SNOWMAN LOGISTICS 2022-23 Annual Report Analysis

Fri, 1 Sep

SNOWMAN 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.

SNOWMAN LOGISTICS Income Statement Analysis

• Operating income during the year rose 45.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 36.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.9% in FY23 as against 22.3% in FY22.
• Depreciation charges increased by 2.0% and finance costs increased by 20.4% YoY, respectively.
• Other income declined by 12.7% YoY.
• Net profit for the year grew by 699.2% YoY.
• Net profit margins during the year grew from 0.6% in FY22 to 3.2% in FY23.

SNOWMAN LOGISTICS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,862	4,176	45.9%
Other income	Rs m	100	87	-12.7%
Total Revenues	Rs m	2,961	4,264	44.0%
Gross profit	Rs m	638	874	36.9%
Depreciation	Rs m	513	523	2.0%
Interest	Rs m	184	222	20.4%
Profit before tax	Rs m	40	215	437.7%
Tax	Rs m	23	81	249.0%
Profit after tax	Rs m	17	134	699.2%
Gross profit margin	%	22.3	20.9
Effective tax rate	%	58.1	37.7
Net profit margin	%	0.6	3.2

Download Now: 7 Unstoppable Growth Engines of India's $10 Trillion Bull Run...

SNOWMAN LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 789 million as compared to Rs 601 million in FY22, thereby witnessing an increase of 31.2%.
• Long-term debt down at Rs 776 million as compared to Rs 1 billion during FY22, a fall of 27.8%.
• Current assets rose 24% and stood at Rs 1 billion, while fixed assets fell 4% and stood at Rs 5 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 7 billion as against Rs 7 billion during FY22, thereby witnessing a growth of 0%.

SNOWMAN LOGISTICS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	4,218	4,216	0.0
Current Liabilities	Rs m	601	789	31.2
Long-term Debt	Rs m	1,075	776	-27.8
Total Liabilities	Rs m	6,867	6,878	0.2
Current assets	Rs m	1,121	1,386	23.6
Fixed Assets	Rs m	5,743	5,492	-4.4
Total Assets	Rs m	6,867	6,878	0.2

SNOWMAN LOGISTICS Cash Flow Statement Analysis

• SNOWMAN LOGISTICS's cash flow from operating activities (CFO) during FY23 stood at Rs 865 million, an improvement of 25.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -419 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -580 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -134 million from the Rs -139 million net cash flows seen during FY22.

SNOWMAN 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	689	865	25.5%
Cash Flow from Investing Activities	Rs m	-994	-419	-
Cash Flow from Financing Activities	Rs m	167	-580	-
Net Cash Flow	Rs m	-139	-134	-

Current Valuations for SNOWMAN LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.8, an improvement from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 54.4, stands at 61.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 8.7 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	17.1	25.0
TTM Earnings per share	Rs	0.1	0.8
Diluted earnings per share	Rs	0.1	0.8
Price to Cash Flow	x	9.6	8.7
TTM P/E ratio	x	304.2	61.1
Price / Book Value ratio	x	1.8	1.4
Market Cap	Rs m	7,523	5,714
Dividends per share (Unadj.)	Rs	0.0	0.8

Ratio Analysis for SNOWMAN LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY23, from 1.9x 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 2.0x during FY23, from 1.2x 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 0.4% 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 8.8% during FY23, from 4.2% 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 5.2% during FY23, from 2.9% 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	1.9	1.8
Debtors’ Days	Days	859	626
Interest coverage	x	1.2	2.0
Debt to equity ratio	x	0.3	0.2
Return on assets	%	2.9	5.2
Return on equity	%	0.4	3.2
Return on capital employed	%	4.2	8.8

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

SNOWMAN LOGISTICS Share Price Performance

Over the last one year, SNOWMAN LOGISTICS share price has moved up from Rs 35.9 to Rs 54.4, registering a gain of Rs 18.6 or around 51.8%.

Overall, the S&P BSE SENSEX is up 8.9% over the year.

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