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BOMBAY DYEING 2022-23 Annual Report Analysis

Thu, 10 Aug

BOMBAY DYEING 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.

BOMBAY DYEING Income Statement Analysis

• Operating income during the year rose 33.6% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 1.3% in FY23 as against 4.2% in FY22.
• Depreciation charges increased by 1.5% and finance costs decreased by 0.2% YoY, respectively.
• Other income declined by 2.2% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year grew from 23.0% in FY22 to 19.3% in FY23.

BOMBAY DYEING Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	20,009	26,737	33.6%
Other income	Rs m	1,056	1,033	-2.2%
Total Revenues	Rs m	21,066	27,771	31.8%
Gross profit	Rs m	-831	-355	NA
Depreciation	Rs m	328	333	1.5%
Interest	Rs m	5,240	5,230	-0.2%
Profit before tax	Rs m	-5,343	-4,884	NA
Tax	Rs m	-739	281	NA
Profit after tax	Rs m	-4,603	-5,165	NA
Gross profit margin	%	-4.2	-1.3
Effective tax rate	%	13.8	-5.7
Net profit margin	%	-23.0	-19.3

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BOMBAY DYEING Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 16 billion as compared to Rs 18 billion in FY22, thereby witnessing an decrease of -14.3%.
• Long-term debt down at Rs 27 billion as compared to Rs 31 billion during FY22, a fall of 14.3%.
• Current assets fell 39% and stood at Rs 16 billion, while fixed assets fell 20% and stood at Rs 8 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 24 billion as against Rs 36 billion during FY22, thereby witnessing a fall of 34%.

BOMBAY DYEING Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-7,306	-12,461	NA
Current Liabilities	Rs m	18,150	15,561	-14.3
Long-term Debt	Rs m	31,496	26,994	-14.3
Total Liabilities	Rs m	35,877	23,783	-33.7
Current assets	Rs m	26,203	16,024	-38.8
Fixed Assets	Rs m	9,674	7,759	-19.8
Total Assets	Rs m	35,877	23,783	-33.7

BOMBAY DYEING Cash Flow Statement Analysis

• BOMBAY DYEING's cash flow from operating activities (CFO) during FY23 stood at Rs 9 billion, an improvement of 64.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 2 billion, an improvement of 2,852.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -13 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -3 billion from the Rs 3 billion net cash flows seen during FY22.

BOMBAY DYEING 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	5,224	8,608	64.8%
Cash Flow from Investing Activities	Rs m	60	1,771	2,852.2%
Cash Flow from Financing Activities	Rs m	-2,682	-13,204	-
Net Cash Flow	Rs m	2,601	-2,825	-

Current Valuations for BOMBAY DYEING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -25.0, an decline from the EPS of Rs -22.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 115.6, stands at -4.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -1.9 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at -4.1 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	96.9	129.5
TTM Earnings per share	Rs	-22.3	-25.0
Diluted earnings per share	Rs	-22.3	-25.0
Price to Cash Flow	x	-4.8	-4.1
TTM P/E ratio	x	-4.4	-4.3
Price / Book Value ratio	x	-2.7	-1.6
Market Cap	Rs m	20,065	20,031
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BOMBAY DYEING

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.4x 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 0.1x 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 declined and down at 41.4% during FY23, from 63.0% 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 2.4% during FY23, from -0.4% 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 0.3% during FY23, from 1.8% 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	1.4	1.0
Debtors’ Days	Days	5	4
Interest coverage	x	0.0	0.1
Debt to equity ratio	x	-4.3	-2.2
Return on assets	%	1.8	0.3
Return on equity	%	63.0	41.4
Return on capital employed	%	-0.4	2.4

To see how BOMBAY DYEING has performed over the last 5 years, please visit here.

BOMBAY DYEING Share Price Performance

Over the last one year, BOMBAY DYEING share price has moved up from Rs 100.3 to Rs 115.6, registering a gain of Rs 15.3 or around 15.3%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for BOMBAY DYEING and quarterly results for BOMBAY DYEING)