PG ELECTROPLAST 2022-23 Annual Report Analysis

Fri, 31 Mar

PG ELECTROPLAST 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.

PG ELECTROPLAST Income Statement Analysis

• Operating income during the year rose 94.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 98.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.9% in FY23 as against 7.7% in FY22.
• Depreciation charges increased by 58.1% and finance costs increased by 107.3% YoY, respectively.
• Other income grew by 15.6% YoY.
• Net profit for the year grew by 107.0% YoY.
• Net profit margins during the year grew from 3.4% in FY22 to 3.6% in FY23.

PG ELECTROPLAST Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	11,116	21,599	94.3%
Other income	Rs m	83	96	15.6%
Total Revenues	Rs m	11,199	21,695	93.7%
Gross profit	Rs m	860	1,708	98.7%
Depreciation	Rs m	221	350	58.1%
Interest	Rs m	231	479	107.3%
Profit before tax	Rs m	490	975	98.9%
Tax	Rs m	116	201	72.7%
Profit after tax	Rs m	374	775	107.0%
Gross profit margin	%	7.7	7.9
Effective tax rate	%	23.7	20.6
Net profit margin	%	3.4	3.6

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PG ELECTROPLAST Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 8 billion as compared to Rs 5 billion in FY22, thereby witnessing an increase of 48.4%.
• Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY22, a growth of 31.0%.
• Current assets rose 49% and stood at Rs 9 billion, while fixed assets rose 30% and stood at Rs 6 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 15 billion as against Rs 11 billion during FY22, thereby witnessing a growth of 41%.

PG ELECTROPLAST Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	3,099	3,912	26.3
Current Liabilities	Rs m	5,482	8,136	48.4
Long-term Debt	Rs m	1,718	2,250	31.0
Total Liabilities	Rs m	10,685	15,082	41.1
Current assets	Rs m	6,081	9,084	49.4
Fixed Assets	Rs m	4,605	5,997	30.2
Total Assets	Rs m	10,685	15,082	41.1

PG ELECTROPLAST Cash Flow Statement Analysis

• PG ELECTROPLAST's cash flow from operating activities (CFO) during FY23 stood at Rs 457 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion, an improvement of 7.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 1 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -152 million from the Rs 164 million net cash flows seen during FY22.

PG ELECTROPLAST 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	-788	457	-
Cash Flow from Investing Activities	Rs m	-1,610	-1,730	-
Cash Flow from Financing Activities	Rs m	2,562	1,120	-56.3%
Net Cash Flow	Rs m	164	-152	-

Current Valuations for PG ELECTROPLAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 34.1, an improvement from the EPS of Rs 17.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,330.1, stands at 44.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.8 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 20.6 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	523.9	949.8
TTM Earnings per share	Rs	17.6	34.1
Diluted earnings per share	Rs	14.4	29.8
Price to Cash Flow	x	32.0	20.6
TTM P/E ratio	x	51.0	44.7
Price / Book Value ratio	x	4.0	5.9
Market Cap	Rs m	12,260	23,138
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PG ELECTROPLAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY23, from 1.1x 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 deteriorated and stood at 3.0x during FY23, from 3.1x 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 improved and stood at 19.8% during FY23, from 12.1% 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 23.6% during FY23, from 15.0% 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 8.3% during FY23, from 5.7% 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	1.1	1.1
Debtors’ Days	Days	700	740
Interest coverage	x	3.1	3.0
Debt to equity ratio	x	0.6	0.6
Return on assets	%	5.7	8.3
Return on equity	%	12.1	19.8
Return on capital employed	%	15.0	23.6

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

PG ELECTROPLAST Share Price Performance

Over the last one year, PG ELECTROPLAST share price has moved up from Rs 732.9 to Rs 1,330.1, registering a gain of Rs 597.2 or around 81.5%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 16,487.0 (up 1.1%). Over the last one year it has moved up from 13,334.9 to 16,487.0, a gain of 3,152 points (up 23.6%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

(To know more, check out historical annual results for PG ELECTROPLAST and quarterly results for PG ELECTROPLAST)