GITA RENEWABLE 2022-23 Annual Report Analysis

Wed, 4 Oct

GITA RENEWABLE 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.

GITA RENEWABLE Income Statement Analysis

• Operating income during the year fell 12.5% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 251.9% in FY23 as against 269.2% in FY22.
• Depreciation charges increased by 0.0% increased by 0.0% YoY, respectively.
• Other income grew by 186.2% YoY.
• Net profit for the year grew by 230.1% YoY.
• Net profit margins during the year grew from 991.9% in FY22 to 3742.3% in FY23.

GITA RENEWABLE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2	2	-12.5%
Other income	Rs m	30	87	186.2%
Total Revenues	Rs m	33	89	171.6%
Gross profit	Rs m	-6	-5	NA
Depreciation	Rs m	0	0	0.0%
Interest	Rs m	0	3	0.0%
Profit before tax	Rs m	24	79	230.1%
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	24	79	230.1%
Gross profit margin	%	-269.2	-251.9
Effective tax rate	%	0.0	0.0
Net profit margin	%	991.9	3,742.3

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GITA RENEWABLE Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 4 million as compared to Rs 7 million in FY22, thereby witnessing an decrease of -34.6%.
• Current assets fell 88% and stood at Rs 16 million, while fixed assets fell 57% and stood at Rs 126 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 142 million as against Rs 431 million during FY22, thereby witnessing a fall of 67%.

GITA RENEWABLE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	159	138	-13.8
Current Liabilities	Rs m	7	4	-34.6
Long-term Debt	Rs m	264	0	-100.0
Total Liabilities	Rs m	431	142	-67.0
Current assets	Rs m	136	16	-88.2
Fixed Assets	Rs m	295	126	-57.3
Total Assets	Rs m	431	142	-67.0

GITA RENEWABLE Cash Flow Statement Analysis

• GITA RENEWABLE's cash flow from operating activities (CFO) during FY23 stood at Rs 152 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 69 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -264 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -44 million from the Rs -22 million net cash flows seen during FY22.

GITA RENEWABLE 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	-243	152	-
Cash Flow from Investing Activities	Rs m	-44	69	-
Cash Flow from Financing Activities	Rs m	264	-264	-
Net Cash Flow	Rs m	-22	-44	-

Current Valuations for GITA RENEWABLE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.1, an improvement from the EPS of Rs 5.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 121.2, stands at 6.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 237.2 times.
• The company's price to cash flow (P/CF) ratio stood at 7.4 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	0.6	0.5
TTM Earnings per share	Rs	5.8	19.1
Diluted earnings per share	Rs	5.8	19.1
Price to Cash Flow	x	34.5	7.4
TTM P/E ratio	x	50.5	6.8
Price / Book Value ratio	x	4.6	4.2
Market Cap	Rs m	726	581
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GITA RENEWABLE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.6x during FY23, from 20.0x 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 29.7x during FY23, from 0.0x 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 57.2% during FY23, from 14.9% 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 59.1% during FY23, from 5.6% 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 57.3% during FY23, from 5.5% 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	20.0	3.6
Debtors’ Days	Days	91,437	7,505
Interest coverage	x	0.0	29.7
Debt to equity ratio	x	1.7	0.0
Return on assets	%	5.5	57.3
Return on equity	%	14.9	57.2
Return on capital employed	%	5.6	59.1

To see how GITA RENEWABLE has performed over the last 5 years, please visit here.

GITA RENEWABLE Share Price Performance

Over the last one year, GITA RENEWABLE share price has moved down from Rs 133.1 to Rs 121.2, registering a loss of Rs 11.9 or around 8.9%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 18,614.2 (down 0.9%). Over the last one year it has moved down from 18,707.1 to 18,614.2, a loss of 93 points (down 0.5%).

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

(To know more, check out historical annual results for GITA RENEWABLE and quarterly results for GITA RENEWABLE)