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SURYA ROSHNI 2022-23 Annual Report Analysis

Fri, 31 Mar

SURYA ROSHNI 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.

SURYA ROSHNI Income Statement Analysis

• Operating income during the year rose 3.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 38.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.7% in FY23 as against 5.7% in FY22.
• Depreciation charges increased by 6.5% and finance costs decreased by 29.5% YoY, respectively.
• Other income declined by 7.8% YoY.
• Net profit for the year grew by 63.7% YoY.
• Net profit margins during the year grew from 2.7% in FY22 to 4.2% in FY23.

SURYA ROSHNI Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	77,308	79,967	3.4%
Other income	Rs m	58	54	-7.8%
Total Revenues	Rs m	77,366	80,021	3.4%
Gross profit	Rs m	4,429	6,142	38.7%
Depreciation	Rs m	1,084	1,154	6.5%
Interest	Rs m	637	449	-29.5%
Profit before tax	Rs m	2,767	4,593	66.0%
Tax	Rs m	717	1,237	72.5%
Profit after tax	Rs m	2,049	3,355	63.7%
Gross profit margin	%	5.7	7.7
Effective tax rate	%	25.9	26.9
Net profit margin	%	2.7	4.2

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SURYA ROSHNI Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 11 billion as compared to Rs 14 billion in FY22, thereby witnessing an decrease of -20.4%.
• Current assets rose 1% and stood at Rs 21 billion, while fixed assets fell 7% and stood at Rs 10 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 31 billion as against Rs 31 billion during FY22, thereby witnessing a fall of 2%.

SURYA ROSHNI Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	15,404	18,487	20.0
Current Liabilities	Rs m	13,670	10,881	-20.4
Long-term Debt	Rs m	607	0	-100.0
Total Liabilities	Rs m	31,147	30,572	-1.8
Current assets	Rs m	20,676	20,874	1.0
Fixed Assets	Rs m	10,471	9,697	-7.4
Total Assets	Rs m	31,147	30,572	-1.8

SURYA ROSHNI Cash Flow Statement Analysis

• SURYA ROSHNI's cash flow from operating activities (CFO) during FY23 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -332 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 9 million from the Rs 0 million net cash flows seen during FY22.

SURYA ROSHNI 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	2,850	2,802	-1.7%
Cash Flow from Investing Activities	Rs m	-536	-332	-
Cash Flow from Financing Activities	Rs m	-2,314	-2,462	-
Net Cash Flow	Rs m	0	9	0.0%

Current Valuations for SURYA ROSHNI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 62.4, an improvement from the EPS of Rs 38.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 657.6, stands at 21.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 6.4 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	1,449.6	1,486.1
TTM Earnings per share	Rs	38.4	62.4
Diluted earnings per share	Rs	18.8	30.8
Price to Cash Flow	x	14.4	6.4
TTM P/E ratio	x	22.0	21.3
Price / Book Value ratio	x	2.1	1.6
Market Cap	Rs m	32,270	28,982
Dividends per share (Unadj.)	Rs	2.0	3.5

Ratio Analysis for SURYA ROSHNI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY23, from 1.5x 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 11.2x during FY23, from 5.3x 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 18.1% during FY23, from 13.3% 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 improved and stood at 27.3% during FY23, from 21.3% 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 12.4% during FY23, from 8.6% 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	1.5	1.9
Debtors’ Days	Days	4	3
Interest coverage	x	5.3	11.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.6	12.4
Return on equity	%	13.3	18.1
Return on capital employed	%	21.3	27.3

To see how SURYA ROSHNI has performed over the last 5 years, please visit here.

SURYA ROSHNI Share Price Performance

Over the last one year, SURYA ROSHNI share price has moved up from Rs 413.8 to Rs 657.6, registering a gain of Rs 243.9 or around 58.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 19,184.9 (up 0.6%). Over the last one year it has moved down from 22,368.3 to 19,184.9, a loss of 3,183 points (down 14.2%).

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

(To know more, check out historical annual results for SURYA ROSHNI and quarterly results for SURYA ROSHNI)