KOPRAN. 2022-23 Annual Report Analysis

Tue, 29 Aug

KOPRAN. 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.

KOPRAN. Income Statement Analysis

• Operating income during the year rose 15.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 40.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.4% in FY23 as against 18.3% in FY22.
• Depreciation charges increased by 14.5% and finance costs increased by 18.9% YoY, respectively.
• Other income declined by 71.5% YoY.
• Net profit for the year declined by 55.4% YoY.
• Net profit margins during the year declined from 12.8% in FY22 to 4.9% in FY23.

KOPRAN. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	4,775	5,510	15.4%
Other income	Rs m	108	31	-71.5%
Total Revenues	Rs m	4,883	5,541	13.5%
Gross profit	Rs m	872	518	-40.6%
Depreciation	Rs m	111	127	14.5%
Interest	Rs m	51	61	18.9%
Profit before tax	Rs m	818	361	-55.9%
Tax	Rs m	208	88	-57.4%
Profit after tax	Rs m	610	272	-55.4%
Gross profit margin	%	18.3	9.4
Effective tax rate	%	25.4	24.5
Net profit margin	%	12.8	4.9

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KOPRAN. 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 16.7%.
• Long-term debt down at Rs 179 million as compared to Rs 188 million during FY22, a fall of 4.7%.
• Current assets fell 4% and stood at Rs 4 billion, while fixed assets rose 28% and stood at Rs 3 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 6%.

KOPRAN. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	4,262	4,392	3.1
Current Liabilities	Rs m	1,516	1,770	16.7
Long-term Debt	Rs m	188	179	-4.7
Total Liabilities	Rs m	6,109	6,497	6.4
Current assets	Rs m	4,149	3,991	-3.8
Fixed Assets	Rs m	1,960	2,506	27.9
Total Assets	Rs m	6,109	6,497	6.4

KOPRAN. Cash Flow Statement Analysis

• KOPRAN.'s cash flow from operating activities (CFO) during FY23 stood at Rs 340 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -127 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -198 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 15 million from the Rs 49 million net cash flows seen during FY22.

KOPRAN. 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	-335	340	-
Cash Flow from Investing Activities	Rs m	-844	-127	-
Cash Flow from Financing Activities	Rs m	1,228	-198	-
Net Cash Flow	Rs m	49	15	-69.0%

Current Valuations for KOPRAN.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.6, an decline from the EPS of Rs 12.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 222.1, stands at 47.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 25.5 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	99.1	114.3
TTM Earnings per share	Rs	12.7	5.6
Diluted earnings per share	Rs	12.7	5.6
Price to Cash Flow	x	18.8	25.5
TTM P/E ratio	x	22.2	47.8
Price / Book Value ratio	x	2.7	2.3
Market Cap	Rs m	11,434	10,205
Dividends per share (Unadj.)	Rs	3.0	3.0

Ratio Analysis for KOPRAN.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY23, from 2.7x 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 6.9x during FY23, from 17.0x 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 declined and down at 6.2% during FY23, from 14.3% 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 9.2% during FY23, from 19.5% 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 5.1% during FY23, from 10.8% 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	2.7	2.3
Debtors’ Days	Days	974	1,077
Interest coverage	x	17.0	6.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.8	5.1
Return on equity	%	14.3	6.2
Return on capital employed	%	19.5	9.2

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

KOPRAN. Share Price Performance

Over the last one year, KOPRAN. share price has moved up from Rs 185.2 to Rs 222.1, registering a gain of Rs 37.0 or around 20.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 27,820.4 (down 0.1%). Over the last one year it has moved up from 22,728.9 to 27,820.4, a gain of 5,091 points (up 22.4%).

Overall, the S&P BSE SENSEX is up 10.8% over the year.

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