PIL ITALICA LIFESTYLE 2022-23 Annual Report Analysis

Wed, 31 May

PIL ITALICA LIFESTYLE 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.

PIL ITALICA LIFESTYLE Income Statement Analysis

• Operating income during the year rose 26.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 27.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.8% in FY23 as against 6.8% in FY22.
• Depreciation charges increased by 40.4% and finance costs increased by 19.5% YoY, respectively.
• Other income declined by 78.0% YoY.
• Net profit for the year grew by 21.1% YoY.
• Net profit margins during the year declined from 3.7% in FY22 to 3.6% in FY23.

PIL ITALICA LIFESTYLE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	676	853	26.3%
Other income	Rs m	2	0	-78.0%
Total Revenues	Rs m	678	854	26.0%
Gross profit	Rs m	46	58	27.3%
Depreciation	Rs m	6	8	40.4%
Interest	Rs m	8	10	19.5%
Profit before tax	Rs m	34	41	21.1%
Tax	Rs m	8	10	21.0%
Profit after tax	Rs m	25	30	21.1%
Gross profit margin	%	6.8	6.8
Effective tax rate	%	25.2	25.2
Net profit margin	%	3.7	3.6

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PIL ITALICA LIFESTYLE Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 164 million as compared to Rs 168 million in FY22, thereby witnessing an decrease of -2.8%.
• Long-term debt down at Rs 8 million as compared to Rs 10 million during FY22, a fall of 18.4%.
• Current assets rose 1% and stood at Rs 680 million, while fixed assets rose 18% and stood at Rs 192 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 872 million as against Rs 838 million during FY22, thereby witnessing a growth of 4%.

PIL ITALICA LIFESTYLE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	665	696	4.6
Current Liabilities	Rs m	168	164	-2.8
Long-term Debt	Rs m	10	8	-18.4
Total Liabilities	Rs m	838	872	4.1
Current assets	Rs m	675	680	0.7
Fixed Assets	Rs m	163	192	17.9
Total Assets	Rs m	838	872	4.1

PIL ITALICA LIFESTYLE Cash Flow Statement Analysis

• PIL ITALICA LIFESTYLE 's cash flow from operating activities (CFO) during FY23 stood at Rs 54 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -37 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -10 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 8 million from the Rs 0 million net cash flows seen during FY22.

PIL ITALICA LIFESTYLE 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	-25	54	-
Cash Flow from Investing Activities	Rs m	-84	-37	-
Cash Flow from Financing Activities	Rs m	108	-10	-
Net Cash Flow	Rs m	0	8	-

Current Valuations for PIL ITALICA LIFESTYLE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an improvement from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 8.2, stands at 63.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at 52.4 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	2.9	3.6
TTM Earnings per share	Rs	0.1	0.1
Diluted earnings per share	Rs	0.1	0.1
Price to Cash Flow	x	66.9	52.4
TTM P/E ratio	x	82.0	63.3
Price / Book Value ratio	x	4.4	2.9
Market Cap	Rs m	2,903	2,009
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PIL ITALICA LIFESTYLE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.2x during FY23, from 4.0x 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 5.0x 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 4.4% during FY23, from 3.8% 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 7.2% during FY23, from 6.2% 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 improved and stood at 4.6% during FY23, from 4.0% 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	4.0	4.2
Debtors’ Days	Days	242	254
Interest coverage	x	5.0	5.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.0	4.6
Return on equity	%	3.8	4.4
Return on capital employed	%	6.2	7.2

To see how PIL ITALICA LIFESTYLE has performed over the last 5 years, please visit here.

PIL ITALICA LIFESTYLE Share Price Performance

Over the last one year, PIL ITALICA LIFESTYLE share price has moved down from Rs 8.8 to Rs 8.2, registering a loss of Rs 0.6 or around 6.3%.

Overall, the S&P BSE SENSEX is up 15.1% over the year.

(To know more, check out historical annual results for PIL ITALICA LIFESTYLE and quarterly results for PIL ITALICA LIFESTYLE )