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FIBERWEB (INDIA) 2022-23 Annual Report Analysis

Thu, 21 Sep

FIBERWEB (INDIA) 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.

FIBERWEB (INDIA) Income Statement Analysis

• Operating income during the year fell 30.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 91.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.9% in FY23 as against 15.8% in FY22.
• Depreciation charges increased by 7.9% and finance costs increased by 549.5% YoY, respectively.
• Other income grew by 23.3% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 11.9% in FY22 to 0.5% in FY23.

FIBERWEB (INDIA) Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	954	661	-30.7%
Other income	Rs m	10	13	23.3%
Total Revenues	Rs m	964	674	-30.1%
Gross profit	Rs m	151	12	-91.8%
Depreciation	Rs m	22	24	7.9%
Interest	Rs m	1	7	549.5%
Profit before tax	Rs m	138	-5	NA
Tax	Rs m	25	-2	NA
Profit after tax	Rs m	113	-3	NA
Gross profit margin	%	15.8	1.9
Effective tax rate	%	17.9	43.3
Net profit margin	%	11.9	-0.5

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FIBERWEB (INDIA) Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 84 million as compared to Rs 64 million in FY22, thereby witnessing an increase of 31.1%.
• Long-term debt stood at Rs 63 million as compared to Rs 0 million during FY22, a fall of 0.0%.
• Current assets fell 41% and stood at Rs 478 million, while fixed assets rose 26% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 2 billion during FY22, thereby witnessing a fall of 5%.

FIBERWEB (INDIA) Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,711	1,541	-10.0
Current Liabilities	Rs m	64	84	31.1
Long-term Debt	Rs m	0	63	0.0
Total Liabilities	Rs m	1,763	1,672	-5.2
Current assets	Rs m	817	478	-41.5
Fixed Assets	Rs m	947	1,194	26.2
Total Assets	Rs m	1,763	1,672	-5.2

FIBERWEB (INDIA) Cash Flow Statement Analysis

• FIBERWEB (INDIA)'s cash flow from operating activities (CFO) during FY23 stood at Rs 177 million, an improvement of 103.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -261 million, an improvement of 162.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 69 million, an improvement of 697% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -16 million from the Rs -4 million net cash flows seen during FY22.

FIBERWEB (INDIA) 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	87	177	103.3%
Cash Flow from Investing Activities	Rs m	-100	-261	-
Cash Flow from Financing Activities	Rs m	9	69	696.9%
Net Cash Flow	Rs m	-4	-16	-

Current Valuations for FIBERWEB (INDIA)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.1, an decline from the EPS of Rs 3.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 35.2, stands at -94.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at 56.2 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	33.1	23.0
TTM Earnings per share	Rs	3.9	-0.1
Diluted earnings per share	Rs	3.9	-0.1
Price to Cash Flow	x	8.2	56.2
TTM P/E ratio	x	9.8	-94.9
Price / Book Value ratio	x	0.7	0.8
Market Cap	Rs m	1,239	1,159
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for FIBERWEB (INDIA)

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 5.7x during FY23, from 12.8x 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 0.2x during FY23, from 135.0x 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 declined and down at -0.2% during FY23, from 6.6% 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 0.1% during FY23, from 8.1% 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 0.2% during FY23, from 6.5% 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	12.8	5.7
Debtors’ Days	Days	1,585	453
Interest coverage	x	135.0	0.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.5	0.2
Return on equity	%	6.6	-0.2
Return on capital employed	%	8.1	0.1

To see how FIBERWEB (INDIA) has performed over the last 5 years, please visit here.

FIBERWEB (INDIA) Share Price Performance

Over the last one year, FIBERWEB (INDIA) share price has moved down from Rs 39.3 to Rs 35.2, registering a loss of Rs 4.1 or around 10.4%.

Overall, the S&P BSE SENSEX is up 10.9% over the year.

(To know more, check out historical annual results for FIBERWEB (INDIA) and quarterly results for FIBERWEB (INDIA))