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SCHAEFFLER INDIA 2022-23 Annual Report Analysis

Tue, 9 Apr

SCHAEFFLER INDIA has announced its results for the year ended December 2023. Let us have a look at the detailed performance review of the company during FY22-23.

SCHAEFFLER INDIA Income Statement Analysis

• Operating income during the year rose 5.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 0.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.2% in CY23 as against 19.1% in CY22.
• Depreciation charges increased by 8.0% and finance costs decreased by 3.0% YoY, respectively.
• Other income grew by 60.3% YoY.
• Net profit for the year grew by 2.3% YoY.
• Net profit margins during the year declined from 12.8% in CY22 to 12.4% in CY23.

SCHAEFFLER INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Net Sales	Rs m	68,674	72,509	5.6%
Other income	Rs m	777	1,246	60.3%
Total Revenues	Rs m	69,451	73,755	6.2%
Gross profit	Rs m	13,108	13,171	0.5%
Depreciation	Rs m	2,065	2,230	8.0%
Interest	Rs m	50	49	-3.0%
Profit before tax	Rs m	11,770	12,138	3.1%
Tax	Rs m	2,978	3,148	5.7%
Profit after tax	Rs m	8,792	8,990	2.3%
Gross profit margin	%	19.1	18.2
Effective tax rate	%	25.3	25.9
Net profit margin	%	12.8	12.4

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SCHAEFFLER INDIA Balance Sheet Analysis

• The company's current liabilities during CY23 stood at Rs 14 billion as compared to Rs 14 billion in CY22, thereby witnessing an increase of 2.0%.
• Current assets rose 4% and stood at Rs 41 billion, while fixed assets rose 23% and stood at Rs 24 billion in CY23.
• Overall, the total assets and liabilities for CY23 stood at Rs 65 billion as against Rs 59 billion during CY22, thereby witnessing a growth of 9%.

SCHAEFFLER INDIA Balance Sheet as on December 2023

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Networth	Rs m	42,859	48,054	12.1
Current Liabilities	Rs m	13,779	14,052	2.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	59,103	64,705	9.5
Current assets	Rs m	39,533	41,062	3.9
Fixed Assets	Rs m	19,221	23,644	23.0
Total Assets	Rs m	59,103	64,705	9.5

SCHAEFFLER INDIA Cash Flow Statement Analysis

• SCHAEFFLER INDIA 's cash flow from operating activities (CFO) during CY23 stood at Rs 9 billion, an improvement of 17.8% on a YoY basis.
• Cash flow from investing activities (CFI) during CY23 stood at Rs -6 billion, an improvement of 11.3% on a YoY basis.
• Cash flow from financial activities (CFF) during CY23 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during CY23 stood at Rs -963 million from the Rs -410 million net cash flows seen during CY22.

SCHAEFFLER INDIA Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Dec-22	Dec-23
Cash Flow from Operating Activities	Rs m	7,505	8,845	17.8%
Cash Flow from Investing Activities	Rs m	-5,345	-5,950	-
Cash Flow from Financing Activities	Rs m	-2,570	-3,860	-
Net Cash Flow	Rs m	-410	-963	-

Current Valuations for SCHAEFFLER INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 57.5, an improvement from the EPS of Rs 56.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 3,202.2, stands at 55.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.4 times, while the price to sales ratio stands at 6.9 times.
• The company's price to cash flow (P/CF) ratio stood at 43.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*
Sales per share (Unadj.)	Rs	439.4	463.9
TTM Earnings per share	Rs	56.3	57.5
Diluted earnings per share	Rs	56.3	57.5
Price to Cash Flow	x	39.5	43.7
TTM P/E ratio	x	48.8	55.5
Price / Book Value ratio	x	10.2	10.2
Market Cap	Rs m	435,208	490,321
Dividends per share (Unadj.)	Rs	24.0	26.0

Ratio Analysis for SCHAEFFLER INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.9x during CY23, from 2.9x during CY22. 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 250.7x during CY23, from 235.9x during CY22. 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 18.7% during CY23, from 20.5% during CY23. 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 25.4% during CY23, from 27.6% during CY22. 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 14.0% during CY23, from 15.0% during CY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*
Current ratio	x	2.9	2.9
Debtors’ Days	Days	55	53
Interest coverage	x	235.9	250.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.0	14.0
Return on equity	%	20.5	18.7
Return on capital employed	%	27.6	25.4

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

SCHAEFFLER INDIA Share Price Performance

Over the last one year, SCHAEFFLER INDIA share price has moved up from Rs 1,950.6 to Rs 2,873.9, registering a gain of Rs 923.3 or around 47.3%.

Overall, the S&P BSE SENSEX is up 1.8% over the year.

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