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GIRIRAJ DEVELOPERS 2022-23 Annual Report Analysis

Tue, 6 Feb

GIRIRAJ DEVELOPERS 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.

GIRIRAJ DEVELOPERS Income Statement Analysis

• Operating income during the year rose 11.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 20.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.2% in FY23 as against 8.5% in FY22.
• Depreciation charges increased by 532.9% and finance costs increased by 20.1% YoY, respectively.
• Other income grew by 47.9% YoY.
• Net profit for the year grew by 18.8% YoY.
• Net profit margins during the year grew from 5.3% in FY22 to 5.7% in FY23.

GIRIRAJ DEVELOPERS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	715	793	11.0%
Other income	Rs m	8	12	47.9%
Total Revenues	Rs m	723	805	11.4%
Gross profit	Rs m	61	73	20.9%
Depreciation	Rs m	1	5	532.9%
Interest	Rs m	18	21	20.1%
Profit before tax	Rs m	50	59	17.7%
Tax	Rs m	12	14	14.2%
Profit after tax	Rs m	38	45	18.8%
Gross profit margin	%	8.5	9.2
Effective tax rate	%	24.5	23.8
Net profit margin	%	5.3	5.7

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GIRIRAJ DEVELOPERS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 494 million as compared to Rs 451 million in FY22, thereby witnessing an increase of 9.5%.
• Current assets rose 62% and stood at Rs 807 million, while fixed assets fell 11% and stood at Rs 308 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 843 million during FY22, thereby witnessing a growth of 32%.

GIRIRAJ DEVELOPERS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	342	603	76.7
Current Liabilities	Rs m	451	494	9.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	843	1,115	32.3
Current assets	Rs m	499	807	61.8
Fixed Assets	Rs m	344	308	-10.6
Total Assets	Rs m	843	1,115	32.3

GIRIRAJ DEVELOPERS Cash Flow Statement Analysis

• GIRIRAJ DEVELOPERS's cash flow from operating activities (CFO) during FY23 stood at Rs -231 million, an improvement of 334.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 135 million, an improvement of 267.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 216 million, an improvement of 1,008% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 121 million from the Rs 3 million net cash flows seen during FY22.

GIRIRAJ DEVELOPERS 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	-53	-231	-
Cash Flow from Investing Activities	Rs m	37	135	267.3%
Cash Flow from Financing Activities	Rs m	19	216	1,008.3%
Net Cash Flow	Rs m	3	121	3,573.8%

Current Valuations for GIRIRAJ DEVELOPERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.2, an decline from the EPS of Rs 11.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 0.0, stands at 0.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.0 times, while the price to sales ratio stands at 0.0 times.
• The company's price to cash flow (P/CF) ratio stood at 16.4 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	220.7	196.4
TTM Earnings per share	Rs	11.7	11.2
Diluted earnings per share	Rs	1.6	1.9
Price to Cash Flow	x	0.0	16.4
TTM P/E ratio	x	0.0	0.0
Price / Book Value ratio	x	0.8	1.4
Market Cap	Rs m	280	819
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GIRIRAJ DEVELOPERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY23, from 1.1x 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 3.8x during FY23, from 3.9x 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 7.5% during FY23, from 11.1% 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 13.3% during FY23, from 19.8% 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 5.9% during FY23, from 6.6% 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	1.1	1.6
Debtors’ Days	Days	497	819
Interest coverage	x	3.9	3.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.6	5.9
Return on equity	%	11.1	7.5
Return on capital employed	%	19.8	13.3

To see how GIRIRAJ DEVELOPERS has performed over the last 5 years, please visit here.

GIRIRAJ DEVELOPERS Share Price Performance

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(To know more, check out historical annual results for GIRIRAJ DEVELOPERS and quarterly results for GIRIRAJ DEVELOPERS)