BHARAT BIJLEE 2022-23 Annual Report Analysis

Thu, 7 Sep

BHARAT BIJLEE 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.

BHARAT BIJLEE Income Statement Analysis

• Operating income during the year rose 12.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 37.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.4% in FY23 as against 6.9% in FY22.
• Depreciation charges increased by 7.3% and finance costs increased by 0.2% YoY, respectively.
• Other income grew by 22.3% YoY.
• Net profit for the year grew by 49.7% YoY.
• Net profit margins during the year grew from 4.4% in FY22 to 5.9% in FY23.

BHARAT BIJLEE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	12,657	14,185	12.1%
Other income	Rs m	240	294	22.3%
Total Revenues	Rs m	12,898	14,479	12.3%
Gross profit	Rs m	869	1,193	37.2%
Depreciation	Rs m	121	129	7.3%
Interest	Rs m	243	244	0.2%
Profit before tax	Rs m	746	1,114	49.4%
Tax	Rs m	190	281	48.2%
Profit after tax	Rs m	556	832	49.7%
Gross profit margin	%	6.9	8.4
Effective tax rate	%	25.5	25.3
Net profit margin	%	4.4	5.9

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

BHARAT BIJLEE Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 6 billion as compared to Rs 5 billion in FY22, thereby witnessing an increase of 22.7%.
• Current assets rose 53% and stood at Rs 10 billion, while fixed assets rose 3% and stood at Rs 10 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 21 billion as against Rs 17 billion during FY22, thereby witnessing a growth of 24%.

BHARAT BIJLEE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	11,234	13,777	22.6
Current Liabilities	Rs m	4,948	6,072	22.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	16,597	20,515	23.6
Current assets	Rs m	6,821	10,435	53.0
Fixed Assets	Rs m	9,776	10,080	3.1
Total Assets	Rs m	16,597	20,515	23.6

BHARAT BIJLEE Cash Flow Statement Analysis

• BHARAT BIJLEE's cash flow from operating activities (CFO) during FY23 stood at Rs 517 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -98 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -312 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 107 million from the Rs -55 million net cash flows seen during FY22.

BHARAT BIJLEE 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	-93	517	-
Cash Flow from Investing Activities	Rs m	-137	-98	-
Cash Flow from Financing Activities	Rs m	175	-312	-
Net Cash Flow	Rs m	-55	107	-

Current Valuations for BHARAT BIJLEE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 147.3, an improvement from the EPS of Rs 98.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 3,940.0, stands at 24.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at 12.5 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	2,240.2	2,510.6
TTM Earnings per share	Rs	98.4	147.3
Diluted earnings per share	Rs	98.3	147.3
Price to Cash Flow	x	14.5	12.5
TTM P/E ratio	x	17.7	24.1
Price / Book Value ratio	x	0.8	0.9
Market Cap	Rs m	9,147	11,987
Dividends per share (Unadj.)	Rs	30.0	40.0

Ratio Analysis for BHARAT BIJLEE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x 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 5.6x during FY23, from 4.1x 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 6.0% during FY23, from 4.9% 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 9.9% during FY23, from 8.8% 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 improved and stood at 5.2% during FY23, from 4.8% 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	1.7
Debtors’ Days	Days	985	994
Interest coverage	x	4.1	5.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.8	5.2
Return on equity	%	4.9	6.0
Return on capital employed	%	8.8	9.9

To see how BHARAT BIJLEE has performed over the last 5 years, please visit here.

BHARAT BIJLEE Share Price Performance

Over the last one year, BHARAT BIJLEE share price has moved up from Rs 2,063.8 to Rs 3,940.0, registering a gain of Rs 1,876.2 or around 90.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 46,317.0 (up 1.0%). Over the last one year it has moved up from 33,224.3 to 46,317.0, a gain of 13,093 points (up 39.4%).

Overall, the S&P BSE SENSEX is up 11.2% over the year.

(To know more, check out historical annual results for BHARAT BIJLEE and quarterly results for BHARAT BIJLEE)