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BPL LIMITED 2022-23 Annual Report Analysis

Wed, 4 Oct

BPL LIMITED 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.

BPL LIMITED Income Statement Analysis

• Operating income during the year rose 36.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4507.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.2% in FY23 as against 0.3% in FY22.
• Depreciation charges increased by 1.0% and finance costs decreased by 11.6% YoY, respectively.
• Other income declined by 9.6% YoY.
• Net profit for the year declined by 60.9% YoY.
• Net profit margins during the year declined from 33.9% in FY22 to 9.7% in FY23.

BPL LIMITED Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	382	522	36.5%
Other income	Rs m	109	99	-9.6%
Total Revenues	Rs m	492	621	26.3%
Gross profit	Rs m	1	59	4,507.9%
Depreciation	Rs m	17	17	1.0%
Interest	Rs m	17	15	-11.6%
Profit before tax	Rs m	76	125	63.6%
Tax	Rs m	-53	75	NA
Profit after tax	Rs m	129	51	-60.9%
Gross profit margin	%	0.3	11.2
Effective tax rate	%	-69.3	59.6
Net profit margin	%	33.9	9.7

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BPL LIMITED 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 -3.3%.
• Long-term debt stood at Rs 213 million as compared to Rs 208 million during FY22, a growth of 2.5%.
• Current assets rose 2% and stood at Rs 437 million, while fixed assets rose 15% and stood at Rs 5 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 6 billion as against Rs 5 billion during FY22, thereby witnessing a growth of 14%.

BPL LIMITED Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,659	2,360	42.2
Current Liabilities	Rs m	2,125	2,054	-3.3
Long-term Debt	Rs m	208	213	2.5
Total Liabilities	Rs m	5,014	5,696	13.6
Current assets	Rs m	429	437	1.9
Fixed Assets	Rs m	4,585	5,259	14.7
Total Assets	Rs m	5,014	5,696	13.6

BPL LIMITED Cash Flow Statement Analysis

• BPL LIMITED's cash flow from operating activities (CFO) during FY23 stood at Rs 63 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 43 million, an improvement of 18.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -102 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 4 million from the Rs -9 million net cash flows seen during FY22.

BPL LIMITED 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	-6	63	-
Cash Flow from Investing Activities	Rs m	36	43	18.2%
Cash Flow from Financing Activities	Rs m	-39	-102	-
Net Cash Flow	Rs m	-9	4	-

Current Valuations for BPL LIMITED

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.0, an decline from the EPS of Rs 2.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 79.7, stands at 60.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 7.5 times.
• The company's price to cash flow (P/CF) ratio stood at 50.4 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	7.8	10.7
TTM Earnings per share	Rs	2.6	1.0
Diluted earnings per share	Rs	2.6	1.0
Price to Cash Flow	x	21.1	50.4
TTM P/E ratio	x	23.8	60.9
Price / Book Value ratio	x	2.9	1.4
Market Cap	Rs m	4,845	3,403
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BPL LIMITED

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.2x during FY23, from 0.2x 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 improved and stood at 9.1x during FY23, from 5.4x 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 declined and down at 2.1% during FY23, from 7.8% 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 5.5% during FY23, from 5.0% 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 declined and down at 1.2% during FY23, from 2.9% 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	0.2	0.2
Debtors’ Days	Days	1,246	970
Interest coverage	x	5.4	9.1
Debt to equity ratio	x	0.1	0.1
Return on assets	%	2.9	1.2
Return on equity	%	7.8	2.1
Return on capital employed	%	5.0	5.5

To see how BPL LIMITED has performed over the last 5 years, please visit here.

BPL LIMITED Share Price Performance

Over the last one year, BPL LIMITED share price has moved up from Rs 69.5 to Rs 79.7, registering a gain of Rs 10.2 or around 14.7%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 45,437.7 (down 0.6%). Over the last one year it has moved up from 42,153.3 to 45,437.7, a gain of 3,284 points (up 7.8%).

Overall, the S&P BSE SENSEX is up 15.6% over the year.

(To know more, check out historical annual results for BPL LIMITED and quarterly results for BPL LIMITED)