GUJARAT PIPAVAV PORT 2022-23 Annual Report Analysis

Wed, 12 Jul

GUJARAT PIPAVAV PORT 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.

GUJARAT PIPAVAV PORT Income Statement Analysis

• Operating income during the year rose 23.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 18.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 53.0% in FY23 as against 55.3% in FY22.
• Depreciation charges decreased by 10.1% and finance costs increased by 66.9% YoY, respectively.
• Other income grew by 65.8% YoY.
• Net profit for the year grew by 58.7% YoY.
• Net profit margins during the year grew from 26.6% in FY22 to 34.2% in FY23.

GUJARAT PIPAVAV PORT Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	7,414	9,170	23.7%
Other income	Rs m	308	510	65.8%
Total Revenues	Rs m	7,721	9,680	25.4%
Gross profit	Rs m	4,099	4,863	18.7%
Depreciation	Rs m	1,293	1,162	-10.1%
Interest	Rs m	48	80	66.9%
Profit before tax	Rs m	3,066	4,132	34.8%
Tax	Rs m	1,093	1,001	-8.4%
Profit after tax	Rs m	1,973	3,131	58.7%
Gross profit margin	%	55.3	53.0
Effective tax rate	%	35.6	24.2
Net profit margin	%	26.6	34.2

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GUJARAT PIPAVAV PORT Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 6 billion as compared to Rs 4 billion in FY22, thereby witnessing an increase of 38.8%.
• Current assets rose 20% and stood at Rs 13 billion, while fixed assets rose 1% and stood at Rs 23 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 37 billion as against Rs 34 billion during FY22, thereby witnessing a growth of 7%.

GUJARAT PIPAVAV PORT Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	22,435	23,107	3.0
Current Liabilities	Rs m	4,050	5,622	38.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	34,184	36,649	7.2
Current assets	Rs m	11,008	13,254	20.4
Fixed Assets	Rs m	23,177	23,395	0.9
Total Assets	Rs m	34,184	36,649	7.2

GUJARAT PIPAVAV PORT Cash Flow Statement Analysis

• GUJARAT PIPAVAV PORT's cash flow from operating activities (CFO) during FY23 stood at Rs 4 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -817 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 154 million from the Rs -60 million net cash flows seen during FY22.

GUJARAT PIPAVAV PORT 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	3,803	3,701	-2.7%
Cash Flow from Investing Activities	Rs m	-1,664	-817	-
Cash Flow from Financing Activities	Rs m	-2,199	-2,731	-
Net Cash Flow	Rs m	-60	154	-

Current Valuations for GUJARAT PIPAVAV PORT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.5, an improvement from the EPS of Rs 4.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 121.6, stands at 20.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 6.4 times.
• The company's price to cash flow (P/CF) ratio stood at 10.6 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	15.3	19.0
TTM Earnings per share	Rs	4.1	6.5
Diluted earnings per share	Rs	4.1	6.5
Price to Cash Flow	x	11.3	10.6
TTM P/E ratio	x	19.2	20.1
Price / Book Value ratio	x	2.2	2.0
Market Cap	Rs m	48,404	45,576
Dividends per share (Unadj.)	Rs	4.0	6.1

Ratio Analysis for GUJARAT PIPAVAV PORT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.4x during FY23, from 2.7x 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 52.9x during FY23, from 65.3x 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 improved and stood at 13.6% during FY23, from 8.8% 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 18.2% 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 improved and stood at 8.8% during FY23, from 5.9% 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	2.7	2.4
Debtors’ Days	Days	26	34
Interest coverage	x	65.3	52.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.9	8.8
Return on equity	%	8.8	13.6
Return on capital employed	%	13.9	18.2

To see how GUJARAT PIPAVAV PORT has performed over the last 5 years, please visit here.

GUJARAT PIPAVAV PORT Share Price Performance

Over the last one year, GUJARAT PIPAVAV PORT share price has moved up from Rs 78.0 to Rs 121.6, registering a gain of Rs 43.6 or around 55.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,228.0 (up 0.3%). Over the last one year it has moved up from 3,325.9 to 4,228.0, a gain of 902 points (up 27.1%).

Overall, the S&P BSE SENSEX is up 20.2% over the year.

(To know more, check out historical annual results for GUJARAT PIPAVAV PORT and quarterly results for GUJARAT PIPAVAV PORT)