REPRO INDIA 2022-23 Annual Report Analysis

Fri, 21 Jul

REPRO 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.

REPRO INDIA Income Statement Analysis

• Operating income during the year rose 46.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 232.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.4% in FY23 as against 4.6% in FY22.
• Depreciation charges decreased by 7.7% and finance costs decreased by 1.7% YoY, respectively.
• Other income declined by 7.6% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 8.1% in FY22 to 2.1% in FY23.

REPRO INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,874	4,220	46.8%
Other income	Rs m	11	10	-7.6%
Total Revenues	Rs m	2,885	4,229	46.6%
Gross profit	Rs m	131	437	232.6%
Depreciation	Rs m	268	247	-7.7%
Interest	Rs m	115	113	-1.7%
Profit before tax	Rs m	-241	87	NA
Tax	Rs m	-9	-1	NA
Profit after tax	Rs m	-232	87	NA
Gross profit margin	%	4.6	10.4
Effective tax rate	%	3.7	-0.8
Net profit margin	%	-8.1	2.1

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REPRO INDIA Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 1 billion as compared to Rs 1 billion in FY22, thereby witnessing an decrease of -3.9%.
• Long-term debt stood at Rs 383 million as compared to Rs 207 million during FY22, a growth of 85.2%.
• Current assets rose 25% and stood at Rs 2 billion, while fixed assets rose 1% 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 9%.

REPRO INDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,609	2,702	3.6
Current Liabilities	Rs m	1,081	1,039	-3.9
Long-term Debt	Rs m	207	383	85.2
Total Liabilities	Rs m	3,948	4,304	9.0
Current assets	Rs m	1,272	1,588	24.9
Fixed Assets	Rs m	2,677	2,716	1.5
Total Assets	Rs m	3,948	4,304	9.0

REPRO INDIA Cash Flow Statement Analysis

• REPRO INDIA's cash flow from operating activities (CFO) during FY23 stood at Rs 233 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -209 million, an improvement of 207.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -29 million, an improvement of 84% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -5 million from the Rs -3 million net cash flows seen during FY22.

REPRO 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	248	233	-6.0%
Cash Flow from Investing Activities	Rs m	-68	-209	-
Cash Flow from Financing Activities	Rs m	-184	-29	-
Net Cash Flow	Rs m	-3	-5	-

Current Valuations for REPRO INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.9, an improvement from the EPS of Rs -18.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 730.0, stands at 110.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 16.7 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	226.1	331.5
TTM Earnings per share	Rs	-18.2	6.9
Diluted earnings per share	Rs	-17.5	6.6
Price to Cash Flow	x	146.9	16.7
TTM P/E ratio	x	-22.6	110.7
Price / Book Value ratio	x	2.4	2.1
Market Cap	Rs m	6,262	5,588
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for REPRO INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY23, from 1.2x 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 1.8x during FY23, from -1.1x 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 3.2% during FY23, from -8.9% 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 6.5% during FY23, from -4.5% 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 4.7% during FY23, from -3.0% 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	1.2	1.5
Debtors’ Days	Days	805	591
Interest coverage	x	-1.1	1.8
Debt to equity ratio	x	0.1	0.1
Return on assets	%	-3.0	4.7
Return on equity	%	-8.9	3.2
Return on capital employed	%	-4.5	6.5

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

REPRO INDIA Share Price Performance

Over the last one year, REPRO INDIA share price has moved up from Rs 416.3 to Rs 730.0, registering a gain of Rs 313.7 or around 75.4%.

Overall, the S&P BSE SENSEX is up 20.4% over the year.

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