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BLISS GVS PHARMA 2022-23 Annual Report Analysis

Fri, 30 Jun

BLISS GVS PHARMA 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.

BLISS GVS PHARMA Income Statement Analysis

• Operating income during the year rose 0.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 162.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.6% in FY23 as against 6.0% in FY22.
• Depreciation charges increased by 7.7% and finance costs increased by 118.6% YoY, respectively.
• Other income declined by 43.5% YoY.
• Net profit for the year grew by 231.8% YoY.
• Net profit margins during the year grew from 3.1% in FY22 to 10.2% in FY23.

BLISS GVS PHARMA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	7,475	7,516	0.6%
Other income	Rs m	315	178	-43.5%
Total Revenues	Rs m	7,789	7,694	-1.2%
Gross profit	Rs m	447	1,173	162.2%
Depreciation	Rs m	173	187	7.7%
Interest	Rs m	47	104	118.6%
Profit before tax	Rs m	542	1,061	95.8%
Tax	Rs m	310	293	-5.5%
Profit after tax	Rs m	231	767	231.8%
Gross profit margin	%	6.0	15.6
Effective tax rate	%	57.3	27.7
Net profit margin	%	3.1	10.2

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BLISS GVS PHARMA Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an decrease of -17.1%.
• Long-term debt stood at Rs 407 million as compared to Rs 232 million during FY22, a growth of 75.2%.
• Current assets fell 10% and stood at Rs 7 billion, while fixed assets rose 37% and stood at Rs 5 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 12 billion as against Rs 11 billion during FY22, thereby witnessing a growth of 4%.

BLISS GVS PHARMA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	8,088	8,750	8.2
Current Liabilities	Rs m	2,331	1,933	-17.1
Long-term Debt	Rs m	232	407	75.2
Total Liabilities	Rs m	11,087	11,535	4.0
Current assets	Rs m	7,769	6,974	-10.2
Fixed Assets	Rs m	3,319	4,562	37.4
Total Assets	Rs m	11,087	11,535	4.0

BLISS GVS PHARMA Cash Flow Statement Analysis

• BLISS GVS PHARMA's cash flow from operating activities (CFO) during FY23 stood at Rs 343 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -78 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -249 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 30 million from the Rs 89 million net cash flows seen during FY22.

BLISS GVS PHARMA 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	1,355	343	-74.7%
Cash Flow from Investing Activities	Rs m	-930	-78	-
Cash Flow from Financing Activities	Rs m	-237	-249	-
Net Cash Flow	Rs m	89	30	-65.9%

Current Valuations for BLISS GVS PHARMA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.4, an improvement from the EPS of Rs 2.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 81.0, stands at 11.0 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 1.1 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	72.1	72.2
TTM Earnings per share	Rs	2.2	7.4
Diluted earnings per share	Rs	2.2	7.4
Price to Cash Flow	x	19.8	8.7
TTM P/E ratio	x	34.7	11.0
Price / Book Value ratio	x	1.3	0.9
Market Cap	Rs m	10,324	8,262
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for BLISS GVS PHARMA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY23, from 3.3x 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 deteriorated and stood at 11.2x during FY23, from 12.4x 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 8.8% during FY23, from 2.9% 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 12.7% during FY23, from 7.1% 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 7.6% during FY23, from 2.5% 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	3.3	3.6
Debtors’ Days	Days	1,918	1,871
Interest coverage	x	12.4	11.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	2.5	7.6
Return on equity	%	2.9	8.8
Return on capital employed	%	7.1	12.7

To see how BLISS GVS PHARMA has performed over the last 5 years, please visit here.

BLISS GVS PHARMA Share Price Performance

Over the last one year, BLISS GVS PHARMA share price has moved up from Rs 73.1 to Rs 81.0, registering a gain of Rs 8.0 or around 10.9%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 25,826.6 (up 0.8%). Over the last one year it has moved up from 21,605.9 to 25,826.6, a gain of 4,221 points (up 19.5%).

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for BLISS GVS PHARMA and quarterly results for BLISS GVS PHARMA)