JAYANT AGRO 2022-23 Annual Report Analysis

Wed, 19 Jul

JAYANT AGRO 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.

JAYANT AGRO Income Statement Analysis

• Operating income during the year rose 7.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 35.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 3.5% in FY23 as against 5.9% in FY22.
• Depreciation charges increased by 12.7% and finance costs decreased by 15.1% YoY, respectively.
• Other income grew by 25.5% YoY.
• Net profit for the year declined by 43.9% YoY.
• Net profit margins during the year declined from 3.6% in FY22 to 1.9% in FY23.

JAYANT AGRO Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	25,893	27,716	7.0%
Other income	Rs m	14	17	25.5%
Total Revenues	Rs m	25,907	27,733	7.0%
Gross profit	Rs m	1,523	977	-35.8%
Depreciation	Rs m	137	154	12.7%
Interest	Rs m	157	133	-15.1%
Profit before tax	Rs m	1,243	707	-43.1%
Tax	Rs m	319	188	-40.9%
Profit after tax	Rs m	924	519	-43.9%
Gross profit margin	%	5.9	3.5
Effective tax rate	%	25.7	26.6
Net profit margin	%	3.6	1.9

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JAYANT AGRO Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 3 billion in FY22, thereby witnessing an decrease of -31.1%.
• Long-term debt stood at Rs 126 million as compared to Rs 27 million during FY22, a growth of 369.5%.
• Current assets fell 10% and stood at Rs 5 billion, while fixed assets rose 11% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 8 billion as against Rs 8 billion during FY22, thereby witnessing a fall of 3%.

JAYANT AGRO Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	4,664	5,073	8.8
Current Liabilities	Rs m	2,538	1,750	-31.1
Long-term Debt	Rs m	27	126	369.5
Total Liabilities	Rs m	7,849	7,610	-3.0
Current assets	Rs m	5,144	4,606	-10.5
Fixed Assets	Rs m	2,705	3,004	11.0
Total Assets	Rs m	7,849	7,610	-3.0

JAYANT AGRO Cash Flow Statement Analysis

• JAYANT AGRO's cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion, an improvement of 88.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -407 million, an improvement of 133.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -884 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -66 million from the Rs 122 million net cash flows seen during FY22.

JAYANT AGRO 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	650	1,225	88.4%
Cash Flow from Investing Activities	Rs m	-175	-407	-
Cash Flow from Financing Activities	Rs m	-353	-884	-
Net Cash Flow	Rs m	122	-66	-

Current Valuations for JAYANT AGRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.3, an decline from the EPS of Rs 30.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 218.4, stands at 12.8 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 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 10.1 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	863.1	923.9
TTM Earnings per share	Rs	30.8	17.3
Diluted earnings per share	Rs	30.8	17.3
Price to Cash Flow	x	7.0	10.1
TTM P/E ratio	x	8.1	12.8
Price / Book Value ratio	x	1.4	1.3
Market Cap	Rs m	6,726	6,768
Dividends per share (Unadj.)	Rs	3.0	5.0

Ratio Analysis for JAYANT AGRO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x 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 deteriorated and stood at 6.3x during FY23, from 8.9x 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 10.2% during FY23, from 19.8% 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 16.2% during FY23, from 29.8% 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 8.6% during FY23, from 13.8% 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	2.6
Debtors’ Days	Days	204	194
Interest coverage	x	8.9	6.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.8	8.6
Return on equity	%	19.8	10.2
Return on capital employed	%	29.8	16.2

To see how JAYANT AGRO has performed over the last 5 years, please visit here.

JAYANT AGRO Share Price Performance

Over the last one year, JAYANT AGRO share price has moved up from Rs 214.5 to Rs 218.4, registering a gain of Rs 3.9 or around 1.8%.

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for JAYANT AGRO and quarterly results for JAYANT AGRO)