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GUJARAT STATE FERTILIZERS 2022-23 Annual Report Analysis
Wed, 30 Aug

GUJARAT STATE FERTILIZERS 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 STATE FERTILIZERS Income Statement Analysis

  • Operating income during the year rose 25.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.0% in FY23 as against 14.6% in FY22.
  • Depreciation charges increased by 1.8% and finance costs increased by 53.8% YoY, respectively.
  • Other income declined by 17.8% YoY.
  • Net profit for the year grew by 40.9% YoY.
  • Net profit margins during the year grew from 9.9% in FY22 to 11.1% in FY23.

GUJARAT STATE FERTILIZERS Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 90,848 113,687 25.1%
Other income Rs m 1,811 1,488 -17.8%
Total Revenues Rs m 92,659 115,175 24.3%
Gross profit Rs m 13,227 15,909 20.3%
Depreciation Rs m 1,788 1,820 1.8%
Interest Rs m 98 150 53.8%
Profit before tax Rs m 13,152 15,427 17.3%
Tax Rs m 4,166 2,768 -33.6%
Profit after tax Rs m 8,986 12,659 40.9%
Gross profit margin % 14.6 14.0
Effective tax rate % 31.7 17.9
Net profit margin % 9.9 11.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Find Out: The Best Way to Tap into Rising Demand of Lithium in India

GUJARAT STATE FERTILIZERS Balance Sheet Analysis

  • The company's current liabilities during FY23 down at Rs 11 billion as compared to Rs 13 billion in FY22, thereby witnessing an decrease of -19.8%.
  • Current assets rose 18% and stood at Rs 54 billion, while fixed assets fell 11% and stood at Rs 85 billion in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 139 billion as against Rs 141 billion during FY22, thereby witnessing a fall of 2%.

GUJARAT STATE FERTILIZERS Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 117,722 120,399 2.3
 
Current Liabilities Rs m 13,471 10,808 -19.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 141,247 139,092 -1.5
 
Current assets Rs m 45,722 53,732 17.5
Fixed Assets Rs m 95,525 85,361 -10.6
Total Assets Rs m 141,247 139,092 -1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GUJARAT STATE FERTILIZERS Cash Flow Statement Analysis

  • GUJARAT STATE FERTILIZERS's cash flow from operating activities (CFO) during FY23 stood at Rs 9 billion, an improvement of 290.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -394 million, an improvement of 117.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs -1 billion, an improvement of 9% on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs 8 billion from the Rs 925 million net cash flows seen during FY22.

GUJARAT STATE FERTILIZERS 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 2,366 9,239 290.4%
Cash Flow from Investing Activities Rs m -181 -394 -
Cash Flow from Financing Activities Rs m -1,260 -1,141 -
Net Cash Flow Rs m 925 7,704 732.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GUJARAT STATE FERTILIZERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.8, an improvement from the EPS of Rs 22.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 175.5, stands at 6.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.3 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 228.0 285.3
TTM Earnings per share Rs 22.6 31.8
Diluted earnings per share Rs 22.6 31.8
Price to Cash Flow x 6.0 4.3
TTM P/E ratio x 7.2 6.8
Price / Book Value ratio x 0.4 0.5
Market Cap Rs m 50,029 62,431
Dividends per share (Unadj.) Rs 2.5 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GUJARAT STATE FERTILIZERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 5.0x during FY23, from 3.4x 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 103.7x during FY23, from 135.6x 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 10.5% during FY23, from 7.6% 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 12.9% during FY23, from 11.3% 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 9.2% during FY23, from 6.4% 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 3.4 5.0
Debtors’ Days Days 147 160
Interest coverage x 135.6 103.7
Debt to equity ratio x 0.0 0.0
Return on assets % 6.4 9.2
Return on equity % 7.6 10.5
Return on capital employed % 11.3 12.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

GUJARAT STATE FERTILIZERS Share Price Performance

Over the last one year, GUJARAT STATE FERTILIZERS share price has moved up from Rs 158.0 to Rs 175.5, registering a gain of Rs 17.5 or around 11.0%.

Overall, the S&P BSE SENSEX is up 12.8% over the year.

(To know more, check out historical annual results for GUJARAT STATE FERTILIZERS and quarterly results for GUJARAT STATE FERTILIZERS)

Annual Report FAQs

What is the current share price of GUJARAT STATE FERTILIZERS?

GUJARAT STATE FERTILIZERS currently trades at Rs 221.5 per share. You can check out the latest share price performance of GUJARAT STATE FERTILIZERS here...

What was the revenue of GUJARAT STATE FERTILIZERS in FY23? How does it compare to earlier years?

The revenues of GUJARAT STATE FERTILIZERS stood at Rs 115,175 m in FY23, which was up 24.3% compared to Rs 92,659 m reported in FY22.

GUJARAT STATE FERTILIZERS' revenue has grown from Rs 85,982 m in FY19 to Rs 115,175 m in FY23.

Over the past 5 years, the revenue of GUJARAT STATE FERTILIZERS has grown at a CAGR of 7.6%.

What was the net profit of GUJARAT STATE FERTILIZERS in FY23? How does it compare to earlier years?

The net profit of GUJARAT STATE FERTILIZERS stood at Rs 12,659 m in FY23, which was up 40.9% compared to Rs 8,986 m reported in FY22.

This compares to a net profit of Rs 4,501 m in FY21 and a net profit of Rs 1,096 m in FY20.

Over the past 5 years, GUJARAT STATE FERTILIZERS net profit has grown at a CAGR of 26.6%.

What does the cash flow statement of GUJARAT STATE FERTILIZERS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of GUJARAT STATE FERTILIZERS reveals:

  • Cash flow from operations increased in FY23 and stood at Rs 9,239 m as compared to Rs 2,366 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -394 m as compared to Rs -181 m in FY22.
  • Cash flow from financial activity increased in FY23 and stood at Rs -1,141 m as compared to Rs -1,260 m in FY22.

Here's the cash flow statement of GUJARAT STATE FERTILIZERS for the past 5 years.

(Rs m)FY19FY20FY21FY22FY23
From Operations5,084-8017,8272,3669,239
From Investments-2,806-2,656-228-181-394
From Financial Activity-2,4232,668-15,590-1,260-1,141
Net Cashflow-145-682,0099257,704

What does the Key Ratio analysis of GUJARAT STATE FERTILIZERS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of GUJARAT STATE FERTILIZERS reveals:

  • Operating profit margins witnessed a fall and stood at 14.0% in FY23 as against 14.6% in FY22.
  • Net profit margins grew from 9.9% in FY22 to 11.1% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.0 as compared to 0.0 in FY22.

Here's the ratio/financial analysis of GUJARAT STATE FERTILIZERS for the past 5 years.

 FY19FY20FY21FY22FY23
Operating Profit Margin (%)8.84.17.514.614.0
Net Profit Margin (%)5.81.45.99.911.1
Debt to Equity Ratio (x)0.00.00.00.00.0

 

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