INDIA TOURISM DEV 2022-23 Annual Report Analysis

Fri, 31 Mar

INDIA TOURISM DEV 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.

INDIA TOURISM DEV Income Statement Analysis

• Operating income during the year rose 57.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 10395.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.3% in FY23 as against 0.2% in FY22.
• Depreciation charges increased by 5.5% and finance costs decreased by 15.1% YoY, respectively.
• Other income grew by 17.9% YoY.
• Net profit for the year grew by 1332.3% YoY.
• Net profit margins during the year grew from 1.4% in FY22 to 12.7% in FY23.

INDIA TOURISM DEV Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,943	4,636	57.5%
Other income	Rs m	144	170	17.9%
Total Revenues	Rs m	3,087	4,805	55.7%
Gross profit	Rs m	7	755	10,395.7%
Depreciation	Rs m	66	70	5.5%
Interest	Rs m	11	9	-15.1%
Profit before tax	Rs m	74	845	1,039.0%
Tax	Rs m	33	259	678.0%
Profit after tax	Rs m	41	587	1,332.3%
Gross profit margin	%	0.2	16.3
Effective tax rate	%	44.8	30.6
Net profit margin	%	1.4	12.7

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INDIA TOURISM DEV Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 5 billion as compared to Rs 3 billion in FY22, thereby witnessing an increase of 114.4%.
• Current assets rose 76% and stood at Rs 8 billion, while fixed assets fell 11% and stood at Rs 643 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 9 billion as against Rs 5 billion during FY22, thereby witnessing a growth of 64%.

INDIA TOURISM DEV Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,833	3,419	20.7
Current Liabilities	Rs m	2,541	5,449	114.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	5,432	8,922	64.2
Current assets	Rs m	4,697	8,270	76.1
Fixed Assets	Rs m	726	643	-11.5
Total Assets	Rs m	5,432	8,922	64.2

INDIA TOURISM DEV Cash Flow Statement Analysis

• INDIA TOURISM DEV's cash flow from operating activities (CFO) during FY23 stood at Rs -118 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -30 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -148 million from the Rs 206 million net cash flows seen during FY22.

INDIA TOURISM DEV 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	156	-118	-
Cash Flow from Investing Activities	Rs m	49	-30	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	206	-148	-

Current Valuations for INDIA TOURISM DEV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.8, an improvement from the EPS of Rs 0.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 295.1, stands at 43.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.4 times, while the price to sales ratio stands at 5.5 times.
• The company's price to cash flow (P/CF) ratio stood at 45.1 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	34.3	54.0
TTM Earnings per share	Rs	0.5	6.8
Diluted earnings per share	Rs	0.5	6.8
Price to Cash Flow	x	302.9	45.1
TTM P/E ratio	x	794.1	43.1
Price / Book Value ratio	x	11.7	8.7
Market Cap	Rs m	33,103	29,618
Dividends per share (Unadj.)	Rs	0.0	2.2

Ratio Analysis for INDIA TOURISM DEV

• 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 improved and stood at 95.9x during FY23, from 8.1x 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 17.2% during FY23, from 1.4% 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 25.0% during FY23, from 3.0% 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 6.7% during FY23, from 0.9% 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	879	617
Interest coverage	x	8.1	95.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.9	6.7
Return on equity	%	1.4	17.2
Return on capital employed	%	3.0	25.0

To see how INDIA TOURISM DEV has performed over the last 5 years, please visit here.

INDIA TOURISM DEV Share Price Performance

Over the last one year, INDIA TOURISM DEV share price has moved down from Rs 379.1 to Rs 295.1, registering a loss of Rs 84.0 or around 22.2%.

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

(To know more, check out historical annual results for INDIA TOURISM DEV and quarterly results for INDIA TOURISM DEV)