GUJ.THEMIS. 2022-23 Annual Report Analysis

Tue, 17 Oct

GUJ.THEMIS. 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.

GUJ.THEMIS. Income Statement Analysis

• Operating income during the year rose 29.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 27.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 49.8% in FY23 as against 50.5% in FY22.
• Depreciation charges increased by 15.4% and finance costs decreased by 75.7% YoY, respectively.
• Other income grew by 48.7% YoY.
• Net profit for the year grew by 32.9% YoY.
• Net profit margins during the year grew from 38.0% in FY22 to 38.9% in FY23.

GUJ.THEMIS. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,149	1,490	29.7%
Other income	Rs m	41	60	48.7%
Total Revenues	Rs m	1,189	1,550	30.4%
Gross profit	Rs m	580	742	27.9%
Depreciation	Rs m	22	26	15.4%
Interest	Rs m	8	2	-75.7%
Profit before tax	Rs m	590	775	31.2%
Tax	Rs m	154	195	26.5%
Profit after tax	Rs m	436	580	32.9%
Gross profit margin	%	50.5	49.8
Effective tax rate	%	26.1	25.2
Net profit margin	%	38.0	38.9

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GUJ.THEMIS. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 357 million as compared to Rs 317 million in FY22, thereby witnessing an increase of 12.7%.
• Current assets fell 13% and stood at Rs 813 million, while fixed assets rose 139% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 1 billion during FY22, thereby witnessing a growth of 36%.

GUJ.THEMIS. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,033	1,491	44.4
Current Liabilities	Rs m	317	357	12.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,370	1,868	36.3
Current assets	Rs m	929	813	-12.5
Fixed Assets	Rs m	441	1,055	139.1
Total Assets	Rs m	1,370	1,868	36.3

GUJ.THEMIS. Cash Flow Statement Analysis

• GUJ.THEMIS.'s cash flow from operating activities (CFO) during FY23 stood at Rs 395 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -204 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -133 million, an improvement of 5% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 58 million from the Rs -35 million net cash flows seen during FY22.

GUJ.THEMIS. 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	403	395	-2.0%
Cash Flow from Investing Activities	Rs m	-298	-204	-
Cash Flow from Financing Activities	Rs m	-140	-133	-
Net Cash Flow	Rs m	-35	58	-

Current Valuations for GUJ.THEMIS.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 39.9, an improvement from the EPS of Rs 30.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 212.0, stands at 26.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.3 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 15.6 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	79.0	102.5
TTM Earnings per share	Rs	30.0	39.9
Diluted earnings per share	Rs	6.0	8.0
Price to Cash Flow	x	64.5	15.6
TTM P/E ratio	x	67.9	26.6
Price / Book Value ratio	x	6.3	6.3
Market Cap	Rs m	6,488	9,423
Dividends per share (Unadj.)	Rs	2.2	1.1

Ratio Analysis for GUJ.THEMIS.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY23, from 2.9x 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 386.4x during FY23, from 72.3x 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 38.9% during FY23, from 42.2% 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 52.1% during FY23, from 57.9% 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 31.1% during FY23, from 32.4% 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	2.9	2.3
Debtors’ Days	Days	798	439
Interest coverage	x	72.3	386.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	32.4	31.1
Return on equity	%	42.2	38.9
Return on capital employed	%	57.9	52.1

To see how GUJ.THEMIS. has performed over the last 5 years, please visit here.

GUJ.THEMIS. Share Price Performance

Over the last one year, GUJ.THEMIS. share price has moved down from Rs 696.8 to Rs 212.0, registering a loss of Rs 484.9 or around 69.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 28,236.4 (up 0.2%). Over the last one year it has moved up from 23,321.1 to 28,236.4, a gain of 4,915 points (up 21.1%).

Overall, the S&P BSE SENSEX is up 16.1% over the year.

(To know more, check out historical annual results for GUJ.THEMIS. and quarterly results for GUJ.THEMIS.)