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CONSTRONICS INFRA 2022-23 Annual Report Analysis

Fri, 30 Jun

CONSTRONICS INFRA 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.

CONSTRONICS INFRA Income Statement Analysis

• Operating income during the year fell 62.2% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 12.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.4% in FY23 as against 5.4% in FY22.
• Depreciation charges increased by 60.0% and finance costs increased by 10.0% YoY, respectively.
• Other income grew by 300.0% YoY.
• Net profit for the year declined by 67.4% YoY.
• Net profit margins during the year declined from 8.0% in FY22 to 6.9% in FY23.

CONSTRONICS INFRA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	22	8	-62.2%
Other income	Rs m	0	0	300.0%
Total Revenues	Rs m	22	8	-61.1%
Gross profit	Rs m	1	1	-12.8%
Depreciation	Rs m	0	0	60.0%
Interest	Rs m	0	0	10.0%
Profit before tax	Rs m	1	1	-5.0%
Tax	Rs m	-1	0	NA
Profit after tax	Rs m	2	1	-67.4%
Gross profit margin	%	5.4	12.4
Effective tax rate	%	-75.0	40.0
Net profit margin	%	8.0	6.9

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CONSTRONICS INFRA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 million as compared to Rs 1 million in FY22, thereby witnessing an increase of 64.6%.
• Long-term debt down at Rs 7 million as compared to Rs 10 million during FY22, a fall of 30.4%.
• Current assets rose 193% and stood at Rs 8 million, while fixed assets fell 74% and stood at Rs 2 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 10 million as against Rs 11 million during FY22, thereby witnessing a fall of 14%.

CONSTRONICS INFRA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2	2	29.7
Current Liabilities	Rs m	1	1	64.6
Long-term Debt	Rs m	10	7	-30.4
Total Liabilities	Rs m	11	10	-13.6
Current assets	Rs m	3	8	192.7
Fixed Assets	Rs m	9	2	-74.4
Total Assets	Rs m	11	10	-13.6

CONSTRONICS INFRA Cash Flow Statement Analysis

• CONSTRONICS INFRA's cash flow from operating activities (CFO) during FY23 stood at Rs 0 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 7 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 4 million from the Rs 0 million net cash flows seen during FY22.

CONSTRONICS INFRA 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	0	-86.2%
Cash Flow from Investing Activities	Rs m	-2	7	-
Cash Flow from Financing Activities	Rs m	2	-3	-
Net Cash Flow	Rs m	0	4	1,087.1%

Current Valuations for CONSTRONICS INFRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 0.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 6.9, stands at 263.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 20.1 times, while the price to sales ratio stands at 6.1 times.
• The company's price to cash flow (P/CF) ratio stood at 80.5 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	3.0	1.1
TTM Earnings per share	Rs	0.2	0.1
Diluted earnings per share	Rs	0.2	0.1
Price to Cash Flow	x	36.5	80.5
TTM P/E ratio	x	39.4	263.3
Price / Book Value ratio	x	26.4	26.1
Market Cap	Rs m	51	65
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CONSTRONICS INFRA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.9x during FY23, from 3.3x 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 9.6x during FY23, from 10.9x 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 22.7% during FY23, from 91.0% 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 11.6% during FY23, from 9.6% 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 declined and down at 6.8% during FY23, from 16.1% 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	3.3	5.9
Debtors’ Days	Days	67	685
Interest coverage	x	10.9	9.6
Debt to equity ratio	x	5.0	2.7
Return on assets	%	16.1	6.8
Return on equity	%	91.0	22.7
Return on capital employed	%	9.6	11.6

To see how CONSTRONICS INFRA has performed over the last 5 years, please visit here.

CONSTRONICS INFRA Share Price Performance

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(To know more, check out historical annual results for CONSTRONICS INFRA and quarterly results for CONSTRONICS INFRA)