BATLIBOI 2022-23 Annual Report Analysis

Mon, 7 Aug

BATLIBOI 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.

BATLIBOI Income Statement Analysis

• Operating income during the year rose 29.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 111.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.3% in FY23 as against 3.8% in FY22.
• Depreciation charges increased by 13.3% and finance costs decreased by 37.0% YoY, respectively.
• Other income grew by 112.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 2.4% in FY22 to 4.2% in FY23.

BATLIBOI Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,966	2,538	29.1%
Other income	Rs m	21	45	112.5%
Total Revenues	Rs m	1,987	2,584	30.0%
Gross profit	Rs m	76	160	111.1%
Depreciation	Rs m	37	42	13.3%
Interest	Rs m	83	52	-37.0%
Profit before tax	Rs m	-23	111	NA
Tax	Rs m	24	5	-77.8%
Profit after tax	Rs m	-47	106	NA
Gross profit margin	%	3.8	6.3
Effective tax rate	%	-106.9	4.9
Net profit margin	%	-2.4	4.2

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BATLIBOI Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 679 million as compared to Rs 950 million in FY22, thereby witnessing an decrease of -28.6%.
• Long-term debt stood at Rs 613 million as compared to Rs 423 million during FY22, a growth of 45.0%.
• Current assets rose 9% and stood at Rs 745 million, while fixed assets fell 2% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 3 billion during FY22, thereby witnessing a growth of 1%.

BATLIBOI Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,251	1,359	8.7
Current Liabilities	Rs m	950	679	-28.6
Long-term Debt	Rs m	423	613	45.0
Total Liabilities	Rs m	2,867	2,885	0.6
Current assets	Rs m	686	745	8.6
Fixed Assets	Rs m	2,002	1,962	-2.0
Total Assets	Rs m	2,867	2,885	0.6

BATLIBOI Cash Flow Statement Analysis

• BATLIBOI's cash flow from operating activities (CFO) during FY23 stood at Rs 9 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -30 million, an improvement of 15.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -50 million, an improvement of 54% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -71 million from the Rs 63 million net cash flows seen during FY22.

BATLIBOI 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	196	9	-95.2%
Cash Flow from Investing Activities	Rs m	-26	-30	-
Cash Flow from Financing Activities	Rs m	-107	-50	-
Net Cash Flow	Rs m	63	-71	-

Current Valuations for BATLIBOI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.7, an improvement from the EPS of Rs -1.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 70.9, stands at 15.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 10.0 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	68.4	87.9
TTM Earnings per share	Rs	-1.6	3.7
Diluted earnings per share	Rs	-1.6	3.6
Price to Cash Flow	x	-138.3	10.0
TTM P/E ratio	x	-30.1	15.2
Price / Book Value ratio	x	0.8	1.1
Market Cap	Rs m	985	1,476
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BATLIBOI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY23, from 0.7x 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 3.1x during FY23, from 0.7x 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 7.8% during FY23, from -3.8% 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 8.3% during FY23, from 3.6% 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 improved and stood at 5.5% during FY23, from 1.2% 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	0.7	1.1
Debtors’ Days	Days	349	454
Interest coverage	x	0.7	3.1
Debt to equity ratio	x	0.3	0.5
Return on assets	%	1.2	5.5
Return on equity	%	-3.8	7.8
Return on capital employed	%	3.6	8.3

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

BATLIBOI Share Price Performance

Over the last one year, BATLIBOI share price has moved up from Rs 38.7 to Rs 70.9, registering a gain of Rs 32.2 or around 83.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 43,183.1 (up 0.3%). Over the last one year it has moved up from 29,698.7 to 43,183.1, a gain of 13,484 points (up 45.4%).

Overall, the S&P BSE SENSEX is up 13.1% over the year.

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