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SAMVARDHANA MOTHERSON 2022-23 Annual Report Analysis
Fri, 31 Mar

SAMVARDHANA MOTHERSON 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.

SAMVARDHANA MOTHERSON Income Statement Analysis

  • Operating income during the year rose 23.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 29.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.7% in FY23 as against 7.3% in FY22.
  • Depreciation charges increased by 6.0% and finance costs increased by 43.9% YoY, respectively.
  • Other income declined by 0.3% YoY.
  • Net profit for the year grew by 104.3% YoY.
  • Net profit margins during the year grew from 1.3% in FY22 to 2.1% in FY23.

SAMVARDHANA MOTHERSON Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 637,740 787,007 23.4%
Other income Rs m 2,577 2,570 -0.3%
Total Revenues Rs m 640,317 789,577 23.3%
Gross profit Rs m 46,673 60,645 29.9%
Depreciation Rs m 29,582 31,358 6.0%
Interest Rs m 5,426 7,809 43.9%
Profit before tax Rs m 14,242 24,048 68.9%
Tax Rs m 6,069 7,352 21.1%
Profit after tax Rs m 8,173 16,696 104.3%
Gross profit margin % 7.3 7.7
Effective tax rate % 42.6 30.6
Net profit margin % 1.3 2.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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SAMVARDHANA MOTHERSON Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 275 billion as compared to Rs 223 billion in FY22, thereby witnessing an increase of 23.5%.
  • Long-term debt down at Rs 66 billion as compared to Rs 85 billion during FY22, a fall of 22.1%.
  • Current assets rose 18% and stood at Rs 268 billion, while fixed assets rose 4% and stood at Rs 337 billion in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 605 billion as against Rs 551 billion during FY22, thereby witnessing a growth of 10%.

SAMVARDHANA MOTHERSON Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 205,883 224,515 9.0
 
Current Liabilities Rs m 222,853 275,154 23.5
Long-term Debt Rs m 85,007 66,183 -22.1
Total Liabilities Rs m 551,215 604,873 9.7
 
Current assets Rs m 226,162 267,792 18.4
Fixed Assets Rs m 325,053 337,081 3.7
Total Assets Rs m 551,215 604,873 9.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



SAMVARDHANA MOTHERSON Cash Flow Statement Analysis

  • SAMVARDHANA MOTHERSON's cash flow from operating activities (CFO) during FY23 stood at Rs 46 billion, an improvement of 88.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -22 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs -27 billion on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs -3 billion from the Rs -11 billion net cash flows seen during FY22.

SAMVARDHANA MOTHERSON 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 24,627 46,430 88.5%
Cash Flow from Investing Activities Rs m -23,119 -22,448 -
Cash Flow from Financing Activities Rs m -12,174 -27,342 -
Net Cash Flow Rs m -10,591 -3,395 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for SAMVARDHANA MOTHERSON

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.5, an improvement from the EPS of Rs 1.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 67.1, stands at 26.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.2 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 141.2 116.1
TTM Earnings per share Rs 1.8 2.5
Diluted earnings per share Rs 1.2 2.5
Price to Cash Flow x 16.7 11.2
TTM P/E ratio x 78.6 26.5
Price / Book Value ratio x 4.3 2.4
Market Cap Rs m 886,695 539,765
Dividends per share (Unadj.) Rs 0.7 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SAMVARDHANA MOTHERSON

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.0x 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 4.1x during FY23, from 3.6x 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 7.4% during FY23, from 4.0% 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 11.0% during FY23, from 6.8% 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 4.1% during FY23, from 2.5% 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 1.0 1.0
Debtors’ Days Days 38 39
Interest coverage x 3.6 4.1
Debt to equity ratio x 0.4 0.3
Return on assets % 2.5 4.1
Return on equity % 4.0 7.4
Return on capital employed % 6.8 11.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

SAMVARDHANA MOTHERSON Share Price Performance

Over the last one year, SAMVARDHANA MOTHERSON share price has moved down from Rs 92.9 to Rs 67.1, registering a loss of Rs 25.8 or around 27.8%.

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

(To know more, check out historical annual results for SAMVARDHANA MOTHERSON and quarterly results for SAMVARDHANA MOTHERSON)

Annual Report FAQs

What is the current share price of SAMVARDHANA MOTHERSON?

SAMVARDHANA MOTHERSON currently trades at Rs 142.9 per share. You can check out the latest share price performance of SAMVARDHANA MOTHERSON here...

What was the revenue of SAMVARDHANA MOTHERSON in FY23? How does it compare to earlier years?

The revenues of SAMVARDHANA MOTHERSON stood at Rs 789,577 m in FY23, which was up 23.3% compared to Rs 640,317 m reported in FY22.

SAMVARDHANA MOTHERSON's revenue has grown from Rs 637,431 m in FY19 to Rs 789,577 m in FY23.

Over the past 5 years, the revenue of SAMVARDHANA MOTHERSON has grown at a CAGR of 5.5%.

What was the net profit of SAMVARDHANA MOTHERSON in FY23? How does it compare to earlier years?

The net profit of SAMVARDHANA MOTHERSON stood at Rs 16,696 m in FY23, which was up 104.3% compared to Rs 8,173 m reported in FY22.

This compares to a net profit of Rs 12,427 m in FY21 and a net profit of Rs 9,342 m in FY20.

Over the past 5 years, SAMVARDHANA MOTHERSON net profit has grown at a CAGR of -5.6%.

What does the cash flow statement of SAMVARDHANA MOTHERSON reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of SAMVARDHANA MOTHERSON reveals:

  • Cash flow from operations increased in FY23 and stood at Rs 46,430 m as compared to Rs 24,627 m in FY22.
  • Cash flow from investments increased in FY23 and stood at Rs -22,448 m as compared to Rs -23,119 m in FY22.
  • Cash flow from financial activity decreased in FY23 and stood at Rs -27,342 m as compared to Rs -12,174 m in FY22.

Here's the cash flow statement of SAMVARDHANA MOTHERSON for the past 5 years.

(Rs m)FY19FY20FY21FY22FY23
From Operations43,12463,52050,51324,62746,430
From Investments-33,105-22,399-18,935-23,119-22,448
From Financial Activity-2,246-28,029-20,975-12,174-27,342
Net Cashflow7,69313,28910,678-10,591-3,395

What does the Key Ratio analysis of SAMVARDHANA MOTHERSON reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of SAMVARDHANA MOTHERSON reveals:

  • Operating profit margins witnessed a fall and down at 7.7% in FY23 as against 7.3% in FY22.
  • Net profit margins grew from 1.3% in FY22 to 2.1% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.3 as compared to 0.4 in FY22.

Here's the ratio/financial analysis of SAMVARDHANA MOTHERSON for the past 5 years.

 FY19FY20FY21FY22FY23
Operating Profit Margin (%)8.67.87.67.37.7
Net Profit Margin (%)3.31.52.21.32.1
Debt to Equity Ratio (x)0.70.70.60.40.3

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