HALDYN GLASS GUJ. 2022-23 Annual Report Analysis

Thu, 5 Oct

HALDYN GLASS GUJ. 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.

HALDYN GLASS GUJ. Income Statement Analysis

• Operating income during the year rose 50.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 118.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.8% in FY23 as against 8.1% in FY22.
• Depreciation charges increased by 4.8% and finance costs increased by 153.1% YoY, respectively.
• Other income declined by 9.5% YoY.
• Net profit for the year grew by 127.6% YoY.
• Net profit margins during the year grew from 5.6% in FY22 to 8.4% in FY23.

HALDYN GLASS GUJ. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,128	3,196	50.2%
Other income	Rs m	52	47	-9.5%
Total Revenues	Rs m	2,180	3,243	48.8%
Gross profit	Rs m	172	376	118.4%
Depreciation	Rs m	72	75	4.8%
Interest	Rs m	8	19	153.1%
Profit before tax	Rs m	145	329	127.2%
Tax	Rs m	26	59	125.0%
Profit after tax	Rs m	118	269	127.6%
Gross profit margin	%	8.1	11.8
Effective tax rate	%	18.2	18.1
Net profit margin	%	5.6	8.4

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HALDYN GLASS GUJ. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 630 million as compared to Rs 414 million in FY22, thereby witnessing an increase of 52.0%.
• Long-term debt stood at Rs 257 million as compared to Rs 0 million during FY22, a fall of 0.0%.
• Current assets fell 1% and stood at Rs 1 billion, while fixed assets rose 87% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 34%.

HALDYN GLASS GUJ. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,534	1,769	15.3
Current Liabilities	Rs m	414	630	52.0
Long-term Debt	Rs m	0	257	0.0
Total Liabilities	Rs m	2,002	2,691	34.4
Current assets	Rs m	1,196	1,182	-1.2
Fixed Assets	Rs m	806	1,509	87.2
Total Assets	Rs m	2,002	2,691	34.4

HALDYN GLASS GUJ. Cash Flow Statement Analysis

• HALDYN GLASS GUJ.'s cash flow from operating activities (CFO) during FY23 stood at Rs 312 million, an improvement of 209.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -583 million, an improvement of 395.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 303 million, an improvement of 3,023% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 32 million from the Rs -27 million net cash flows seen during FY22.

HALDYN GLASS GUJ. 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	101	312	209.6%
Cash Flow from Investing Activities	Rs m	-118	-583	-
Cash Flow from Financing Activities	Rs m	-10	303	-
Net Cash Flow	Rs m	-27	32	-

Current Valuations for HALDYN GLASS GUJ.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.0, an improvement from the EPS of Rs 2.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 124.2, stands at 29.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 9.0 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	39.6	59.5
TTM Earnings per share	Rs	2.2	5.0
Diluted earnings per share	Rs	2.2	5.0
Price to Cash Flow	x	12.0	9.0
TTM P/E ratio	x	21.1	29.6
Price / Book Value ratio	x	1.4	1.8
Market Cap	Rs m	2,186	3,104
Dividends per share (Unadj.)	Rs	0.6	0.7

Ratio Analysis for HALDYN GLASS GUJ.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY23, from 2.9x 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 18.1x during FY23, from 20.1x 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 improved and stood at 15.2% during FY23, from 7.7% 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 17.2% during FY23, from 9.9% 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 10.7% during FY23, from 6.3% 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	2.9	1.9
Debtors’ Days	Days	912	677
Interest coverage	x	20.1	18.1
Debt to equity ratio	x	0.0	0.1
Return on assets	%	6.3	10.7
Return on equity	%	7.7	15.2
Return on capital employed	%	9.9	17.2

To see how HALDYN GLASS GUJ. has performed over the last 5 years, please visit here.

HALDYN GLASS GUJ. Share Price Performance

Over the last one year, HALDYN GLASS GUJ. share price has moved up from Rs 64.3 to Rs 124.2, registering a gain of Rs 60.0 or around 93.3%.

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

(To know more, check out historical annual results for HALDYN GLASS GUJ. and quarterly results for HALDYN GLASS GUJ.)