FOCUS LIGHTING & FIXTURES 2022-23 Annual Report Analysis

Fri, 31 Mar

FOCUS LIGHTING & FIXTURES 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.

FOCUS LIGHTING & FIXTURES Income Statement Analysis

• Operating income during the year rose 60.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 272.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.9% in FY23 as against 8.5% in FY22.
• Depreciation charges increased by 36.5% and finance costs increased by 24.5% YoY, respectively.
• Other income grew by 19.0% YoY.
• Net profit for the year grew by 398.0% YoY.
• Net profit margins during the year grew from 4.3% in FY22 to 13.5% in FY23.

FOCUS LIGHTING & FIXTURES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,054	1,686	60.0%
Other income	Rs m	12	14	19.0%
Total Revenues	Rs m	1,065	1,700	59.5%
Gross profit	Rs m	90	335	272.7%
Depreciation	Rs m	34	46	36.5%
Interest	Rs m	8	10	24.5%
Profit before tax	Rs m	59	292	391.6%
Tax	Rs m	14	65	370.3%
Profit after tax	Rs m	46	227	398.0%
Gross profit margin	%	8.5	19.9
Effective tax rate	%	23.4	22.4
Net profit margin	%	4.3	13.5

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FOCUS LIGHTING & FIXTURES Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 315 million as compared to Rs 393 million in FY22, thereby witnessing an decrease of -19.8%.
• Current assets rose 49% and stood at Rs 902 million, while fixed assets rose 101% and stood at Rs 353 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 782 million during FY22, thereby witnessing a growth of 60%.

FOCUS LIGHTING & FIXTURES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	352	899	155.2
Current Liabilities	Rs m	393	315	-19.8
Long-term Debt	Rs m	4	0	-100.0
Total Liabilities	Rs m	782	1,255	60.5
Current assets	Rs m	607	902	48.7
Fixed Assets	Rs m	175	353	101.4
Total Assets	Rs m	782	1,255	60.5

FOCUS LIGHTING & FIXTURES Cash Flow Statement Analysis

• FOCUS LIGHTING & FIXTURES 's cash flow from operating activities (CFO) during FY23 stood at Rs -143 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -103 million, an improvement of 196.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 314 million, an improvement of 1,132% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 67 million from the Rs -5 million net cash flows seen during FY22.

FOCUS LIGHTING & FIXTURES 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	60	-143	-
Cash Flow from Investing Activities	Rs m	-35	-103	-
Cash Flow from Financing Activities	Rs m	-30	314	-
Net Cash Flow	Rs m	-5	67	-

Current Valuations for FOCUS LIGHTING & FIXTURES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.4, an improvement from the EPS of Rs 4.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 0.0, stands at 0.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.0 times, while the price to sales ratio stands at 0.0 times.
• The company's price to cash flow (P/CF) ratio stood at 0.0 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	103.9	129.2
TTM Earnings per share	Rs	4.5	17.4
Diluted earnings per share	Rs	0.7	3.4
Price to Cash Flow	x	0.0	0.0
TTM P/E ratio	x	0.0	0.0
Price / Book Value ratio	x	1.5	0.0
Market Cap	Rs m	513	0
Dividends per share (Unadj.)	Rs	0.1	0.3

Ratio Analysis for FOCUS LIGHTING & FIXTURES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.9x during FY23, from 1.5x 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 29.3x during FY23, from 8.2x 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 25.2% during FY23, from 12.9% 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 33.6% during FY23, from 19.0% 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 18.9% during FY23, from 6.9% 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	1.5	2.9
Debtors’ Days	Days	856	684
Interest coverage	x	8.2	29.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.9	18.9
Return on equity	%	12.9	25.2
Return on capital employed	%	19.0	33.6

To see how FOCUS LIGHTING & FIXTURES has performed over the last 5 years, please visit here.

FOCUS LIGHTING & FIXTURES Share Price Performance

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(To know more, check out historical annual results for FOCUS LIGHTING & FIXTURES and quarterly results for FOCUS LIGHTING & FIXTURES )