MAYUR UNIQUOTERS 2022-23 Annual Report Analysis

Thu, 31 Aug

MAYUR UNIQUOTERS 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.

MAYUR UNIQUOTERS Income Statement Analysis

• Operating income during the year rose 18.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 10.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.9% in FY23 as against 19.1% in FY22.
• Depreciation charges increased by 8.8% and finance costs increased by 3.5% YoY, respectively.
• Other income declined by 12.8% YoY.
• Net profit for the year grew by 10.4% YoY.
• Net profit margins during the year declined from 14.4% in FY22 to 13.4% in FY23.

MAYUR UNIQUOTERS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	6,565	7,756	18.2%
Other income	Rs m	204	177	-12.8%
Total Revenues	Rs m	6,768	7,934	17.2%
Gross profit	Rs m	1,257	1,387	10.4%
Depreciation	Rs m	205	223	8.8%
Interest	Rs m	24	25	3.5%
Profit before tax	Rs m	1,232	1,317	6.9%
Tax	Rs m	288	275	-4.6%
Profit after tax	Rs m	944	1,042	10.4%
Gross profit margin	%	19.1	17.9
Effective tax rate	%	23.4	20.9
Net profit margin	%	14.4	13.4

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MAYUR UNIQUOTERS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 996 million as compared to Rs 1 billion in FY22, thereby witnessing an decrease of -20.9%.
• Long-term debt down at Rs 136 million as compared to Rs 199 million during FY22, a fall of 31.8%.
• Current assets rose 3% and stood at Rs 6 billion, while fixed assets fell 1% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 9 billion as against Rs 9 billion during FY22, thereby witnessing a growth of 2%.

MAYUR UNIQUOTERS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	7,072	7,536	6.6
Current Liabilities	Rs m	1,260	996	-20.9
Long-term Debt	Rs m	199	136	-31.8
Total Liabilities	Rs m	8,552	8,687	1.6
Current assets	Rs m	5,555	5,711	2.8
Fixed Assets	Rs m	2,997	2,976	-0.7
Total Assets	Rs m	8,552	8,687	1.6

MAYUR UNIQUOTERS Cash Flow Statement Analysis

• MAYUR UNIQUOTERS's cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion, an improvement of 821.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -320 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -666 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 225 million from the Rs 88 million net cash flows seen during FY22.

MAYUR UNIQUOTERS 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	131	1,212	821.8%
Cash Flow from Investing Activities	Rs m	169	-320	-
Cash Flow from Financing Activities	Rs m	-212	-666	-
Net Cash Flow	Rs m	88	225	156.2%

Current Valuations for MAYUR UNIQUOTERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.7, an improvement from the EPS of Rs 21.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 558.3, stands at 22.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 3.2 times.
• The company's price to cash flow (P/CF) ratio stood at 15.1 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	147.3	176.5
TTM Earnings per share	Rs	21.2	23.7
Diluted earnings per share	Rs	21.5	23.7
Price to Cash Flow	x	13.7	15.1
TTM P/E ratio	x	16.7	22.8
Price / Book Value ratio	x	3.1	2.5
Market Cap	Rs m	21,940	19,044
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for MAYUR UNIQUOTERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.7x during FY23, from 4.4x 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 54.0x during FY23, from 52.3x 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 13.8% during FY23, from 13.3% 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 17.5% during FY23, from 17.3% 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 improved and stood at 12.3% during FY23, from 11.3% 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	4.4	5.7
Debtors’ Days	Days	680	629
Interest coverage	x	52.3	54.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.3	12.3
Return on equity	%	13.3	13.8
Return on capital employed	%	17.3	17.5

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

MAYUR UNIQUOTERS Share Price Performance

Over the last one year, MAYUR UNIQUOTERS share price has moved up from Rs 482.5 to Rs 558.3, registering a gain of Rs 75.8 or around 15.7%.

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for MAYUR UNIQUOTERS and quarterly results for MAYUR UNIQUOTERS)