PARSVNATH DEV 2022-23 Annual Report Analysis

Fri, 31 Mar

PARSVNATH DEV 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.

PARSVNATH DEV Income Statement Analysis

• Operating income during the year fell 51.0% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 52.7% in FY23 as against 6.1% in FY22.
• Depreciation charges increased by 12.3% and finance costs decreased by 0.6% YoY, respectively.
• Other income grew by 103.5% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 54.9% in FY22 to 181.5% in FY23.

PARSVNATH DEV Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	8,989	4,403	-51.0%
Other income	Rs m	189	384	103.5%
Total Revenues	Rs m	9,178	4,787	-47.8%
Gross profit	Rs m	-546	-2,319	NA
Depreciation	Rs m	589	661	12.3%
Interest	Rs m	3,951	3,927	-0.6%
Profit before tax	Rs m	-4,897	-6,523	NA
Tax	Rs m	41	1,470	3,449.0%
Profit after tax	Rs m	-4,939	-7,992	NA
Gross profit margin	%	-6.1	-52.7
Effective tax rate	%	-0.8	-22.5
Net profit margin	%	-54.9	-181.5

Download Now: 7 Unstoppable Growth Engines of India's $10 Trillion Bull Run...

PARSVNATH DEV Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 42 billion as compared to Rs 45 billion in FY22, thereby witnessing an decrease of -5.2%.
• Long-term debt down at Rs 20 billion as compared to Rs 21 billion during FY22, a fall of 6.8%.
• Current assets fell 8% and stood at Rs 39 billion, while fixed assets fell 3% and stood at Rs 24 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 63 billion as against Rs 67 billion during FY22, thereby witnessing a fall of 6%.

PARSVNATH DEV Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-3,030	-11,028	NA
Current Liabilities	Rs m	44,501	42,197	-5.2
Long-term Debt	Rs m	20,958	19,537	-6.8
Total Liabilities	Rs m	66,833	62,771	-6.1
Current assets	Rs m	41,865	38,617	-7.8
Fixed Assets	Rs m	24,968	24,154	-3.3
Total Assets	Rs m	66,833	62,771	-6.1

PARSVNATH DEV Cash Flow Statement Analysis

• PARSVNATH DEV's cash flow from operating activities (CFO) during FY23 stood at Rs 4 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -587 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion, an improvement of 46% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -95 million from the Rs -180 million net cash flows seen during FY22.

PARSVNATH DEV 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	5,503	3,743	-32.0%
Cash Flow from Investing Activities	Rs m	393	-587	-
Cash Flow from Financing Activities	Rs m	-6,076	-3,251	-
Net Cash Flow	Rs m	-180	-95	-

Current Valuations for PARSVNATH DEV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -18.4, an decline from the EPS of Rs -11.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 6.3, stands at -0.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -0.2 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at -0.8 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	20.7	10.1
TTM Earnings per share	Rs	-11.3	-18.4
Diluted earnings per share	Rs	-11.3	-18.4
Price to Cash Flow	x	-1.5	-0.8
TTM P/E ratio	x	-1.3	-0.3
Price / Book Value ratio	x	-2.5	-0.5
Market Cap	Rs m	7,437	5,723
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PARSVNATH DEV

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.9x during FY23, from 0.9x 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 -0.7x during FY23, from -0.2x 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 72.5% during FY23, from 163.0% 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 -30.5% during FY23, from -5.3% 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 declined and down at -6.5% during FY23, from -1.5% 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	0.9	0.9
Debtors’ Days	Days	1,169	2,155
Interest coverage	x	-0.2	-0.7
Debt to equity ratio	x	-6.9	-1.8
Return on assets	%	-1.5	-6.5
Return on equity	%	163.0	72.5
Return on capital employed	%	-5.3	-30.5

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

PARSVNATH DEV Share Price Performance

Over the last one year, PARSVNATH DEV share price has moved down from Rs 15.1 to Rs 6.3, registering a loss of Rs 8.8 or around 58.4%.

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 PARSVNATH DEV and quarterly results for PARSVNATH DEV)