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MAAN ALUMINIUN 2022-23 Annual Report Analysis

Fri, 30 Jun

MAAN ALUMINIUN 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.

MAAN ALUMINIUN Income Statement Analysis

• Operating income during the year rose 42.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 117.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.8% in FY23 as against 5.7% in FY22.
• Depreciation charges increased by 28.8% and finance costs increased by 1.3% YoY, respectively.
• Other income declined by 1.8% YoY.
• Net profit for the year grew by 127.4% YoY.
• Net profit margins during the year grew from 3.8% in FY22 to 6.1% in FY23.

MAAN ALUMINIUN Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	5,723	8,139	42.2%
Other income	Rs m	53	52	-1.8%
Total Revenues	Rs m	5,775	8,190	41.8%
Gross profit	Rs m	329	713	117.0%
Depreciation	Rs m	35	45	28.8%
Interest	Rs m	49	49	1.3%
Profit before tax	Rs m	298	670	125.3%
Tax	Rs m	78	171	119.6%
Profit after tax	Rs m	220	500	127.4%
Gross profit margin	%	5.7	8.8
Effective tax rate	%	26.1	25.5
Net profit margin	%	3.8	6.1

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MAAN ALUMINIUN Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 899 million as compared to Rs 802 million in FY22, thereby witnessing an increase of 12.1%.
• Long-term debt down at Rs 10 million as compared to Rs 32 million during FY22, a fall of 68.1%.
• Current assets rose 38% and stood at Rs 2 billion, while fixed assets rose 14% and stood at Rs 537 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 31%.

MAAN ALUMINIUN Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	844	1,303	54.4
Current Liabilities	Rs m	802	899	12.1
Long-term Debt	Rs m	32	10	-68.1
Total Liabilities	Rs m	1,714	2,249	31.2
Current assets	Rs m	1,245	1,712	37.5
Fixed Assets	Rs m	470	537	14.3
Total Assets	Rs m	1,714	2,249	31.2

MAAN ALUMINIUN Cash Flow Statement Analysis

• MAAN ALUMINIUN's cash flow from operating activities (CFO) during FY23 stood at Rs 290 million, an improvement of 92.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -102 million, an improvement of 38.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -189 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 0 million from the Rs -60 million net cash flows seen during FY22.

MAAN ALUMINIUN 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	151	290	92.3%
Cash Flow from Investing Activities	Rs m	-73	-102	-
Cash Flow from Financing Activities	Rs m	-138	-189	-
Net Cash Flow	Rs m	-60	0	-

Current Valuations for MAAN ALUMINIUN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 37.0, an improvement from the EPS of Rs 16.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 336.0, stands at 9.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 4.4 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	423.3	602.0
TTM Earnings per share	Rs	16.3	37.0
Diluted earnings per share	Rs	16.3	37.0
Price to Cash Flow	x	7.2	4.4
TTM P/E ratio	x	8.3	9.1
Price / Book Value ratio	x	4.1	1.9
Market Cap	Rs m	3,455	2,418
Dividends per share (Unadj.)	Rs	1.0	3.0

Ratio Analysis for MAAN ALUMINIUN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY23, from 1.6x 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 14.6x during FY23, from 7.1x 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 38.4% during FY23, from 26.0% 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 54.8% during FY23, from 39.5% 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 improved and stood at 24.4% during FY23, from 15.7% 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	1.6	1.9
Debtors’ Days	Days	463	518
Interest coverage	x	7.1	14.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.7	24.4
Return on equity	%	26.0	38.4
Return on capital employed	%	39.5	54.8

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

MAAN ALUMINIUN Share Price Performance

Over the last one year, MAAN ALUMINIUN share price has moved up from Rs 118.4 to Rs 336.0, registering a gain of Rs 217.7 or around 183.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 20,548.7 (up 0.2%). Over the last one year it has moved up from 15,552.2 to 20,548.7, a gain of 4,997 points (up 32.1%).

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for MAAN ALUMINIUN and quarterly results for MAAN ALUMINIUN)