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NILE. 2022-23 Annual Report Analysis

Thu, 28 Dec

NILE. 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.

NILE. Income Statement Analysis

• Operating income during the year rose 14.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 9.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.4% in FY23 as against 5.6% in FY22.
• Depreciation charges decreased by 23.3% and finance costs decreased by 29.8% YoY, respectively.
• Other income declined by 6.9% YoY.
• Net profit for the year declined by 5.4% YoY.
• Net profit margins during the year declined from 3.4% in FY22 to 2.8% in FY23.

NILE. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	7,025	8,063	14.8%
Other income	Rs m	2	2	-6.9%
Total Revenues	Rs m	7,027	8,065	14.8%
Gross profit	Rs m	396	358	-9.6%
Depreciation	Rs m	36	28	-23.3%
Interest	Rs m	40	28	-29.8%
Profit before tax	Rs m	322	304	-5.5%
Tax	Rs m	83	78	-6.0%
Profit after tax	Rs m	238	226	-5.4%
Gross profit margin	%	5.6	4.4
Effective tax rate	%	25.9	25.7
Net profit margin	%	3.4	2.8

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NILE. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 166 million as compared to Rs 467 million in FY22, thereby witnessing an decrease of -64.4%.
• Long-term debt down at Rs 84 million as compared to Rs 111 million during FY22, a fall of 25.1%.
• Current assets fell 7% and stood at Rs 2 billion, while fixed assets rose 5% and stood at Rs 510 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 fall of 5%.

NILE. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,776	1,996	12.4
Current Liabilities	Rs m	467	166	-64.4
Long-term Debt	Rs m	111	84	-25.1
Total Liabilities	Rs m	2,381	2,270	-4.6
Current assets	Rs m	1,894	1,760	-7.1
Fixed Assets	Rs m	486	510	4.8
Total Assets	Rs m	2,381	2,270	-4.6

NILE. Cash Flow Statement Analysis

• NILE.'s cash flow from operating activities (CFO) during FY23 stood at Rs 507 million, an improvement of 158.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -51 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -367 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 90 million from the Rs 0 million net cash flows seen during FY22.

NILE. 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	196	507	158.4%
Cash Flow from Investing Activities	Rs m	-127	-51	-
Cash Flow from Financing Activities	Rs m	-69	-367	-
Net Cash Flow	Rs m	0	90	-

Current Valuations for NILE.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 75.2, an decline from the EPS of Rs 79.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 894.8, stands at 10.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 7.3 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	2,341.6	2,687.7
TTM Earnings per share	Rs	79.5	75.2
Diluted earnings per share	Rs	79.4	75.2
Price to Cash Flow	x	6.1	7.3
TTM P/E ratio	x	7.0	10.1
Price / Book Value ratio	x	0.9	0.9
Market Cap	Rs m	1,540	1,840
Dividends per share (Unadj.)	Rs	1.0	2.0

Ratio Analysis for NILE.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 10.6x during FY23, from 4.1x 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 11.8x during FY23, from 9.0x 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 declined and down at 11.3% during FY23, from 13.4% 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 declined and down at 16.0% during FY23, from 19.2% 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 declined and down at 11.2% during FY23, from 11.7% 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	4.1	10.6
Debtors’ Days	Days	315	363
Interest coverage	x	9.0	11.8
Debt to equity ratio	x	0.1	0.0
Return on assets	%	11.7	11.2
Return on equity	%	13.4	11.3
Return on capital employed	%	19.2	16.0

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

NILE. Share Price Performance

Over the last one year, NILE. share price has moved up from Rs 563.2 to Rs 894.8, registering a gain of Rs 331.6 or around 58.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 26,827.2 (up 1.1%). Over the last one year it has moved up from 20,543.2 to 26,827.2, a gain of 6,284 points (up 30.6%).

Overall, the S&P BSE SENSEX is up 19.5% over the year.

(To know more, check out historical annual results for NILE. and quarterly results for NILE.)