JYOTI STRUCTURE 2022-23 Annual Report Analysis

Sat, 1 Jul

JYOTI STRUCTURE 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.

JYOTI STRUCTURE Income Statement Analysis

• Operating income during the year rose 5122.9% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 5.3% in FY23 as against 58857.1% in FY22.
• Depreciation charges decreased by 25.7% increased by 0.0% YoY, respectively.
• Other income declined by 99.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 0.0% in FY22 to 1.8% in FY23.

JYOTI STRUCTURE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	44	2,292	5,122.9%
Other income	Rs m	25,481	139	-99.5%
Total Revenues	Rs m	25,524	2,431	-90.5%
Gross profit	Rs m	-25,832	-121	NA
Depreciation	Rs m	73	54	-25.7%
Interest	Rs m	0	5	0.0%
Profit before tax	Rs m	-425	-41	NA
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	-425	-41	NA
Gross profit margin	%	-58,857.1	-5.3
Effective tax rate	%	0.0	0.0
Net profit margin	%	0.0	-1.8

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JYOTI STRUCTURE Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 4 billion as compared to Rs 2 billion in FY22, thereby witnessing an increase of 125.8%.
• Long-term debt stood at Rs 17 billion as compared to Rs 17 billion during FY22, a growth of 4.8%.
• Current assets rose 4% and stood at Rs 22 billion, while fixed assets rose 13% and stood at Rs 366 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 23 billion as against Rs 22 billion during FY22, thereby witnessing a growth of 4%.

JYOTI STRUCTURE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,519	254	-83.3
Current Liabilities	Rs m	1,646	3,717	125.8
Long-term Debt	Rs m	16,505	17,291	4.8
Total Liabilities	Rs m	21,930	22,854	4.2
Current assets	Rs m	21,605	22,488	4.1
Fixed Assets	Rs m	325	366	12.6
Total Assets	Rs m	21,930	22,854	4.2

JYOTI STRUCTURE Cash Flow Statement Analysis

• JYOTI STRUCTURE's cash flow from operating activities (CFO) during FY23 stood at Rs -439 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -90 million, an improvement of 5,082.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -4 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -533 million from the Rs 703 million net cash flows seen during FY22.

JYOTI STRUCTURE 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	-995	-439	-
Cash Flow from Investing Activities	Rs m	-2	-90	-
Cash Flow from Financing Activities	Rs m	1,700	-4	-
Net Cash Flow	Rs m	703	-533	-

Current Valuations for JYOTI STRUCTURE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.1, an improvement from the EPS of Rs -0.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 9.0, stands at -141.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 22.6 times, while the price to sales ratio stands at 2.5 times.
• The company's price to cash flow (P/CF) ratio stood at 657.1 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	0.1	3.6
TTM Earnings per share	Rs	-0.7	-0.1
Diluted earnings per share	Rs	-0.7	-0.1
Price to Cash Flow	x	-39.9	657.1
TTM P/E ratio	x	-1.9	-141.1
Price / Book Value ratio	x	6.3	34.8
Market Cap	Rs m	9,540	8,814
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JYOTI STRUCTURE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 6.0x during FY23, from 13.1x 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 -8.0x during FY23, from 0.0x 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 -16.1% during FY23, from -28.0% 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 -0.2% during FY23, from -2.4% 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 -0.2% 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	13.1	6.0
Debtors’ Days	Days	1,580,452	31,826
Interest coverage	x	0.0	-8.0
Debt to equity ratio	x	10.9	68.2
Return on assets	%	-1.9	-0.2
Return on equity	%	-28.0	-16.1
Return on capital employed	%	-2.4	-0.2

To see how JYOTI STRUCTURE has performed over the last 5 years, please visit here.

JYOTI STRUCTURE Share Price Performance

Over the last one year, JYOTI STRUCTURE share price has moved down from Rs 16.8 to Rs 9.0, registering a loss of Rs 7.7 or around 46.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 40,725.8 (up 1.7%). Over the last one year it has moved up from 26,027.1 to 40,725.8, a gain of 14,699 points (up 56.5%).

Overall, the S&P BSE SENSEX is up 21.7% over the year.

(To know more, check out historical annual results for JYOTI STRUCTURE and quarterly results for JYOTI STRUCTURE)