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ITD CEMENTATION INDIA 2022-23 Annual Report Analysis

Fri, 31 Mar

ITD CEMENTATION INDIA 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.

ITD CEMENTATION INDIA Income Statement Analysis

• Operating income during the year rose 33.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 33.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.5% in FY23 as against 8.6% in FY22.
• Depreciation charges increased by 10.7% and finance costs increased by 16.8% YoY, respectively.
• Other income grew by 141.4% YoY.
• Net profit for the year grew by 79.9% YoY.
• Net profit margins during the year grew from 1.8% in FY22 to 2.5% in FY23.

ITD CEMENTATION INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	38,090	50,909	33.7%
Other income	Rs m	119	286	141.4%
Total Revenues	Rs m	38,209	51,195	34.0%
Gross profit	Rs m	3,261	4,342	33.2%
Depreciation	Rs m	1,025	1,135	10.7%
Interest	Rs m	1,416	1,654	16.8%
Profit before tax	Rs m	938	1,839	96.1%
Tax	Rs m	244	591	142.2%
Profit after tax	Rs m	693	1,247	79.9%
Gross profit margin	%	8.6	8.5
Effective tax rate	%	26.0	32.2
Net profit margin	%	1.8	2.5

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ITD CEMENTATION INDIA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 35 billion as compared to Rs 23 billion in FY22, thereby witnessing an increase of 52.1%.
• Long-term debt stood at Rs 2 billion as compared to Rs 874 million during FY22, a growth of 92.7%.
• Current assets rose 41% and stood at Rs 37 billion, while fixed assets rose 34% and stood at Rs 13 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 50 billion as against Rs 36 billion during FY22, thereby witnessing a growth of 39%.

ITD CEMENTATION INDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	11,312	12,375	9.4
Current Liabilities	Rs m	23,255	35,380	52.1
Long-term Debt	Rs m	874	1,683	92.7
Total Liabilities	Rs m	36,104	50,089	38.7
Current assets	Rs m	26,202	36,833	40.6
Fixed Assets	Rs m	9,902	13,256	33.9
Total Assets	Rs m	36,104	50,089	38.7

ITD CEMENTATION INDIA Cash Flow Statement Analysis

• ITD CEMENTATION INDIA's cash flow from operating activities (CFO) during FY23 stood at Rs 5 billion, an improvement of 39.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -4 billion, an improvement of 1,671.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 278 million, an improvement of 150% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 607 million from the Rs 3 billion net cash flows seen during FY22.

ITD CEMENTATION INDIA 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	3,387	4,711	39.1%
Cash Flow from Investing Activities	Rs m	-247	-4,381	-
Cash Flow from Financing Activities	Rs m	-557	278	-
Net Cash Flow	Rs m	2,583	607	-76.5%

Current Valuations for ITD CEMENTATION INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.3, an improvement from the EPS of Rs 4.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 104.7, stands at 19.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 7.3 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	221.7	296.3
TTM Earnings per share	Rs	4.0	7.3
Diluted earnings per share	Rs	4.0	7.3
Price to Cash Flow	x	6.3	7.3
TTM P/E ratio	x	29.8	19.9
Price / Book Value ratio	x	1.2	1.4
Market Cap	Rs m	13,503	17,385
Dividends per share (Unadj.)	Rs	0.5	0.8

Ratio Analysis for ITD CEMENTATION INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.1x 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 improved and stood at 2.1x during FY23, from 1.7x 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 10.1% during FY23, from 6.1% 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 24.8% during FY23, from 19.3% 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 5.8% 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	1.1	1.0
Debtors’ Days	Days	596	774
Interest coverage	x	1.7	2.1
Debt to equity ratio	x	0.1	0.1
Return on assets	%	5.8	5.8
Return on equity	%	6.1	10.1
Return on capital employed	%	19.3	24.8

To see how ITD CEMENTATION INDIA has performed over the last 5 years, please visit here.

ITD CEMENTATION INDIA Share Price Performance

Over the last one year, ITD CEMENTATION INDIA share price has moved up from Rs 63.0 to Rs 104.7, registering a gain of Rs 41.7 or around 66.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,101.6 (up 1.6%). Over the last one year it has moved down from 3,681.8 to 3,101.6, a loss of 580 points (down 15.8%).

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

(To know more, check out historical annual results for ITD CEMENTATION INDIA and quarterly results for ITD CEMENTATION INDIA)