GINNI FILAM. 2022-23 Annual Report Analysis

Thu, 5 Oct

GINNI FILAM. 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.

GINNI FILAM. Income Statement Analysis

• Operating income during the year fell 12.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 81.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.4% in FY23 as against 11.0% in FY22.
• Depreciation charges increased by 12.9% and finance costs decreased by 6.8% YoY, respectively.
• Other income declined by 27.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 4.5% in FY22 to 1.5% in FY23.

GINNI FILAM. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	10,845	9,532	-12.1%
Other income	Rs m	50	36	-27.5%
Total Revenues	Rs m	10,895	9,568	-12.2%
Gross profit	Rs m	1,195	225	-81.2%
Depreciation	Rs m	258	291	12.9%
Interest	Rs m	244	227	-6.8%
Profit before tax	Rs m	744	-257	NA
Tax	Rs m	260	-114	NA
Profit after tax	Rs m	484	-143	NA
Gross profit margin	%	11.0	2.4
Effective tax rate	%	35.0	44.3
Net profit margin	%	4.5	-1.5

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GINNI FILAM. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 3 billion as compared to Rs 4 billion in FY22, thereby witnessing an decrease of -29.1%.
• Long-term debt down at Rs 730 million as compared to Rs 883 million during FY22, a fall of 17.4%.
• Current assets fell 30% and stood at Rs 3 billion, while fixed assets rose 0% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 6 billion as against Rs 8 billion during FY22, thereby witnessing a fall of 18%.

GINNI FILAM. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,927	2,789	-4.7
Current Liabilities	Rs m	3,550	2,516	-29.1
Long-term Debt	Rs m	883	730	-17.4
Total Liabilities	Rs m	7,767	6,365	-18.0
Current assets	Rs m	4,638	3,228	-30.4
Fixed Assets	Rs m	3,129	3,138	0.3
Total Assets	Rs m	7,767	6,365	-18.0

GINNI FILAM. Cash Flow Statement Analysis

• GINNI FILAM.'s cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -238 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -942 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 6 million from the Rs -6 million net cash flows seen during FY22.

GINNI FILAM. 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	-12	1,187	-
Cash Flow from Investing Activities	Rs m	-762	-238	-
Cash Flow from Financing Activities	Rs m	768	-942	-
Net Cash Flow	Rs m	-6	6	-

Current Valuations for GINNI FILAM.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.7, an decline from the EPS of Rs 5.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 26.8, stands at -9.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 21.4 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	126.6	111.3
TTM Earnings per share	Rs	5.6	-1.7
Diluted earnings per share	Rs	5.6	-1.7
Price to Cash Flow	x	5.0	21.4
TTM P/E ratio	x	7.7	-9.0
Price / Book Value ratio	x	1.2	1.1
Market Cap	Rs m	3,531	3,169
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GINNI FILAM.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY23, from 1.3x 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 -0.1x during FY23, from 4.1x 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 -5.1% during FY23, from 16.5% 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 -0.9% during FY23, from 25.9% 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 1.3% during FY23, from 9.4% 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	1.3	1.3
Debtors’ Days	Days	489	358
Interest coverage	x	4.1	-0.1
Debt to equity ratio	x	0.3	0.3
Return on assets	%	9.4	1.3
Return on equity	%	16.5	-5.1
Return on capital employed	%	25.9	-0.9

To see how GINNI FILAM. has performed over the last 5 years, please visit here.

GINNI FILAM. Share Price Performance

Over the last one year, GINNI FILAM. share price has moved down from Rs 34.8 to Rs 26.8, registering a loss of Rs 8.1 or around 23.1%.

Overall, the S&P BSE SENSEX is up 15.6% over the year.

(To know more, check out historical annual results for GINNI FILAM. and quarterly results for GINNI FILAM.)