BHAGYANAGAR PROPERTIES 2022-23 Annual Report Analysis

Tue, 7 Nov

BHAGYANAGAR PROPERTIES 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.

BHAGYANAGAR PROPERTIES Income Statement Analysis

• Operating income during the year fell 0.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 0.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 49.2% in FY23 as against 48.9% in FY22.
• Depreciation charges increased by 5.3% and finance costs increased by 1.7% YoY, respectively.
• Other income grew by 203.4% YoY.
• Net profit for the year grew by 80.0% YoY.
• Net profit margins during the year grew from 46.3% in FY22 to 83.7% in FY23.

BHAGYANAGAR PROPERTIES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	82	82	-0.5%
Other income	Rs m	18	55	203.4%
Total Revenues	Rs m	100	136	36.3%
Gross profit	Rs m	40	40	0.1%
Depreciation	Rs m	2	2	5.3%
Interest	Rs m	16	16	1.7%
Profit before tax	Rs m	40	76	90.9%
Tax	Rs m	2	8	283.7%
Profit after tax	Rs m	38	68	80.0%
Gross profit margin	%	48.9	49.2
Effective tax rate	%	5.4	10.8
Net profit margin	%	46.3	83.7

Emerging Opportunity: Bluechip Bull Run

BHAGYANAGAR PROPERTIES Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 98 million as compared to Rs 125 million in FY22, thereby witnessing an decrease of -21.8%.
• Long-term debt down at Rs 154 million as compared to Rs 185 million during FY22, a fall of 16.8%.
• Current assets rose 269% and stood at Rs 122 million, while fixed assets fell 6% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 0%.

BHAGYANAGAR PROPERTIES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,211	1,272	5.0
Current Liabilities	Rs m	125	98	-21.8
Long-term Debt	Rs m	185	154	-16.8
Total Liabilities	Rs m	1,581	1,583	0.1
Current assets	Rs m	33	122	269.2
Fixed Assets	Rs m	1,548	1,461	-5.6
Total Assets	Rs m	1,581	1,583	0.1

BHAGYANAGAR PROPERTIES Cash Flow Statement Analysis

• BHAGYANAGAR PROPERTIES'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 -55 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 41 million, an improvement of 54% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 4 million from the Rs -7 million net cash flows seen during FY22.

BHAGYANAGAR PROPERTIES 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	68	17	-75.1%
Cash Flow from Investing Activities	Rs m	-102	-55	-
Cash Flow from Financing Activities	Rs m	27	41	53.5%
Net Cash Flow	Rs m	-7	4	-

Current Valuations for BHAGYANAGAR PROPERTIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.1, an improvement from the EPS of Rs 1.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 42.0, stands at 18.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 16.5 times.
• The company's price to cash flow (P/CF) ratio stood at 17.4 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	2.6	2.5
TTM Earnings per share	Rs	1.2	2.1
Diluted earnings per share	Rs	1.2	2.1
Price to Cash Flow	x	26.1	17.4
TTM P/E ratio	x	26.1	18.5
Price / Book Value ratio	x	0.9	1.0
Market Cap	Rs m	1,032	1,221
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BHAGYANAGAR PROPERTIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY23, from 0.3x 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 5.7x during FY23, from 3.5x 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 5.4% during FY23, from 3.1% 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 6.5% during FY23, from 4.0% 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 5.3% during FY23, from 3.4% 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	0.3	1.2
Debtors’ Days	Days	205	366
Interest coverage	x	3.5	5.7
Debt to equity ratio	x	0.2	0.1
Return on assets	%	3.4	5.3
Return on equity	%	3.1	5.4
Return on capital employed	%	4.0	6.5

To see how BHAGYANAGAR PROPERTIES has performed over the last 5 years, please visit here.

BHAGYANAGAR PROPERTIES Share Price Performance

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(To know more, check out historical annual results for BHAGYANAGAR PROPERTIES and quarterly results for BHAGYANAGAR PROPERTIES)