GATEWAY DISTRIPARKS 2022-23 Annual Report Analysis

Thu, 21 Sep

GATEWAY DISTRIPARKS 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.

GATEWAY DISTRIPARKS Income Statement Analysis

• Operating income during the year rose 3.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 26.3% in FY23 as against 26.9% in FY22.
• Depreciation charges decreased by 18.6% and finance costs decreased by 29.5% YoY, respectively.
• Other income declined by 33.4% YoY.
• Net profit for the year grew by 8.1% YoY.
• Net profit margins during the year grew from 16.3% in FY22 to 17.0% in FY23.

GATEWAY DISTRIPARKS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	13,737	14,209	3.4%
Other income	Rs m	332	221	-33.4%
Total Revenues	Rs m	14,068	14,430	2.6%
Gross profit	Rs m	3,701	3,742	1.1%
Depreciation	Rs m	1,277	1,039	-18.6%
Interest	Rs m	654	461	-29.5%
Profit before tax	Rs m	2,101	2,463	17.2%
Tax	Rs m	-137	44	NA
Profit after tax	Rs m	2,238	2,419	8.1%
Gross profit margin	%	26.9	26.3
Effective tax rate	%	-6.5	1.8
Net profit margin	%	16.3	17.0

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GATEWAY DISTRIPARKS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 3 billion as compared to Rs 3 billion in FY22, thereby witnessing an decrease of -2.4%.
• Long-term debt down at Rs 3 billion as compared to Rs 3 billion during FY22, a fall of 14.0%.
• Current assets fell 26% and stood at Rs 2 billion, while fixed assets rose 6% and stood at Rs 21 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 24 billion as against Rs 24 billion during FY22, thereby witnessing a growth of 1%.

GATEWAY DISTRIPARKS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	16,368	17,766	8.5
Current Liabilities	Rs m	3,348	3,266	-2.4
Long-term Debt	Rs m	3,389	2,914	-14.0
Total Liabilities	Rs m	23,512	23,813	1.3
Current assets	Rs m	3,292	2,433	-26.1
Fixed Assets	Rs m	20,219	21,381	5.7
Total Assets	Rs m	23,512	23,813	1.3

GATEWAY DISTRIPARKS Cash Flow Statement Analysis

• GATEWAY DISTRIPARKS's cash flow from operating activities (CFO) during FY23 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion, an improvement of 382.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -978 million from the Rs 1 billion net cash flows seen during FY22.

GATEWAY DISTRIPARKS 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	3,656	3,242	-11.3%
Cash Flow from Investing Activities	Rs m	-429	-2,073	-
Cash Flow from Financing Activities	Rs m	-2,108	-2,147	-
Net Cash Flow	Rs m	1,119	-978	-

Current Valuations for GATEWAY DISTRIPARKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.8, 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 84.9, stands at 17.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 3.0 times.
• The company's price to cash flow (P/CF) ratio stood at 10.5 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	27.5	28.4
TTM Earnings per share	Rs	4.5	4.8
Diluted earnings per share	Rs	4.5	4.8
Price to Cash Flow	x	9.4	10.5
TTM P/E ratio	x	14.9	17.5
Price / Book Value ratio	x	2.2	2.0
Market Cap	Rs m	35,287	36,324
Dividends per share (Unadj.)	Rs	5.0	2.0

Ratio Analysis for GATEWAY DISTRIPARKS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY23, from 1.0x 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 6.3x during FY23, from 4.2x 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 declined and down at 13.6% during FY23, from 13.7% 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 14.1% during FY23, from 13.9% 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 12.1% during FY23, from 12.3% 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	1.0	0.7
Debtors’ Days	Days	315	352
Interest coverage	x	4.2	6.3
Debt to equity ratio	x	0.2	0.2
Return on assets	%	12.3	12.1
Return on equity	%	13.7	13.6
Return on capital employed	%	13.9	14.1

To see how GATEWAY DISTRIPARKS has performed over the last 5 years, please visit here.

GATEWAY DISTRIPARKS Share Price Performance

Over the last one year, GATEWAY DISTRIPARKS share price has moved up from Rs 74.3 to Rs 84.9, registering a gain of Rs 10.6 or around 14.2%.

Overall, the S&P BSE SENSEX is up 10.9% over the year.

(To know more, check out historical annual results for GATEWAY DISTRIPARKS and quarterly results for GATEWAY DISTRIPARKS)