PAGE INDUSTRIES 2022-23 Annual Report Analysis

Mon, 17 Jul

PAGE INDUSTRIES 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.

PAGE INDUSTRIES Income Statement Analysis

• Operating income during the year rose 24.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 9.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.3% in FY23 as against 19.6% in FY22.
• Depreciation charges increased by 19.3% and finance costs increased by 26.7% YoY, respectively.
• Other income declined by 29.8% YoY.
• Net profit for the year grew by 6.5% YoY.
• Net profit margins during the year declined from 13.3% in FY22 to 11.4% in FY23.

PAGE INDUSTRIES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	40,206	50,006	24.4%
Other income	Rs m	210	147	-29.8%
Total Revenues	Rs m	40,416	50,153	24.1%
Gross profit	Rs m	7,869	8,640	9.8%
Depreciation	Rs m	655	781	19.3%
Interest	Rs m	336	426	26.7%
Profit before tax	Rs m	7,088	7,581	7.0%
Tax	Rs m	1,722	1,869	8.5%
Profit after tax	Rs m	5,365	5,712	6.5%
Gross profit margin	%	19.6	17.3
Effective tax rate	%	24.3	24.6
Net profit margin	%	13.3	11.4

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PAGE INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 12 billion as compared to Rs 9 billion in FY22, thereby witnessing an increase of 27.5%.
• Current assets rose 25% and stood at Rs 20 billion, while fixed assets rose 35% and stood at Rs 7 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 27 billion as against Rs 21 billion during FY22, thereby witnessing a growth of 28%.

PAGE INDUSTRIES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	10,886	13,710	25.9
Current Liabilities	Rs m	9,364	11,936	27.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	21,033	26,877	27.8
Current assets	Rs m	15,681	19,646	25.3
Fixed Assets	Rs m	5,352	7,231	35.1
Total Assets	Rs m	21,033	26,877	27.8

PAGE INDUSTRIES Cash Flow Statement Analysis

• PAGE INDUSTRIES's cash flow from operating activities (CFO) during FY23 stood at Rs -16 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 308 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion, an improvement of 56% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -1 billion from the Rs 493 million net cash flows seen during FY22.

PAGE INDUSTRIES 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	3,269	-16	-
Cash Flow from Investing Activities	Rs m	1,189	308	-74.1%
Cash Flow from Financing Activities	Rs m	-3,964	-1,741	-
Net Cash Flow	Rs m	493	-1,449	-

Current Valuations for PAGE INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 512.3, an improvement from the EPS of Rs 481.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 36,608.9, stands at 71.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 29.8 times, while the price to sales ratio stands at 8.2 times.
• The company's price to cash flow (P/CF) ratio stood at 77.2 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	3,605.9	4,484.9
TTM Earnings per share	Rs	481.2	512.3
Diluted earnings per share	Rs	481.0	512.2
Price to Cash Flow	x	80.0	77.2
TTM P/E ratio	x	89.8	71.5
Price / Book Value ratio	x	37.4	36.6
Market Cap	Rs m	406,910	501,158
Dividends per share (Unadj.)	Rs	370.0	250.0

Ratio Analysis for PAGE INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY23, from 1.7x 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 deteriorated and stood at 18.8x during FY23, from 22.1x 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 declined and down at 41.7% during FY23, from 49.3% 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 declined and down at 58.4% during FY23, from 68.2% 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 22.8% during FY23, from 27.1% 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	1.7	1.6
Debtors’ Days	Days	15	11
Interest coverage	x	22.1	18.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	27.1	22.8
Return on equity	%	49.3	41.7
Return on capital employed	%	68.2	58.4

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

PAGE INDUSTRIES Share Price Performance

Over the last one year, PAGE INDUSTRIES share price has moved down from Rs 44,410.4 to Rs 36,608.9, registering a loss of Rs 7,801.5 or around 17.6%.

Overall, the S&P BSE SENSEX is up 24.4% over the year.

(To know more, check out historical annual results for PAGE INDUSTRIES and quarterly results for PAGE INDUSTRIES)