BL KASHYAP & SONS 2022-23 Annual Report Analysis

Thu, 21 Sep

BL KASHYAP & SONS 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.

BL KASHYAP & SONS Income Statement Analysis

• Operating income during the year fell 4.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 52.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.6% in FY23 as against 11.1% in FY22.
• Depreciation charges decreased by 6.5% and finance costs decreased by 6.1% YoY, respectively.
• Other income grew by 814.9% YoY.
• Net profit for the year declined by 49.6% YoY.
• Net profit margins during the year declined from 3.8% in FY22 to 2.0% in FY23.

BL KASHYAP & SONS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	11,575	11,100	-4.1%
Other income	Rs m	22	199	814.9%
Total Revenues	Rs m	11,597	11,299	-2.6%
Gross profit	Rs m	1,290	619	-52.0%
Depreciation	Rs m	104	97	-6.5%
Interest	Rs m	548	515	-6.1%
Profit before tax	Rs m	659	206	-68.7%
Tax	Rs m	220	-15	NA
Profit after tax	Rs m	439	221	-49.6%
Gross profit margin	%	11.1	5.6
Effective tax rate	%	33.3	-7.4
Net profit margin	%	3.8	2.0

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BL KASHYAP & SONS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 7 billion as compared to Rs 8 billion in FY22, thereby witnessing an decrease of -8.2%.
• Long-term debt down at Rs 357 million as compared to Rs 669 million during FY22, a fall of 46.7%.
• Current assets rose 2% and stood at Rs 10 billion, while fixed assets fell 40% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 12 billion as against Rs 14 billion during FY22, thereby witnessing a fall of 11%.

BL KASHYAP & SONS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	4,230	4,447	5.1
Current Liabilities	Rs m	7,697	7,062	-8.2
Long-term Debt	Rs m	669	357	-46.7
Total Liabilities	Rs m	13,577	12,102	-10.9
Current assets	Rs m	9,446	9,617	1.8
Fixed Assets	Rs m	4,131	2,485	-39.8
Total Assets	Rs m	13,577	12,102	-10.9

BL KASHYAP & SONS Cash Flow Statement Analysis

• BL KASHYAP & SONS's cash flow from operating activities (CFO) during FY23 stood at Rs 195 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 190 million from the Rs 46 million net cash flows seen during FY22.

BL KASHYAP & SONS 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	872	195	-77.6%
Cash Flow from Investing Activities	Rs m	-137	1,097	-
Cash Flow from Financing Activities	Rs m	-688	-1,102	-
Net Cash Flow	Rs m	46	190	312.1%

Current Valuations for BL KASHYAP & SONS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.0, an decline from the EPS of Rs 1.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 53.7, stands at 59.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 19.5 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	51.3	49.2
TTM Earnings per share	Rs	1.9	1.0
Diluted earnings per share	Rs	1.9	1.0
Price to Cash Flow	x	11.0	19.5
TTM P/E ratio	x	13.6	59.4
Price / Book Value ratio	x	1.2	1.4
Market Cap	Rs m	5,253	6,217
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BL KASHYAP & SONS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x during FY23, from 1.2x 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 1.4x during FY23, from 2.2x 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 5.0% during FY23, from 10.4% 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 declined and down at 15.0% during FY23, from 24.6% 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 6.1% during FY23, from 7.3% 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	1.2	1.4
Debtors’ Days	Days	1,097	1,380
Interest coverage	x	2.2	1.4
Debt to equity ratio	x	0.2	0.1
Return on assets	%	7.3	6.1
Return on equity	%	10.4	5.0
Return on capital employed	%	24.6	15.0

To see how BL KASHYAP & SONS has performed over the last 5 years, please visit here.

BL KASHYAP & SONS Share Price Performance

Over the last one year, BL KASHYAP & SONS share price has moved up from Rs 24.9 to Rs 53.7, registering a gain of Rs 28.8 or around 115.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,534.1 (down 1.0%). Over the last one year it has moved up from 3,597.7 to 4,534.1, a gain of 936 points (up 26.0%).

Overall, the S&P BSE SENSEX is up 10.9% over the year.

(To know more, check out historical annual results for BL KASHYAP & SONS and quarterly results for BL KASHYAP & SONS)