FILATEX INDIA 2022-23 Annual Report Analysis

Thu, 19 Oct

FILATEX INDIA 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.

FILATEX INDIA Income Statement Analysis

• Operating income during the year rose 12.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 56.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.4% in FY23 as against 13.9% in FY22.
• Depreciation charges increased by 8.3% and finance costs increased by 65.0% YoY, respectively.
• Other income declined by 28.2% YoY.
• Net profit for the year declined by 70.3% YoY.
• Net profit margins during the year declined from 7.9% in FY22 to 2.1% in FY23.

FILATEX INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	38,281	43,039	12.4%
Other income	Rs m	253	181	-28.2%
Total Revenues	Rs m	38,534	43,220	12.2%
Gross profit	Rs m	5,327	2,320	-56.5%
Depreciation	Rs m	634	687	8.3%
Interest	Rs m	360	594	65.0%
Profit before tax	Rs m	4,586	1,221	-73.4%
Tax	Rs m	1,559	322	-79.4%
Profit after tax	Rs m	3,027	899	-70.3%
Gross profit margin	%	13.9	5.4
Effective tax rate	%	34.0	26.4
Net profit margin	%	7.9	2.1

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FILATEX INDIA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 6 billion as compared to Rs 5 billion in FY22, thereby witnessing an increase of 28.8%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY22, a fall of 18.1%.
• Current assets rose 3% and stood at Rs 7 billion, while fixed assets rose 5% and stood at Rs 14 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 21 billion as against Rs 20 billion during FY22, thereby witnessing a growth of 4%.

FILATEX INDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	10,844	10,984	1.3
Current Liabilities	Rs m	4,521	5,825	28.8
Long-term Debt	Rs m	3,037	2,486	-18.1
Total Liabilities	Rs m	20,233	21,132	4.4
Current assets	Rs m	7,191	7,422	3.2
Fixed Assets	Rs m	13,042	13,710	5.1
Total Assets	Rs m	20,233	21,132	4.4

FILATEX INDIA Cash Flow Statement Analysis

• FILATEX INDIA's cash flow from operating activities (CFO) during FY23 stood at Rs 3 billion, an improvement of 7.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -1 billion, an improvement of 32.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion, an improvement of 30% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 511 million from the Rs -106 million net cash flows seen during FY22.

FILATEX INDIA 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	3,042	3,254	7.0%
Cash Flow from Investing Activities	Rs m	-857	-1,138	-
Cash Flow from Financing Activities	Rs m	-2,291	-1,604	-
Net Cash Flow	Rs m	-106	511	-

Current Valuations for FILATEX INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.0, an decline from the EPS of Rs 13.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 50.6, stands at 35.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 23.8 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	169.9	97.2
TTM Earnings per share	Rs	13.4	2.0
Diluted earnings per share	Rs	6.8	2.0
Price to Cash Flow	x	15.4	23.8
TTM P/E ratio	x	18.6	35.0
Price / Book Value ratio	x	2.2	3.4
Market Cap	Rs m	23,360	37,656
Dividends per share (Unadj.)	Rs	0.1	0.2

Ratio Analysis for FILATEX INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x 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 deteriorated and stood at 3.1x during FY23, from 13.7x 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 8.2% during FY23, from 27.9% 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 declined and down at 13.5% during FY23, from 35.6% 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 7.1% during FY23, from 16.7% 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	1.3
Debtors’ Days	Days	138	111
Interest coverage	x	13.7	3.1
Debt to equity ratio	x	0.3	0.2
Return on assets	%	16.7	7.1
Return on equity	%	27.9	8.2
Return on capital employed	%	35.6	13.5

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

FILATEX INDIA Share Price Performance

Over the last one year, FILATEX INDIA share price has moved down from Rs 98.9 to Rs 50.6, registering a loss of Rs 48.3 or around 48.8%.

Overall, the S&P BSE SENSEX is up 12.4% over the year.

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