JINDAL PHOTO 2022-23 Annual Report Analysis

Wed, 13 Sep

JINDAL PHOTO 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.

JINDAL PHOTO Income Statement Analysis

• Operating income during the year rose 6978.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 73.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2185.3% in FY23 as against 574228.8% in FY22.
• Depreciation charges increased by 0.0% and finance costs increased by 9.0% YoY, respectively.
• Other income declined by 82.9% YoY.
• Net profit for the year declined by 73.6% YoY.
• Net profit margins during the year declined from 570913.7% in FY22 to 2127.6% in FY23.

JINDAL PHOTO Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1	79	6,978.4%
Other income	Rs m	1	0	-82.9%
Total Revenues	Rs m	2	79	4,248.1%
Gross profit	Rs m	6,374	1,717	-73.1%
Depreciation	Rs m	0	0	0.0%
Interest	Rs m	52	56	9.0%
Profit before tax	Rs m	6,322	1,660	-73.7%
Tax	Rs m	-15	-11	NA
Profit after tax	Rs m	6,337	1,672	-73.6%
Gross profit margin	%	574,228.8	2,185.3
Effective tax rate	%	-0.2	-0.7
Net profit margin	%	570,913.7	2,127.6

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JINDAL PHOTO Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 195 million as compared to Rs 194 million in FY22, thereby witnessing an increase of 0.0%.
• Long-term debt stood at Rs 683 million as compared to Rs 626 million during FY22, a growth of 9.0%.
• Current assets fell 1% and stood at Rs 599 million, while fixed assets rose 9% and stood at Rs 20 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 21 billion as against Rs 19 billion during FY22, thereby witnessing a growth of 9%.

JINDAL PHOTO Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	18,247	19,925	9.2
Current Liabilities	Rs m	194	195	0.0
Long-term Debt	Rs m	626	683	9.0
Total Liabilities	Rs m	19,080	20,802	9.0
Current assets	Rs m	603	599	-0.7
Fixed Assets	Rs m	18,477	20,203	9.3
Total Assets	Rs m	19,080	20,802	9.0

JINDAL PHOTO Cash Flow Statement Analysis

• JINDAL PHOTO's cash flow from operating activities (CFO) during FY23 stood at Rs -5 million, an improvement of 43.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 5 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 0 million from the Rs -15 million net cash flows seen during FY22.

JINDAL PHOTO 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	-4	-5	-
Cash Flow from Investing Activities	Rs m	-12	5	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	-15	0	-

Current Valuations for JINDAL PHOTO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 162.9, an decline from the EPS of Rs 617.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 367.7, stands at 92.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.2 times, while the price to sales ratio stands at 48.0 times.
• The company's price to cash flow (P/CF) ratio stood at 1.9 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	0.1	7.7
TTM Earnings per share	Rs	617.7	162.9
Diluted earnings per share	Rs	617.8	163.0
Price to Cash Flow	x	0.4	1.9
TTM P/E ratio	x	-66.6	92.0
Price / Book Value ratio	x	0.2	0.2
Market Cap	Rs m	2,750	3,103
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JINDAL PHOTO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.1x during FY23, from 3.1x 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 30.4x during FY23, from 123.2x 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 8.4% during FY23, from 34.7% 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 declined and down at 8.3% during FY23, from 33.8% 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 8.3% during FY23, from 33.5% 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	3.1	3.1
Debtors’ Days	Days	0	0
Interest coverage	x	123.2	30.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	33.5	8.3
Return on equity	%	34.7	8.4
Return on capital employed	%	33.8	8.3

To see how JINDAL PHOTO has performed over the last 5 years, please visit here.

JINDAL PHOTO Share Price Performance

Over the last one year, JINDAL PHOTO share price has moved up from Rs 355.4 to Rs 367.7, registering a gain of Rs 12.3 or around 3.5%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 45,612.7 (up 0.2%). Over the last one year it has moved up from 43,727.0 to 45,612.7, a gain of 1,886 points (up 4.3%).

Overall, the S&P BSE SENSEX is up 12.0% over the year.

(To know more, check out historical annual results for JINDAL PHOTO and quarterly results for JINDAL PHOTO)