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JUST DIAL 2022-23 Annual Report Analysis

Fri, 25 Aug

JUST DIAL 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.

JUST DIAL Income Statement Analysis

• Operating income during the year rose 30.6% 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 2.0% in FY23 as against 2.4% in FY22.
• Depreciation charges increased by 7.7% and finance costs increased by 12.1% YoY, respectively.
• Other income grew by 61.0% YoY.
• Net profit for the year grew by 129.7% YoY.
• Net profit margins during the year grew from 13.4% in FY22 to 23.5% in FY23.

JUST DIAL Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	5,305	6,927	30.6%
Other income	Rs m	1,327	2,138	61.0%
Total Revenues	Rs m	6,632	9,064	36.7%
Gross profit	Rs m	-127	139	NA
Depreciation	Rs m	299	322	7.7%
Interest	Rs m	68	77	12.1%
Profit before tax	Rs m	833	1,878	125.5%
Tax	Rs m	125	251	101.5%
Profit after tax	Rs m	708	1,627	129.7%
Gross profit margin	%	-2.4	2.0
Effective tax rate	%	15.0	13.4
Net profit margin	%	13.4	23.5

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JUST DIAL Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 5 billion as compared to Rs 4 billion in FY22, thereby witnessing an increase of 25.7%.
• Current assets rose 17% and stood at Rs 41 billion, while fixed assets fell 57% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 43 billion as against Rs 40 billion during FY22, thereby witnessing a growth of 8%.

JUST DIAL Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	34,491	36,434	5.6
Current Liabilities	Rs m	4,230	5,317	25.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	40,329	43,366	7.5
Current assets	Rs m	35,368	41,227	16.6
Fixed Assets	Rs m	4,961	2,139	-56.9
Total Assets	Rs m	40,329	43,366	7.5

JUST DIAL Cash Flow Statement Analysis

• JUST DIAL's cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion, an improvement of 358.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -231 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -77 million from the Rs -382 million net cash flows seen during FY22.

JUST DIAL 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	390	1,788	358.9%
Cash Flow from Investing Activities	Rs m	-21,865	-1,634	-
Cash Flow from Financing Activities	Rs m	21,093	-231	-
Net Cash Flow	Rs m	-382	-77	-

Current Valuations for JUST DIAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.3, an improvement from the EPS of Rs 8.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 756.7, stands at 21.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 9.2 times.
• The company's price to cash flow (P/CF) ratio stood at 31.7 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	63.5	82.1
TTM Earnings per share	Rs	8.5	19.3
Diluted earnings per share	Rs	8.3	19.1
Price to Cash Flow	x	60.1	31.7
TTM P/E ratio	x	85.4	21.8
Price / Book Value ratio	x	2.2	1.7
Market Cap	Rs m	74,530	61,777
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JUST DIAL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 7.8x during FY23, from 8.4x 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 25.5x during FY23, from 13.2x 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 improved and stood at 4.5% during FY23, from 2.1% 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 5.4% during FY23, from 2.6% 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 3.9% during FY23, from 1.9% 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	8.4	7.8
Debtors’ Days	Days	0	0
Interest coverage	x	13.2	25.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.9	3.9
Return on equity	%	2.1	4.5
Return on capital employed	%	2.6	5.4

To see how JUST DIAL has performed over the last 5 years, please visit here.

JUST DIAL Share Price Performance

Over the last one year, JUST DIAL share price has moved up from Rs 573.0 to Rs 756.7, registering a gain of Rs 183.7 or around 32.1%.

Overall, the S&P BSE SENSEX is up 9.9% over the year.

(To know more, check out historical annual results for JUST DIAL and quarterly results for JUST DIAL)