PENINSULA LAND 2022-23 Annual Report Analysis

Fri, 31 Mar

PENINSULA LAND 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.

PENINSULA LAND Income Statement Analysis

• Operating income during the year rose 130.8% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.8% in FY23 as against 6.2% in FY22.
• Depreciation charges increased by 3.5% and finance costs decreased by 37.8% YoY, respectively.
• Other income grew by 101.6% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 25.1% in FY22 to 10.1% in FY23.

PENINSULA LAND Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	4,336	10,007	130.8%
Other income	Rs m	190	382	101.6%
Total Revenues	Rs m	4,525	10,389	129.6%
Gross profit	Rs m	-270	1,284	NA
Depreciation	Rs m	26	27	3.5%
Interest	Rs m	995	619	-37.8%
Profit before tax	Rs m	-1,101	1,021	NA
Tax	Rs m	-13	5	NA
Profit after tax	Rs m	-1,088	1,016	NA
Gross profit margin	%	-6.2	12.8
Effective tax rate	%	1.2	0.5
Net profit margin	%	-25.1	10.1

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PENINSULA LAND Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 11 billion as compared to Rs 20 billion in FY22, thereby witnessing an decrease of -47.5%.
• Long-term debt stood at Rs 1 billion as compared to Rs 0 million during FY22, a growth of 569300.0%.
• Current assets fell 51% and stood at Rs 7 billion, while fixed assets fell 11% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 12 billion as against Rs 19 billion during FY22, thereby witnessing a fall of 38%.

PENINSULA LAND Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-1,053	120	NA
Current Liabilities	Rs m	20,465	10,750	-47.5
Long-term Debt	Rs m	0	1,139	569,300.0
Total Liabilities	Rs m	19,433	12,064	-37.9
Current assets	Rs m	13,779	6,728	-51.2
Fixed Assets	Rs m	2,787	2,469	-11.4
Total Assets	Rs m	19,433	12,064	-37.9

PENINSULA LAND Cash Flow Statement Analysis

• PENINSULA LAND's cash flow from operating activities (CFO) during FY23 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 596 million, an improvement of 47.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -4 billion, an improvement of 3% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -163 million from the Rs -27 million net cash flows seen during FY22.

PENINSULA LAND 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	3,460	2,998	-13.3%
Cash Flow from Investing Activities	Rs m	404	596	47.5%
Cash Flow from Financing Activities	Rs m	-3,891	-3,757	-
Net Cash Flow	Rs m	-27	-163	-

Current Valuations for PENINSULA LAND

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.5, an improvement from the EPS of Rs -3.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 12.1, stands at 3.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 29.4 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 3.9 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	15.5	34.1
TTM Earnings per share	Rs	-3.9	3.5
Diluted earnings per share	Rs	-3.7	3.5
Price to Cash Flow	x	-3.1	3.9
TTM P/E ratio	x	-3.0	3.5
Price / Book Value ratio	x	-3.4	33.4
Market Cap	Rs m	3,598	4,016
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PENINSULA LAND

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.6x during FY23, from 0.7x 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 improved and stood at 2.6x during FY23, from -0.1x 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 843.5% during FY23, from 103.3% 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 improved and stood at 130.2% during FY23, from 10.1% 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 13.5% during FY23, from -0.5% 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	0.7	0.6
Debtors’ Days	Days	107	21
Interest coverage	x	-0.1	2.6
Debt to equity ratio	x	0.0	9.5
Return on assets	%	-0.5	13.5
Return on equity	%	103.3	843.5
Return on capital employed	%	10.1	130.2

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

PENINSULA LAND Share Price Performance

Over the last one year, PENINSULA LAND share price has moved up from Rs 11.2 to Rs 12.1, registering a gain of Rs 0.9 or around 8.1%.

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 PENINSULA LAND and quarterly results for PENINSULA LAND)