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NATH BIO GENES 2022-23 Annual Report Analysis

Tue, 20 Jun

NATH BIO GENES 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.

NATH BIO GENES Income Statement Analysis

• Operating income during the year rose 8.3% 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 16.2% in FY23 as against 18.5% in FY22.
• Depreciation charges decreased by 2.3% and finance costs decreased by 4.0% YoY, respectively.
• Other income declined by 70.1% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 24.2% in FY22 to 11.6% in FY23.

NATH BIO GENES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,784	3,014	8.3%
Other income	Rs m	19	6	-70.1%
Total Revenues	Rs m	2,802	3,019	7.7%
Gross profit	Rs m	-516	488	NA
Depreciation	Rs m	31	30	-2.3%
Interest	Rs m	106	102	-4.0%
Profit before tax	Rs m	-634	362	NA
Tax	Rs m	40	12	-70.8%
Profit after tax	Rs m	-674	350	NA
Gross profit margin	%	-18.5	16.2
Effective tax rate	%	-6.2	3.2
Net profit margin	%	-24.2	11.6

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NATH BIO GENES Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an increase of 11.4%.
• Long-term debt down at Rs 4 million as compared to Rs 7 million during FY22, a fall of 39.4%.
• Current assets rose 11% and stood at Rs 5 billion, while fixed assets rose 0% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 8 billion as against Rs 7 billion during FY22, thereby witnessing a growth of 7%.

NATH BIO GENES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	5,419	5,732	5.8
Current Liabilities	Rs m	1,943	2,165	11.4
Long-term Debt	Rs m	7	4	-39.4
Total Liabilities	Rs m	7,395	7,928	7.2
Current assets	Rs m	4,678	5,208	11.3
Fixed Assets	Rs m	2,717	2,720	0.1
Total Assets	Rs m	7,395	7,928	7.2

NATH BIO GENES Cash Flow Statement Analysis

• NATH BIO GENES's cash flow from operating activities (CFO) during FY23 stood at Rs 384 million, an improvement of 125.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -29 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -17 million, an improvement of 92% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 338 million from the Rs -250 million net cash flows seen during FY22.

NATH BIO GENES 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	170	384	125.1%
Cash Flow from Investing Activities	Rs m	-199	-29	-
Cash Flow from Financing Activities	Rs m	-222	-17	-
Net Cash Flow	Rs m	-250	338	-

Current Valuations for NATH BIO GENES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.4, an improvement from the EPS of Rs -35.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 191.8, stands at 10.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 9.7 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	146.5	158.6
TTM Earnings per share	Rs	-35.5	18.4
Diluted earnings per share	Rs	-35.5	18.4
Price to Cash Flow	x	-6.3	9.7
TTM P/E ratio	x	-6.0	10.4
Price / Book Value ratio	x	1.2	0.6
Market Cap	Rs m	6,341	3,707
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for NATH BIO GENES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.4x during FY23, from 2.4x 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 4.5x during FY23, from -5.0x 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 6.1% during FY23, from -12.4% 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 8.1% during FY23, from -9.7% 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 5.7% during FY23, from -7.7% 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	2.4	2.4
Debtors’ Days	Days	1,122	1,179
Interest coverage	x	-5.0	4.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-7.7	5.7
Return on equity	%	-12.4	6.1
Return on capital employed	%	-9.7	8.1

To see how NATH BIO GENES has performed over the last 5 years, please visit here.

NATH BIO GENES Share Price Performance

Over the last one year, NATH BIO GENES share price has moved up from Rs 152.4 to Rs 191.8, registering a gain of Rs 39.4 or around 25.9%.

Overall, the S&P BSE SENSEX is up 22.4% over the year.

(To know more, check out historical annual results for NATH BIO GENES and quarterly results for NATH BIO GENES)