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CINEVISTA. 2022-23 Annual Report Analysis

Thu, 17 Aug

CINEVISTA. 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.

CINEVISTA. Income Statement Analysis

• Operating income during the year fell 21.6% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 5047.6% in FY23 as against 978.5% in FY22.
• Depreciation charges decreased by 62.8% and finance costs increased by 51.4% YoY, respectively.
• Other income grew by 295.7% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 1616.6% in FY22 to 3498.1% in FY23.

CINEVISTA. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	10	8	-21.6%
Other income	Rs m	4	17	295.7%
Total Revenues	Rs m	14	25	71.3%
Gross profit	Rs m	-100	-404	NA
Depreciation	Rs m	3	1	-62.8%
Interest	Rs m	49	75	51.4%
Profit before tax	Rs m	-148	-463	NA
Tax	Rs m	17	-183	NA
Profit after tax	Rs m	-165	-280	NA
Gross profit margin	%	-978.5	-5,047.6
Effective tax rate	%	-11.3	39.6
Net profit margin	%	-1,616.6	-3,498.1

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CINEVISTA. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 620 million as compared to Rs 46 million in FY22, thereby witnessing an increase of 1252.4%.
• Long-term debt down at Rs 234 million as compared to Rs 634 million during FY22, a fall of 63.1%.
• Current assets fell 57% and stood at Rs 226 million, while fixed assets rose 1% 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 fall of 16%.

CINEVISTA. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,176	896	-23.8
Current Liabilities	Rs m	46	620	1,252.4
Long-term Debt	Rs m	634	234	-63.1
Total Liabilities	Rs m	1,839	1,550	-15.7
Current assets	Rs m	525	226	-57.0
Fixed Assets	Rs m	1,314	1,324	0.8
Total Assets	Rs m	1,839	1,550	-15.7

CINEVISTA. Cash Flow Statement Analysis

• CINEVISTA.'s cash flow from operating activities (CFO) during FY23 stood at Rs -33 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -1 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 73 million, an improvement of 9% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 39 million from the Rs 3 million net cash flows seen during FY22.

CINEVISTA. 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	-48	-33	-
Cash Flow from Investing Activities	Rs m	-16	-1	-
Cash Flow from Financing Activities	Rs m	67	73	9.1%
Net Cash Flow	Rs m	3	39	1,230.7%

Current Valuations for CINEVISTA.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -4.9, an decline from the EPS of Rs -2.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 15.2, stands at -3.0 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 108.8 times.
• The company's price to cash flow (P/CF) ratio stood at -2.8 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	0.2	0.1
TTM Earnings per share	Rs	-2.9	-4.9
Diluted earnings per share	Rs	-2.9	-4.9
Price to Cash Flow	x	-4.8	-2.8
TTM P/E ratio	x	-3.3	-3.0
Price / Book Value ratio	x	0.7	0.9
Market Cap	Rs m	879	781
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CINEVISTA.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.4x during FY23, from 11.4x 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 -5.2x during FY23, from -2.0x 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 -31.2% during FY23, from -14.0% 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 -34.4% during FY23, from -5.5% 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 -13.2% during FY23, from -6.3% 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	11.4	0.4
Debtors’ Days	Days	24,893	0
Interest coverage	x	-2.0	-5.2
Debt to equity ratio	x	0.5	0.3
Return on assets	%	-6.3	-13.2
Return on equity	%	-14.0	-31.2
Return on capital employed	%	-5.5	-34.4

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

CINEVISTA. Share Price Performance

Over the last one year, CINEVISTA. share price has moved up from Rs 13.0 to Rs 15.2, registering a gain of Rs 2.2 or around 16.8%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 13,986.0 (down 0.4%). Over the last one year it has moved up from 13,975.1 to 13,986.0, a gain of 11 points (up 0.1%).

Overall, the S&P BSE SENSEX is up 8.9% over the year.

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