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EXCEL REALTY 2022-23 Annual Report Analysis

Mon, 14 Aug

EXCEL REALTY 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.

EXCEL REALTY Income Statement Analysis

• Operating income during the year fell 25.1% 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 48.6% in FY23 as against 44.3% in FY22.
• Depreciation charges decreased by 9.1% and finance costs decreased by 7.1% YoY, respectively.
• Other income grew by 1098.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 45.1% in FY22 to 5.1% in FY23.

EXCEL REALTY Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	87	66	-25.1%
Other income	Rs m	3	31	1,098.9%
Total Revenues	Rs m	90	97	7.6%
Gross profit	Rs m	-39	-32	NA
Depreciation	Rs m	2	2	-9.1%
Interest	Rs m	0	0	-7.1%
Profit before tax	Rs m	-39	-3	NA
Tax	Rs m	1	1	-31.8%
Profit after tax	Rs m	-39	-3	NA
Gross profit margin	%	-44.3	-48.6
Effective tax rate	%	-2.2	-20.9
Net profit margin	%	-45.1	-5.1

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EXCEL REALTY Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 59 million as compared to Rs 101 million in FY22, thereby witnessing an decrease of -41.4%.
• Long-term debt down at Rs 1 million as compared to Rs 2 million during FY22, a fall of 64.3%.
• Current assets rose 28% and stood at Rs 644 million, while fixed assets fell 12% 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 1%.

EXCEL REALTY Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,684	1,714	1.8
Current Liabilities	Rs m	101	59	-41.4
Long-term Debt	Rs m	2	1	-64.3
Total Liabilities	Rs m	1,791	1,779	-0.7
Current assets	Rs m	504	644	27.6
Fixed Assets	Rs m	1,287	1,131	-12.1
Total Assets	Rs m	1,791	1,779	-0.7

EXCEL REALTY Cash Flow Statement Analysis

• EXCEL REALTY's cash flow from operating activities (CFO) during FY23 stood at Rs 456 million, an improvement of 6,169.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -411 million, an improvement of 91,308.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 million, an improvement of 16% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 43 million from the Rs 4 million net cash flows seen during FY22.

EXCEL REALTY 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	7	456	6,169.9%
Cash Flow from Investing Activities	Rs m	0	-411	-
Cash Flow from Financing Activities	Rs m	-3	-2	-
Net Cash Flow	Rs m	4	43	919.7%

Current Valuations for EXCEL REALTY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.0, an improvement from the EPS of Rs -0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 0.4, stands at 196.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 7.7 times.
• The company's price to cash flow (P/CF) ratio stood at -468.6 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	0.9	0.0
TTM Earnings per share	Rs	-0.4	0.0
Diluted earnings per share	Rs	0.0	0.0
Price to Cash Flow	x	-17.1	-468.6
TTM P/E ratio	x	-16.2	196.8
Price / Book Value ratio	x	0.4	0.4
Market Cap	Rs m	711	677
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for EXCEL REALTY

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 10.9x during FY23, from 5.0x 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 -6.1x during FY23, from -90.9x 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 -0.2% during FY23, from -2.3% 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 -0.1% during FY23, from -2.3% 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 -0.2% during FY23, from -2.2% 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	5.0	10.9
Debtors’ Days	Days	318,874	131,277
Interest coverage	x	-90.9	-6.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-2.2	-0.2
Return on equity	%	-2.3	-0.2
Return on capital employed	%	-2.3	-0.1

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

EXCEL REALTY Share Price Performance

Over the last one year, EXCEL REALTY share price has moved down from Rs 0.6 to Rs 0.4, registering a loss of Rs 0.2 or around 39.0%.

Overall, the S&P BSE SENSEX is up 10.7% over the year.

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