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360 ONE WAM 2022-23 Annual Report Analysis

Tue, 29 Aug

360 ONE WAM 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.

360 ONE WAM Income Statement Analysis

• Operating income during the year rose 6.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 20.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 56.1% in FY23 as against 49.7% in FY22.
• Depreciation charges increased by 10.9% and finance costs increased by 8.2% YoY, respectively.
• Other income declined by 22.1% YoY.
• Net profit for the year grew by 13.9% YoY.
• Net profit margins during the year grew from 31.2% in FY22 to 33.3% in FY23.

360 ONE WAM Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	18,507	19,747	6.7%
Other income	Rs m	2,433	1,895	-22.1%
Total Revenues	Rs m	20,939	21,641	3.4%
Gross profit	Rs m	9,196	11,074	20.4%
Depreciation	Rs m	417	463	10.9%
Interest	Rs m	3,699	4,003	8.2%
Profit before tax	Rs m	7,513	8,503	13.2%
Tax	Rs m	1,736	1,924	10.9%
Profit after tax	Rs m	5,777	6,579	13.9%
Gross profit margin	%	49.7	56.1
Effective tax rate	%	23.1	22.6
Net profit margin	%	31.2	33.3

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360 ONE WAM Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 37 billion as compared to Rs 36 billion in FY22, thereby witnessing an increase of 4.1%.
• Long-term debt stood at Rs 42 billion as compared to Rs 40 billion during FY22, a growth of 5.1%.
• Current assets rose 4% and stood at Rs 77 billion, while fixed assets rose 5% and stood at Rs 35 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 112 billion as against Rs 107 billion during FY22, thereby witnessing a growth of 4%.

360 ONE WAM Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	29,480	30,304	2.8
Current Liabilities	Rs m	36,003	37,473	4.1
Long-term Debt	Rs m	39,925	41,956	5.1
Total Liabilities	Rs m	107,343	111,907	4.3
Current assets	Rs m	73,637	76,585	4.0
Fixed Assets	Rs m	33,705	35,322	4.8
Total Assets	Rs m	107,343	111,907	4.3

360 ONE WAM Cash Flow Statement Analysis

• 360 ONE WAM's cash flow from operating activities (CFO) during FY23 stood at Rs -13 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 8 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 6 billion, an improvement of 131% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 209 million from the Rs 519 million net cash flows seen during FY22.

360 ONE WAM 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	9,288	-13,453	-
Cash Flow from Investing Activities	Rs m	-11,281	7,861	-
Cash Flow from Financing Activities	Rs m	2,512	5,801	130.9%
Net Cash Flow	Rs m	519	209	-59.7%

Current Valuations for 360 ONE WAM

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.5, an decline from the EPS of Rs 65.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 505.0, stands at 26.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.0 times, while the price to sales ratio stands at 9.1 times.
• The company's price to cash flow (P/CF) ratio stood at 20.6 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	208.6	55.5
TTM Earnings per share	Rs	65.1	18.5
Diluted earnings per share	Rs	16.2	18.4
Price to Cash Flow	x	24.1	20.6
TTM P/E ratio	x	25.8	26.3
Price / Book Value ratio	x	4.3	4.8
Market Cap	Rs m	127,697	144,903
Dividends per share (Unadj.)	Rs	27.5	34.5

Ratio Analysis for 360 ONE WAM

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY23, from 2.0x 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 3.1x during FY23, from 3.0x 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 21.7% during FY23, from 19.6% 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 17.3% during FY23, from 16.2% 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 9.5% during FY23, from 8.8% 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	2.0	2.0
Debtors’ Days	Days	10	8
Interest coverage	x	3.0	3.1
Debt to equity ratio	x	1.4	1.4
Return on assets	%	8.8	9.5
Return on equity	%	19.6	21.7
Return on capital employed	%	16.2	17.3

To see how 360 ONE WAM has performed over the last 5 years, please visit here.

360 ONE WAM Share Price Performance

Over the last one year, 360 ONE WAM share price has moved up from Rs 416.8 to Rs 505.0, registering a gain of Rs 88.2 or around 21.2%.

Overall, the S&P BSE SENSEX is up 10.7% over the year.

(To know more, check out historical annual results for 360 ONE WAM and quarterly results for 360 ONE WAM)