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CUBEX TUBING 2022-23 Annual Report Analysis

Mon, 26 Jun

CUBEX TUBING 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.

CUBEX TUBING Income Statement Analysis

• Operating income during the year rose 41.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 79.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 2.8% in FY23 as against 2.3% in FY22.
• Depreciation charges increased by 2.0% and finance costs increased by 27.4% YoY, respectively.
• Other income declined by 6.0% YoY.
• Net profit for the year grew by 9.5% YoY.
• Net profit margins during the year declined from 2.1% in FY22 to 1.7% in FY23.

CUBEX TUBING Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,125	1,592	41.5%
Other income	Rs m	20	19	-6.0%
Total Revenues	Rs m	1,145	1,611	40.6%
Gross profit	Rs m	25	45	79.1%
Depreciation	Rs m	14	14	2.0%
Interest	Rs m	7	9	27.4%
Profit before tax	Rs m	25	41	67.1%
Tax	Rs m	1	15	2,794.1%
Profit after tax	Rs m	24	26	9.5%
Gross profit margin	%	2.3	2.8
Effective tax rate	%	2.1	35.8
Net profit margin	%	2.1	1.7

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CUBEX TUBING Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 311 million as compared to Rs 326 million in FY22, thereby witnessing an decrease of -4.6%.
• Long-term debt stood at Rs 2 million as compared to Rs 0 million during FY22, a growth of 2100.0%.
• Current assets rose 4% and stood at Rs 673 million, while fixed assets fell 4% and stood at Rs 299 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 973 million as against Rs 957 million during FY22, thereby witnessing a growth of 2%.

CUBEX TUBING Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	621	647	4.3
Current Liabilities	Rs m	326	311	-4.6
Long-term Debt	Rs m	0	2	2,100.0
Total Liabilities	Rs m	957	973	1.7
Current assets	Rs m	646	673	4.2
Fixed Assets	Rs m	311	299	-3.6
Total Assets	Rs m	957	973	1.7

CUBEX TUBING Cash Flow Statement Analysis

• CUBEX TUBING's cash flow from operating activities (CFO) during FY23 stood at Rs 1 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 5 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -7 million, an improvement of 7% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -2 million from the Rs 0 million net cash flows seen during FY22.

CUBEX TUBING 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	12	1	-89.8%
Cash Flow from Investing Activities	Rs m	-4	5	-
Cash Flow from Financing Activities	Rs m	-8	-7	-
Net Cash Flow	Rs m	0	-2	-

Current Valuations for CUBEX TUBING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.8, an improvement from the EPS of Rs 1.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 35.5, stands at 19.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 13.0 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	78.6	111.1
TTM Earnings per share	Rs	1.7	1.8
Diluted earnings per share	Rs	1.7	1.8
Price to Cash Flow	x	8.8	13.0
TTM P/E ratio	x	13.8	19.2
Price / Book Value ratio	x	0.6	0.8
Market Cap	Rs m	401	528
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CUBEX TUBING

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY23, from 2.0x 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 5.5x during FY23, from 4.4x 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 4.1% during FY23, from 3.9% 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 7.8% during FY23, from 5.1% 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 3.7% during FY23, from 3.3% 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	2.0	2.2
Debtors’ Days	Days	1,379	834
Interest coverage	x	4.4	5.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.3	3.7
Return on equity	%	3.9	4.1
Return on capital employed	%	5.1	7.8

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

CUBEX TUBING Share Price Performance

Over the last one year, CUBEX TUBING share price has moved up from Rs 24.1 to Rs 35.5, registering a gain of Rs 11.4 or around 47.3%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 20,003.4 (down 0.5%). Over the last one year it has moved up from 15,276.4 to 20,003.4, a gain of 4,727 points (up 30.9%).

Overall, the S&P BSE SENSEX is up 21.5% over the year.

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