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KDDL. 2022-23 Annual Report Analysis

Fri, 31 Mar

KDDL. 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.

KDDL. Income Statement Analysis

• Operating income during the year rose 37.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 49.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.0% in FY23 as against 13.8% in FY22.
• Depreciation charges increased by 8.8% and finance costs increased by 1.7% YoY, respectively.
• Other income grew by 25.9% YoY.
• Net profit for the year grew by 106.9% YoY.
• Net profit margins during the year grew from 4.6% in FY22 to 6.9% in FY23.

KDDL. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	8,162	11,194	37.1%
Other income	Rs m	153	193	25.9%
Total Revenues	Rs m	8,316	11,388	36.9%
Gross profit	Rs m	1,124	1,683	49.7%
Depreciation	Rs m	454	494	8.8%
Interest	Rs m	301	306	1.7%
Profit before tax	Rs m	523	1,076	105.8%
Tax	Rs m	151	306	102.9%
Profit after tax	Rs m	372	770	106.9%
Gross profit margin	%	13.8	15.0
Effective tax rate	%	28.9	28.5
Net profit margin	%	4.6	6.9

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KDDL. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 3 billion as compared to Rs 3 billion in FY22, thereby witnessing an increase of 9.6%.
• Long-term debt down at Rs 733 million as compared to Rs 772 million during FY22, a fall of 5.1%.
• Current assets rose 77% and stood at Rs 8 billion, while fixed assets rose 26% and stood at Rs 4 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 11 billion as against Rs 7 billion during FY22, thereby witnessing a growth of 56%.

KDDL. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,525	4,563	80.7
Current Liabilities	Rs m	2,585	2,833	9.6
Long-term Debt	Rs m	772	733	-5.1
Total Liabilities	Rs m	7,304	11,427	56.5
Current assets	Rs m	4,377	7,726	76.5
Fixed Assets	Rs m	2,927	3,701	26.4
Total Assets	Rs m	7,304	11,427	56.5

KDDL. Cash Flow Statement Analysis

• KDDL.'s cash flow from operating activities (CFO) during FY23 stood at Rs 459 million, an improvement of 8.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -3 billion, an improvement of 646.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 2 billion, an improvement of 1,505% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 63 million from the Rs 211 million net cash flows seen during FY22.

KDDL. 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	424	459	8.2%
Cash Flow from Investing Activities	Rs m	-358	-2,668	-
Cash Flow from Financing Activities	Rs m	142	2,272	1,505.1%
Net Cash Flow	Rs m	211	63	-70.0%

Current Valuations for KDDL.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 61.4, an improvement from the EPS of Rs 29.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,017.8, stands at 16.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 9.1 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	640.7	892.7
TTM Earnings per share	Rs	29.2	61.4
Diluted earnings per share	Rs	29.7	61.4
Price to Cash Flow	x	14.9	9.1
TTM P/E ratio	x	33.0	16.7
Price / Book Value ratio	x	3.6	2.5
Market Cap	Rs m	9,168	11,463
Dividends per share (Unadj.)	Rs	3.0	4.0

Ratio Analysis for KDDL.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY23, from 1.7x 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 4.5x during FY23, from 2.7x 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 16.9% during FY23, from 14.7% 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 26.1% during FY23, from 25.0% 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 improved and stood at 9.4% during FY23, from 9.2% 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	1.7	2.7
Debtors’ Days	Days	203	204
Interest coverage	x	2.7	4.5
Debt to equity ratio	x	0.3	0.2
Return on assets	%	9.2	9.4
Return on equity	%	14.7	16.9
Return on capital employed	%	25.0	26.1

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

KDDL. Share Price Performance

Over the last one year, KDDL. share price has moved up from Rs 979.9 to Rs 1,017.8, registering a gain of Rs 37.9 or around 3.9%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 37,628.5 (up 0.3%). Over the last one year it has moved down from 42,271.9 to 37,628.5, a loss of 4,643 points (down 11.0%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

(To know more, check out historical annual results for KDDL. and quarterly results for KDDL.)