INTEGRA ENGINEERING 2022-23 Annual Report Analysis

Mon, 26 Jun

INTEGRA ENGINEERING 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.

INTEGRA ENGINEERING Income Statement Analysis

• Operating income during the year rose 28.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 45.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.1% in FY23 as against 14.2% in FY22.
• Depreciation charges increased by 29.9% and finance costs increased by 18.2% YoY, respectively.
• Other income declined by 56.0% YoY.
• Net profit for the year grew by 99.8% YoY.
• Net profit margins during the year grew from 8.8% in FY22 to 13.7% in FY23.

INTEGRA ENGINEERING Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,037	1,332	28.4%
Other income	Rs m	13	6	-56.0%
Total Revenues	Rs m	1,050	1,337	27.3%
Gross profit	Rs m	147	214	45.6%
Depreciation	Rs m	17	22	29.9%
Interest	Rs m	10	12	18.2%
Profit before tax	Rs m	133	187	39.8%
Tax	Rs m	42	5	-88.7%
Profit after tax	Rs m	91	182	99.8%
Gross profit margin	%	14.2	16.1
Effective tax rate	%	31.8	2.6
Net profit margin	%	8.8	13.7

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INTEGRA ENGINEERING Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 313 million as compared to Rs 508 million in FY22, thereby witnessing an decrease of -38.3%.
• Long-term debt down at Rs 124 million as compared to Rs 124 million during FY22, a fall of 0.0%.
• Current assets fell 9% and stood at Rs 740 million, while fixed assets rose 16% and stood at Rs 278 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 1 billion during FY22, thereby witnessing a fall of 4%.

INTEGRA ENGINEERING Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	432	621	43.6
Current Liabilities	Rs m	508	313	-38.3
Long-term Debt	Rs m	124	124	0.0
Total Liabilities	Rs m	1,057	1,018	-3.7
Current assets	Rs m	817	740	-9.5
Fixed Assets	Rs m	239	278	16.0
Total Assets	Rs m	1,057	1,018	-3.7

INTEGRA ENGINEERING Cash Flow Statement Analysis

• INTEGRA ENGINEERING's cash flow from operating activities (CFO) during FY23 stood at Rs 92 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -67 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 3 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 28 million from the Rs -41 million net cash flows seen during FY22.

INTEGRA ENGINEERING 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	-73	92	-
Cash Flow from Investing Activities	Rs m	21	-67	-
Cash Flow from Financing Activities	Rs m	10	3	-68.2%
Net Cash Flow	Rs m	-41	28	-

Current Valuations for INTEGRA ENGINEERING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.3, an improvement from the EPS of Rs 2.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 246.4, stands at 46.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 13.6 times, while the price to sales ratio stands at 6.4 times.
• The company's price to cash flow (P/CF) ratio stood at 16.2 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	30.3	38.7
TTM Earnings per share	Rs	2.7	5.3
Diluted earnings per share	Rs	2.6	5.3
Price to Cash Flow	x	22.6	16.2
TTM P/E ratio	x	26.7	46.6
Price / Book Value ratio	x	5.3	5.3
Market Cap	Rs m	2,292	3,295
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INTEGRA ENGINEERING

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY23, from 1.6x 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 16.9x during FY23, from 14.4x 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 improved and stood at 29.3% during FY23, from 21.0% 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 26.6% during FY23, from 25.8% 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 19.0% during FY23, from 9.6% 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	1.6	2.4
Debtors’ Days	Days	1,595	988
Interest coverage	x	14.4	16.9
Debt to equity ratio	x	0.3	0.2
Return on assets	%	9.6	19.0
Return on equity	%	21.0	29.3
Return on capital employed	%	25.8	26.6

To see how INTEGRA ENGINEERING has performed over the last 5 years, please visit here.

INTEGRA ENGINEERING Share Price Performance

Over the last one year, INTEGRA ENGINEERING share price has moved up from Rs 69.2 to Rs 246.4, registering a gain of Rs 177.2 or around 256.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 39,448.4 (down 0.1%). Over the last one year it has moved up from 25,368.8 to 39,448.4, a gain of 14,080 points (up 55.5%).

Overall, the S&P BSE SENSEX is up 21.5% over the year.

(To know more, check out historical annual results for INTEGRA ENGINEERING and quarterly results for INTEGRA ENGINEERING)