PRISM JOHNSON 2022-23 Annual Report Analysis

Mon, 17 Jul

PRISM JOHNSON 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.

PRISM JOHNSON Income Statement Analysis

• Operating income during the year rose 16.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 24.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.1% in FY23 as against 7.8% in FY22.
• Depreciation charges increased by 26.0% and finance costs increased by 2.0% YoY, respectively.
• Other income declined by 61.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 0.7% in FY22 to 2.1% in FY23.

PRISM JOHNSON Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	63,064	73,605	16.7%
Other income	Rs m	927	357	-61.5%
Total Revenues	Rs m	63,991	73,962	15.6%
Gross profit	Rs m	4,937	3,732	-24.4%
Depreciation	Rs m	3,097	3,901	26.0%
Interest	Rs m	1,928	1,966	2.0%
Profit before tax	Rs m	839	-1,778	NA
Tax	Rs m	400	-201	NA
Profit after tax	Rs m	440	-1,577	NA
Gross profit margin	%	7.8	5.1
Effective tax rate	%	47.6	11.3
Net profit margin	%	0.7	-2.1

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PRISM JOHNSON Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 33 billion as compared to Rs 28 billion in FY22, thereby witnessing an increase of 15.9%.
• Long-term debt down at Rs 10 billion as compared to Rs 12 billion during FY22, a fall of 18.6%.
• Current assets rose 1% and stood at Rs 23 billion, while fixed assets rose 2% and stood at Rs 43 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 66 billion as against Rs 65 billion during FY22, thereby witnessing a growth of 2%.

PRISM JOHNSON Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	13,230	12,067	-8.8
Current Liabilities	Rs m	28,409	32,918	15.9
Long-term Debt	Rs m	11,770	9,577	-18.6
Total Liabilities	Rs m	64,866	65,850	1.5
Current assets	Rs m	22,777	23,027	1.1
Fixed Assets	Rs m	42,083	42,809	1.7
Total Assets	Rs m	64,866	65,850	1.5

PRISM JOHNSON Cash Flow Statement Analysis

• PRISM JOHNSON's cash flow from operating activities (CFO) during FY23 stood at Rs 6 billion, an improvement of 3.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion, an improvement of 22% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 52 million from the Rs -893 million net cash flows seen during FY22.

PRISM JOHNSON 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	5,727	5,919	3.3%
Cash Flow from Investing Activities	Rs m	-3,202	-3,196	-
Cash Flow from Financing Activities	Rs m	-3,415	-2,668	-
Net Cash Flow	Rs m	-893	52	-

Current Valuations for PRISM JOHNSON

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.1, an decline from the EPS of Rs 0.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 125.3, stands at -37.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 26.1 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	125.3	146.2
TTM Earnings per share	Rs	0.9	-3.1
Diluted earnings per share	Rs	0.9	-3.1
Price to Cash Flow	x	16.4	26.1
TTM P/E ratio	x	156.7	-37.7
Price / Book Value ratio	x	5.1	5.0
Market Cap	Rs m	67,953	60,541
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PRISM JOHNSON

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY23, from 0.8x 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 0.1x during FY23, from 1.4x 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 -13.1% during FY23, from 3.3% 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 0.9% during FY23, from 11.1% 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 0.6% during FY23, from 3.6% 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	0.8	0.7
Debtors’ Days	Days	4	3
Interest coverage	x	1.4	0.1
Debt to equity ratio	x	0.9	0.8
Return on assets	%	3.6	0.6
Return on equity	%	3.3	-13.1
Return on capital employed	%	11.1	0.9

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

PRISM JOHNSON Share Price Performance

Over the last one year, PRISM JOHNSON share price has moved up from Rs 110.0 to Rs 125.3, registering a gain of Rs 15.3 or around 13.9%.

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

(To know more, check out historical annual results for PRISM JOHNSON and quarterly results for PRISM JOHNSON)