CAPTAIN POLYPLAST 2022-23 Annual Report Analysis

Wed, 18 Oct

CAPTAIN POLYPLAST 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.

CAPTAIN POLYPLAST Income Statement Analysis

• Operating income during the year rose 21.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 8.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.5% in FY23 as against 8.3% in FY22.
• Depreciation charges decreased by 25.8% and finance costs decreased by 5.9% YoY, respectively.
• Other income grew by 47.5% YoY.
• Net profit for the year grew by 104.7% YoY.
• Net profit margins during the year grew from 1.5% in FY22 to 2.5% in FY23.

CAPTAIN POLYPLAST Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,852	2,246	21.3%
Other income	Rs m	20	29	47.5%
Total Revenues	Rs m	1,872	2,275	21.6%
Gross profit	Rs m	155	168	8.9%
Depreciation	Rs m	37	27	-25.8%
Interest	Rs m	100	94	-5.9%
Profit before tax	Rs m	38	77	101.0%
Tax	Rs m	11	20	91.3%
Profit after tax	Rs m	28	56	104.7%
Gross profit margin	%	8.3	7.5
Effective tax rate	%	27.7	26.4
Net profit margin	%	1.5	2.5

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CAPTAIN POLYPLAST Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 billion as compared to Rs 1 billion in FY22, thereby witnessing an increase of 13.2%.
• Long-term debt down at Rs 216 million as compared to Rs 254 million during FY22, a fall of 15.0%.
• Current assets rose 10% and stood at Rs 2 billion, while fixed assets fell 2% and stood at Rs 234 million 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 growth of 8%.

CAPTAIN POLYPLAST Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	662	724	9.3
Current Liabilities	Rs m	1,184	1,341	13.2
Long-term Debt	Rs m	254	216	-15.0
Total Liabilities	Rs m	2,110	2,288	8.4
Current assets	Rs m	1,872	2,054	9.7
Fixed Assets	Rs m	238	234	-1.7
Total Assets	Rs m	2,110	2,288	8.4

CAPTAIN POLYPLAST Cash Flow Statement Analysis

• CAPTAIN POLYPLAST's cash flow from operating activities (CFO) during FY23 stood at Rs 112 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 16 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -128 million, an improvement of 8% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 0 million from the Rs 21 million net cash flows seen during FY22.

CAPTAIN POLYPLAST 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	116	112	-3.4%
Cash Flow from Investing Activities	Rs m	44	16	-64.5%
Cash Flow from Financing Activities	Rs m	-138	-128	-
Net Cash Flow	Rs m	21	0	-

Current Valuations for CAPTAIN POLYPLAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.1, an improvement from the EPS of Rs 0.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 26.2, stands at 14.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 11.2 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	36.8	44.6
TTM Earnings per share	Rs	0.5	1.1
Diluted earnings per share	Rs	0.5	1.1
Price to Cash Flow	x	14.2	11.2
TTM P/E ratio	x	33.0	14.4
Price / Book Value ratio	x	2.8	1.3
Market Cap	Rs m	1,834	933
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CAPTAIN POLYPLAST

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY23, from 1.6x 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 1.8x during FY23, from 1.4x 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 7.8% during FY23, from 4.2% 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 18.1% during FY23, from 15.0% 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 improved and stood at 6.6% during FY23, from 6.0% 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	1.6	1.5
Debtors’ Days	Days	2,137	1,918
Interest coverage	x	1.4	1.8
Debt to equity ratio	x	0.4	0.3
Return on assets	%	6.0	6.6
Return on equity	%	4.2	7.8
Return on capital employed	%	15.0	18.1

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

CAPTAIN POLYPLAST Share Price Performance

Over the last one year, CAPTAIN POLYPLAST share price has moved up from Rs 16.6 to Rs 26.2, registering a gain of Rs 9.7 or around 58.3%.

Overall, the S&P BSE SENSEX is up 13.0% over the year.

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