KABRA EXTRUSION 2022-23 Annual Report Analysis

Sat, 1 Jul

KABRA EXTRUSION 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.

KABRA EXTRUSION Income Statement Analysis

• Operating income during the year rose 65.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 35.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.1% in FY23 as against 13.5% in FY22.
• Depreciation charges increased by 20.6% and finance costs increased by 238.7% YoY, respectively.
• Other income grew by 30.3% YoY.
• Net profit for the year grew by 25.8% YoY.
• Net profit margins during the year declined from 7.5% in FY22 to 5.7% in FY23.

KABRA EXTRUSION Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	4,059	6,700	65.1%
Other income	Rs m	24	32	30.3%
Total Revenues	Rs m	4,083	6,732	64.9%
Gross profit	Rs m	550	743	35.1%
Depreciation	Rs m	112	136	20.6%
Interest	Rs m	27	91	238.7%
Profit before tax	Rs m	435	549	26.1%
Tax	Rs m	132	168	26.8%
Profit after tax	Rs m	303	381	25.8%
Gross profit margin	%	13.5	11.1
Effective tax rate	%	30.4	30.6
Net profit margin	%	7.5	5.7

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KABRA EXTRUSION Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an increase of 5.5%.
• Long-term debt down at Rs 112 million as compared to Rs 164 million during FY22, a fall of 32.0%.
• Current assets rose 16% and stood at Rs 4 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 6 billion as against Rs 6 billion during FY22, thereby witnessing a growth of 12%.

KABRA EXTRUSION Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	3,289	3,841	16.8
Current Liabilities	Rs m	2,154	2,273	5.5
Long-term Debt	Rs m	164	112	-32.0
Total Liabilities	Rs m	5,685	6,350	11.7
Current assets	Rs m	3,657	4,250	16.2
Fixed Assets	Rs m	2,028	2,100	3.5
Total Assets	Rs m	5,685	6,350	11.7

KABRA EXTRUSION Cash Flow Statement Analysis

• KABRA EXTRUSION's cash flow from operating activities (CFO) during FY23 stood at Rs -37 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -289 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 343 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 18 million from the Rs -18 million net cash flows seen during FY22.

KABRA EXTRUSION 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	-622	-37	-
Cash Flow from Investing Activities	Rs m	72	-289	-
Cash Flow from Financing Activities	Rs m	532	343	-35.5%
Net Cash Flow	Rs m	-18	18	-

Current Valuations for KABRA EXTRUSION

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.3, an improvement from the EPS of Rs 9.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 451.6, stands at 40.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at 29.3 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	126.5	199.5
TTM Earnings per share	Rs	9.4	11.3
Diluted earnings per share	Rs	9.0	11.3
Price to Cash Flow	x	42.7	29.3
TTM P/E ratio	x	59.2	40.5
Price / Book Value ratio	x	3.5	3.9
Market Cap	Rs m	11,636	15,127
Dividends per share (Unadj.)	Rs	3.0	3.5

Ratio Analysis for KABRA EXTRUSION

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x 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 deteriorated and stood at 7.1x during FY23, from 17.3x 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 improved and stood at 9.9% during FY23, from 9.2% 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 16.2% during FY23, from 13.4% 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 7.4% during FY23, from 5.8% 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	1.7	1.9
Debtors’ Days	Days	503	597
Interest coverage	x	17.3	7.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.8	7.4
Return on equity	%	9.2	9.9
Return on capital employed	%	13.4	16.2

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

KABRA EXTRUSION Share Price Performance

Over the last one year, KABRA EXTRUSION share price has moved up from Rs 340.2 to Rs 451.6, registering a gain of Rs 111.4 or around 32.7%.

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 KABRA EXTRUSION and quarterly results for KABRA EXTRUSION)