PAUSHAK. 2022-23 Annual Report Analysis

Wed, 5 Jul

PAUSHAK. 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.

PAUSHAK. Income Statement Analysis

• Operating income during the year rose 41.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 41.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 36.2% in FY23 as against 36.1% in FY22.
• Depreciation charges increased by 48.7% and finance costs increased by 401.6% YoY, respectively.
• Other income grew by 76.1% YoY.
• Net profit for the year grew by 43.6% YoY.
• Net profit margins during the year grew from 25.1% in FY22 to 25.4% in FY23.

PAUSHAK. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,501	2,123	41.5%
Other income	Rs m	51	91	76.1%
Total Revenues	Rs m	1,552	2,214	42.6%
Gross profit	Rs m	542	769	41.8%
Depreciation	Rs m	90	134	48.7%
Interest	Rs m	1	3	401.6%
Profit before tax	Rs m	503	722	43.6%
Tax	Rs m	127	182	43.8%
Profit after tax	Rs m	376	540	43.6%
Gross profit margin	%	36.1	36.2
Effective tax rate	%	25.2	25.2
Net profit margin	%	25.1	25.4

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PAUSHAK. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 223 million as compared to Rs 270 million in FY22, thereby witnessing an decrease of -17.4%.
• Current assets rose 42% and stood at Rs 1 billion, while fixed assets rose 2% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 4 billion as against Rs 4 billion during FY22, thereby witnessing a growth of 13%.

PAUSHAK. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	3,056	3,537	15.8
Current Liabilities	Rs m	270	223	-17.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,665	4,147	13.2
Current assets	Rs m	1,035	1,473	42.3
Fixed Assets	Rs m	2,630	2,675	1.7
Total Assets	Rs m	3,665	4,147	13.2

PAUSHAK. Cash Flow Statement Analysis

• PAUSHAK.'s cash flow from operating activities (CFO) during FY23 stood at Rs 427 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -382 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -40 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 5 million from the Rs -1 million net cash flows seen during FY22.

PAUSHAK. 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	440	427	-2.9%
Cash Flow from Investing Activities	Rs m	-424	-382	-
Cash Flow from Financing Activities	Rs m	-18	-40	-
Net Cash Flow	Rs m	-1	5	-

Current Valuations for PAUSHAK.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 175.3, an improvement from the EPS of Rs 122.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 6,880.0, stands at 39.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.0 times, while the price to sales ratio stands at 10.0 times.
• The company's price to cash flow (P/CF) ratio stood at 42.5 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	487.3	689.4
TTM Earnings per share	Rs	122.1	175.3
Diluted earnings per share	Rs	122.0	175.2
Price to Cash Flow	x	68.7	42.5
TTM P/E ratio	x	85.2	39.3
Price / Book Value ratio	x	9.4	8.1
Market Cap	Rs m	28,799	28,633
Dividends per share (Unadj.)	Rs	12.0	17.5

Ratio Analysis for PAUSHAK.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 6.6x during FY23, from 3.8x 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 233.2x during FY23, from 811.9x 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 15.3% during FY23, from 12.3% 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 20.5% during FY23, from 16.5% 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 13.1% during FY23, from 10.3% 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	3.8	6.6
Debtors’ Days	Days	966	902
Interest coverage	x	811.9	233.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.3	13.1
Return on equity	%	12.3	15.3
Return on capital employed	%	16.5	20.5

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

PAUSHAK. Share Price Performance

Over the last one year, PAUSHAK. share price has moved down from Rs 9,409.0 to Rs 6,880.0, registering a loss of Rs 2,529.0 or around 26.9%.

Overall, the S&P BSE SENSEX is up 22.9% over the year.

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