INTERNATIONAL TRAVEL 2022-23 Annual Report Analysis

Fri, 31 Mar

INTERNATIONAL TRAVEL 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.

INTERNATIONAL TRAVEL Income Statement Analysis

• Operating income during the year rose 95.4% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.9% in FY23 as against 6.8% in FY22.
• Depreciation charges decreased by 4.7% and finance costs increased by 61.0% YoY, respectively.
• Other income grew by 24.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 11.4% in FY22 to 15.4% in FY23.

INTERNATIONAL TRAVEL Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	942	1,840	95.4%
Other income	Rs m	23	29	24.0%
Total Revenues	Rs m	965	1,869	93.7%
Gross profit	Rs m	-64	220	NA
Depreciation	Rs m	63	60	-4.7%
Interest	Rs m	3	5	61.0%
Profit before tax	Rs m	-107	183	NA
Tax	Rs m	0	-101	0.0
Profit after tax	Rs m	-107	284	NA
Gross profit margin	%	-6.8	11.9
Effective tax rate	%	0.0	-55.0
Net profit margin	%	-11.4	15.4

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INTERNATIONAL TRAVEL Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 527 million as compared to Rs 361 million in FY22, thereby witnessing an increase of 46.0%.
• Current assets rose 29% and stood at Rs 1 billion, while fixed assets rose 18% and stood at Rs 385 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 1 billion during FY22, thereby witnessing a growth of 26%.

INTERNATIONAL TRAVEL Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	952	1,232	29.3
Current Liabilities	Rs m	361	527	46.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,335	1,683	26.0
Current assets	Rs m	1,008	1,298	28.8
Fixed Assets	Rs m	327	385	17.6
Total Assets	Rs m	1,335	1,683	26.0

INTERNATIONAL TRAVEL Cash Flow Statement Analysis

• INTERNATIONAL TRAVEL's cash flow from operating activities (CFO) during FY23 stood at Rs 92 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -58 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 million, an improvement of 56% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 31 million from the Rs 20 million net cash flows seen during FY22.

INTERNATIONAL TRAVEL 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	-185	92	-
Cash Flow from Investing Activities	Rs m	213	-58	-
Cash Flow from Financing Activities	Rs m	-7	-3	-
Net Cash Flow	Rs m	20	31	54.5%

Current Valuations for INTERNATIONAL TRAVEL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.5, an improvement from the EPS of Rs -13.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 209.1, stands at 5.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 4.4 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	117.9	230.3
TTM Earnings per share	Rs	-13.4	35.5
Diluted earnings per share	Rs	-13.4	35.5
Price to Cash Flow	x	-21.2	4.4
TTM P/E ratio	x	-8.8	5.9
Price / Book Value ratio	x	0.8	1.2
Market Cap	Rs m	750	1,509
Dividends per share (Unadj.)	Rs	0.0	3.5

Ratio Analysis for INTERNATIONAL TRAVEL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.5x during FY23, from 2.8x 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 improved and stood at 35.7x during FY23, from -31.6x 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 23.0% during FY23, from -11.2% 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 15.3% during FY23, from -10.9% 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 17.2% during FY23, from -7.8% 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	2.8	2.5
Debtors’ Days	Days	1,840	1,437
Interest coverage	x	-31.6	35.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-7.8	17.2
Return on equity	%	-11.2	23.0
Return on capital employed	%	-10.9	15.3

To see how INTERNATIONAL TRAVEL has performed over the last 5 years, please visit here.

INTERNATIONAL TRAVEL Share Price Performance

Over the last one year, INTERNATIONAL TRAVEL share price has moved up from Rs 117.5 to Rs 209.1, registering a gain of Rs 91.7 or around 78.0%.

Overall, the S&P BSE SENSEX is up 1.8% over the year.

(To know more, check out historical annual results for INTERNATIONAL TRAVEL and quarterly results for INTERNATIONAL TRAVEL)