AGI GREENPAC 2022-23 Annual Report Analysis

Mon, 14 Aug

AGI GREENPAC 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.

AGI GREENPAC Income Statement Analysis

• Operating income during the year rose 59.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 74.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.1% in FY23 as against 18.4% in FY22.
• Depreciation charges increased by 26.9% and finance costs increased by 103.2% YoY, respectively.
• Other income declined by 35.5% YoY.
• Net profit for the year grew by 113.5% YoY.
• Net profit margins during the year grew from 8.2% in FY22 to 10.9% in FY23.

AGI GREENPAC Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	14,297	22,815	59.6%
Other income	Rs m	442	285	-35.5%
Total Revenues	Rs m	14,739	23,100	56.7%
Gross profit	Rs m	2,625	4,590	74.9%
Depreciation	Rs m	995	1,263	26.9%
Interest	Rs m	281	571	103.2%
Profit before tax	Rs m	1,791	3,042	69.8%
Tax	Rs m	626	554	-11.5%
Profit after tax	Rs m	1,165	2,488	113.5%
Gross profit margin	%	18.4	20.1
Effective tax rate	%	34.9	18.2
Net profit margin	%	8.2	10.9

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AGI GREENPAC Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 7 billion as compared to Rs 7 billion in FY22, thereby witnessing an decrease of -8.1%.
• Long-term debt down at Rs 6 billion as compared to Rs 9 billion during FY22, a fall of 34.9%.
• Current assets fell 23% and stood at Rs 11 billion, while fixed assets rose 9% and stood at Rs 21 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 31 billion as against Rs 33 billion during FY22, thereby witnessing a fall of 5%.

AGI GREENPAC Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	13,921	16,066	15.4
Current Liabilities	Rs m	7,484	6,881	-8.1
Long-term Debt	Rs m	8,637	5,623	-34.9
Total Liabilities	Rs m	32,795	31,195	-4.9
Current assets	Rs m	13,755	10,530	-23.4
Fixed Assets	Rs m	18,995	20,620	8.6
Total Assets	Rs m	32,795	31,195	-4.9

AGI GREENPAC Cash Flow Statement Analysis

• AGI GREENPAC's cash flow from operating activities (CFO) during FY23 stood at Rs 5 billion, an improvement of 189.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -6 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 2 billion from the Rs 360 million net cash flows seen during FY22.

AGI GREENPAC 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	1,808	5,225	189.1%
Cash Flow from Investing Activities	Rs m	-3,478	2,220	-
Cash Flow from Financing Activities	Rs m	2,031	-5,541	-
Net Cash Flow	Rs m	360	1,904	428.3%

Current Valuations for AGI GREENPAC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 38.5, an improvement from the EPS of Rs 18.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 660.7, stands at 17.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 5.1 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	221.0	352.6
TTM Earnings per share	Rs	18.0	38.5
Diluted earnings per share	Rs	18.0	38.5
Price to Cash Flow	x	8.9	5.1
TTM P/E ratio	x	16.4	17.3
Price / Book Value ratio	x	1.1	1.2
Market Cap	Rs m	15,975	18,963
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for AGI GREENPAC

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY23, from 1.8x 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 6.3x during FY23, from 7.4x 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 15.5% during FY23, from 8.4% 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 16.7% during FY23, from 9.2% 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 9.8% during FY23, from 4.4% 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	1.8	1.5
Debtors’ Days	Days	782	548
Interest coverage	x	7.4	6.3
Debt to equity ratio	x	0.6	0.4
Return on assets	%	4.4	9.8
Return on equity	%	8.4	15.5
Return on capital employed	%	9.2	16.7

To see how AGI GREENPAC has performed over the last 5 years, please visit here.

AGI GREENPAC Share Price Performance

Over the last one year, AGI GREENPAC share price has moved up from Rs 305.3 to Rs 660.7, registering a gain of Rs 355.5 or around 116.4%.

Overall, the S&P BSE SENSEX is up 10.5% over the year.

(To know more, check out historical annual results for AGI GREENPAC and quarterly results for AGI GREENPAC)