SICAL LOGISTICS 2022-23 Annual Report Analysis

Fri, 31 Mar

SICAL LOGISTICS 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.

SICAL LOGISTICS Income Statement Analysis

• Operating income during the year rose 12.4% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 197.7% in FY23 as against 48.4% in FY22.
• Depreciation charges decreased by 21.8% and finance costs increased by 6.7% YoY, respectively.
• Other income grew by 184.4% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 73.7% in FY22 to 212.7% in FY23.

SICAL LOGISTICS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	3,489	3,921	12.4%
Other income	Rs m	92	263	184.4%
Total Revenues	Rs m	3,581	4,184	16.8%
Gross profit	Rs m	-1,688	-7,754	NA
Depreciation	Rs m	712	557	-21.8%
Interest	Rs m	213	228	6.7%
Profit before tax	Rs m	-2,521	-8,275	NA
Tax	Rs m	52	64	23.4%
Profit after tax	Rs m	-2,573	-8,339	NA
Gross profit margin	%	-48.4	-197.7
Effective tax rate	%	-2.1	-0.8
Net profit margin	%	-73.7	-212.7

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SICAL LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 22 billion in FY22, thereby witnessing an decrease of -89.1%.
• Long-term debt stood at Rs 3 billion as compared to Rs 130 million during FY22, a growth of 2517.3%.
• Current assets fell 54% and stood at Rs 2 billion, while fixed assets fell 48% and stood at Rs 6 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 8 billion as against Rs 16 billion during FY22, thereby witnessing a fall of 49%.

SICAL LOGISTICS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-9,309	535	NA
Current Liabilities	Rs m	22,118	2,412	-89.1
Long-term Debt	Rs m	130	3,400	2,517.3
Total Liabilities	Rs m	15,621	7,911	-49.4
Current assets	Rs m	3,805	1,762	-53.7
Fixed Assets	Rs m	11,815	6,149	-48.0
Total Assets	Rs m	15,621	7,911	-49.4

SICAL LOGISTICS Cash Flow Statement Analysis

• SICAL LOGISTICS's cash flow from operating activities (CFO) during FY23 stood at Rs 66 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 787 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -230 million, an improvement of 35% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 533 million from the Rs -226 million net cash flows seen during FY22.

SICAL LOGISTICS 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	676	66	-90.2%
Cash Flow from Investing Activities	Rs m	-546	787	-
Cash Flow from Financing Activities	Rs m	-356	-230	-
Net Cash Flow	Rs m	-226	533	-

Current Valuations for SICAL LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -127.8, an decline from the EPS of Rs -44.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 7.9, stands at -0.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.1 times.
• The company's price to cash flow (P/CF) ratio stood at -0.1 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	59.6	60.1
TTM Earnings per share	Rs	-44.0	-127.8
Diluted earnings per share	Rs	-39.4	-127.8
Price to Cash Flow	x	-0.4	-0.1
TTM P/E ratio	x	-0.3	-0.1
Price / Book Value ratio	x	-0.1	1.3
Market Cap	Rs m	993	673
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SICAL LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.7x during FY23, from 0.2x 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 deteriorated and stood at -35.3x during FY23, from -10.8x 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 -1,558.1% during FY23, from 27.6% 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 -204.5% during FY23, from 25.1% 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 -102.5% during FY23, from -15.1% 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	0.2	0.7
Debtors’ Days	Days	1,483	509
Interest coverage	x	-10.8	-35.3
Debt to equity ratio	x	0.0	6.4
Return on assets	%	-15.1	-102.5
Return on equity	%	27.6	-1,558.1
Return on capital employed	%	25.1	-204.5

To see how SICAL LOGISTICS has performed over the last 5 years, please visit here.

SICAL LOGISTICS Share Price Performance

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(To know more, check out historical annual results for SICAL LOGISTICS and quarterly results for SICAL LOGISTICS)