JAIPRAKASH ASSO 2022-23 Annual Report Analysis

Thu, 19 Oct

JAIPRAKASH ASSO 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.

JAIPRAKASH ASSO Income Statement Analysis

• Operating income during the year rose 26.3% 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 5.4% in FY23 as against 1.6% in FY22.
• Depreciation charges decreased by 3.5% and finance costs increased by 5.9% YoY, respectively.
• Other income declined by 39.4% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 18.5% in FY22 to 11.4% in FY23.

JAIPRAKASH ASSO Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	57,518	72,631	26.3%
Other income	Rs m	4,268	2,588	-39.4%
Total Revenues	Rs m	61,786	75,219	21.7%
Gross profit	Rs m	-895	3,936	NA
Depreciation	Rs m	3,953	3,814	-3.5%
Interest	Rs m	9,976	10,562	5.9%
Profit before tax	Rs m	-10,556	-7,852	NA
Tax	Rs m	109	392	260.9%
Profit after tax	Rs m	-10,664	-8,244	NA
Gross profit margin	%	-1.6	5.4
Effective tax rate	%	-1.0	-5.0
Net profit margin	%	-18.5	-11.4

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JAIPRAKASH ASSO Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 146 billion as compared to Rs 142 billion in FY22, thereby witnessing an increase of 3.3%.
• Long-term debt down at Rs 120 billion as compared to Rs 151 billion during FY22, a fall of 21.1%.
• Current assets rose 2% and stood at Rs 233 billion, while fixed assets fell 27% and stood at Rs 98 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 378 billion as against Rs 374 billion during FY22, thereby witnessing a growth of 1%.

JAIPRAKASH ASSO Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	847	-12,514	NA
Current Liabilities	Rs m	141,685	146,372	3.3
Long-term Debt	Rs m	151,405	119,529	-21.1
Total Liabilities	Rs m	373,908	377,676	1.0
Current assets	Rs m	229,140	233,453	1.9
Fixed Assets	Rs m	134,768	98,466	-26.9
Total Assets	Rs m	373,908	377,676	1.0

JAIPRAKASH ASSO Cash Flow Statement Analysis

• JAIPRAKASH ASSO's cash flow from operating activities (CFO) during FY23 stood at Rs 8 billion, an improvement of 3,607.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -6 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 197 million from the Rs -2 billion net cash flows seen during FY22.

JAIPRAKASH ASSO 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	205	7,608	3,607.6%
Cash Flow from Investing Activities	Rs m	596	-1,162	-
Cash Flow from Financing Activities	Rs m	-2,806	-6,248	-
Net Cash Flow	Rs m	-2,005	197	-

Current Valuations for JAIPRAKASH ASSO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.4, an improvement from the EPS of Rs -4.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 13.5, stands at -3.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -2.7 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at -5.3 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	23.4	29.6
TTM Earnings per share	Rs	-4.3	-3.4
Diluted earnings per share	Rs	-4.3	-3.4
Price to Cash Flow	x	-3.0	-5.3
TTM P/E ratio	x	-1.6	-3.5
Price / Book Value ratio	x	32.4	-1.9
Market Cap	Rs m	27,393	23,392
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JAIPRAKASH ASSO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY23, from 1.6x 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 0.3x during FY23, from -0.1x 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 65.9% during FY23, from -1,259.6% 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 2.5% during FY23, from -0.4% 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 0.6% during FY23, from -0.2% 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	1.6	1.6
Debtors’ Days	Days	1,939	1,213
Interest coverage	x	-0.1	0.3
Debt to equity ratio	x	178.8	-9.6
Return on assets	%	-0.2	0.6
Return on equity	%	-1,259.6	65.9
Return on capital employed	%	-0.4	2.5

To see how JAIPRAKASH ASSO has performed over the last 5 years, please visit here.

JAIPRAKASH ASSO Share Price Performance

Over the last one year, JAIPRAKASH ASSO share price has moved up from Rs 10.2 to Rs 13.5, registering a gain of Rs 3.4 or around 33.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,826.1 (down 0.4%). Over the last one year it has moved up from 3,401.4 to 4,826.1, a gain of 1,425 points (up 41.9%).

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for JAIPRAKASH ASSO and quarterly results for JAIPRAKASH ASSO)