILWAY INFRASTRUCTURE share price has moved up from Rs 33.7 to Rs 50.0, registering a gain of Rs 16.3 or around 48.4%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,159.3 (down 0.7%). Over the last one year it has moved up from 3,118.8 to 4,159.3, a gain of 1,041 points (up 33.4%).

Overall, the S&P BSE SENSEX is up 22.9% over the year.

(To know more, check out historical annual results for BCPL RAILWAY INFRASTRUCTURE and quarterly results for BCPL RAILWAY INFRASTRUCTURE)