JUBILANT PHARMOVA 2022-23 Annual Report Analysis

Fri, 11 Aug

JUBILANT PHARMOVA 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.

JUBILANT PHARMOVA Income Statement Analysis

• Operating income during the year rose 2.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 36.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.6% in FY23 as against 18.7% in FY22.
• Depreciation charges increased by 45.1% and finance costs increased by 29.4% YoY, respectively.
• Other income grew by 239.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 6.7% in FY22 to 1.0% in FY23.

JUBILANT PHARMOVA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	61,302	62,817	2.5%
Other income	Rs m	113	383	239.5%
Total Revenues	Rs m	61,415	63,201	2.9%
Gross profit	Rs m	11,463	7,317	-36.2%
Depreciation	Rs m	3,817	5,540	45.1%
Interest	Rs m	1,455	1,882	29.4%
Profit before tax	Rs m	6,304	278	-95.6%
Tax	Rs m	2,174	927	-57.4%
Profit after tax	Rs m	4,130	-649	NA
Gross profit margin	%	18.7	11.6
Effective tax rate	%	34.5	333.5
Net profit margin	%	6.7	-1.0

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JUBILANT PHARMOVA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 18 billion as compared to Rs 16 billion in FY22, thereby witnessing an increase of 11.4%.
• Long-term debt stood at Rs 31 billion as compared to Rs 25 billion during FY22, a growth of 26.2%.
• Current assets rose 7% and stood at Rs 38 billion, while fixed assets rose 13% and stood at Rs 72 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 109 billion as against Rs 98 billion during FY22, thereby witnessing a growth of 11%.

JUBILANT PHARMOVA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	53,149	53,931	1.5
Current Liabilities	Rs m	15,916	17,724	11.4
Long-term Debt	Rs m	24,642	31,104	26.2
Total Liabilities	Rs m	98,296	109,292	11.2
Current assets	Rs m	35,092	37,624	7.2
Fixed Assets	Rs m	63,204	71,668	13.4
Total Assets	Rs m	98,296	109,292	11.2

JUBILANT PHARMOVA Cash Flow Statement Analysis

• JUBILANT PHARMOVA 's cash flow from operating activities (CFO) during FY23 stood at Rs 7 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -5 billion, an improvement of 43.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 301 million from the Rs 5 billion net cash flows seen during FY22.

JUBILANT PHARMOVA 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	8,375	6,607	-21.1%
Cash Flow from Investing Activities	Rs m	-3,804	-5,444	-
Cash Flow from Financing Activities	Rs m	-326	-1,567	-
Net Cash Flow	Rs m	4,819	301	-93.8%

Current Valuations for JUBILANT PHARMOVA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -4.1, an decline from the EPS of Rs 25.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 450.9, stands at -61.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 12.4 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	385.1	394.9
TTM Earnings per share	Rs	25.9	-4.1
Diluted earnings per share	Rs	25.9	-4.1
Price to Cash Flow	x	7.8	12.4
TTM P/E ratio	x	14.6	-61.6
Price / Book Value ratio	x	2.0	1.1
Market Cap	Rs m	104,247	60,793
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for JUBILANT PHARMOVA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY23, from 2.2x 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 1.1x during FY23, from 5.3x 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 -1.2% during FY23, from 7.8% 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 2.5% during FY23, from 10.0% 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 declined and down at 1.1% during FY23, from 5.7% 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	2.2	2.1
Debtors’ Days	Days	55	56
Interest coverage	x	5.3	1.1
Debt to equity ratio	x	0.5	0.6
Return on assets	%	5.7	1.1
Return on equity	%	7.8	-1.2
Return on capital employed	%	10.0	2.5

To see how JUBILANT PHARMOVA has performed over the last 5 years, please visit here.

JUBILANT PHARMOVA Share Price Performance

Over the last one year, JUBILANT PHARMOVA share price has moved up from Rs 353.4 to Rs 450.9, registering a gain of Rs 97.5 or around 27.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 28,313.3 (down 0.6%). Over the last one year it has moved up from 23,284.5 to 28,313.3, a gain of 5,029 points (up 21.6%).

Overall, the S&P BSE SENSEX is up 11.7% over the year.

(To know more, check out historical annual results for JUBILANT PHARMOVA and quarterly results for JUBILANT PHARMOVA )