SHREE PUSHKAR CHEMICALS 2022-23 Annual Report Analysis

Fri, 31 Mar

SHREE PUSHKAR CHEMICALS 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.

SHREE PUSHKAR CHEMICALS Income Statement Analysis

• Operating income during the year rose 17.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 14.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.0% in FY23 as against 13.6% in FY22.
• Depreciation charges increased by 31.0% and finance costs increased by 12.9% YoY, respectively.
• Other income grew by 7.5% YoY.
• Net profit for the year declined by 33.0% YoY.
• Net profit margins during the year declined from 9.5% in FY22 to 5.4% in FY23.

SHREE PUSHKAR CHEMICALS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	5,840	6,840	17.1%
Other income	Rs m	74	79	7.5%
Total Revenues	Rs m	5,914	6,920	17.0%
Gross profit	Rs m	795	684	-14.0%
Depreciation	Rs m	141	185	31.0%
Interest	Rs m	20	22	12.9%
Profit before tax	Rs m	708	556	-21.5%
Tax	Rs m	152	183	20.6%
Profit after tax	Rs m	555	372	-33.0%
Gross profit margin	%	13.6	10.0
Effective tax rate	%	21.5	33.0
Net profit margin	%	9.5	5.4

Emerging Opportunity: Bluechip Bull Run

SHREE PUSHKAR CHEMICALS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an decrease of -7.6%.
• Long-term debt down at Rs 19 million as compared to Rs 77 million during FY22, a fall of 75.7%.
• Current assets rose 9% and stood at Rs 3 billion, while fixed assets fell 1% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 7 billion as against Rs 6 billion during FY22, thereby witnessing a growth of 4%.

SHREE PUSHKAR CHEMICALS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	3,918	4,376	11.7
Current Liabilities	Rs m	2,038	1,882	-7.6
Long-term Debt	Rs m	77	19	-75.7
Total Liabilities	Rs m	6,371	6,637	4.2
Current assets	Rs m	3,100	3,392	9.4
Fixed Assets	Rs m	3,271	3,245	-0.8
Total Assets	Rs m	6,371	6,637	4.2

SHREE PUSHKAR CHEMICALS Cash Flow Statement Analysis

• SHREE PUSHKAR CHEMICALS's cash flow from operating activities (CFO) during FY23 stood at Rs 504 million, an improvement of 19.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -380 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -218 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -94 million from the Rs 104 million net cash flows seen during FY22.

SHREE PUSHKAR CHEMICALS 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	422	504	19.4%
Cash Flow from Investing Activities	Rs m	-630	-380	-
Cash Flow from Financing Activities	Rs m	312	-218	-
Net Cash Flow	Rs m	104	-94	-

Current Valuations for SHREE PUSHKAR CHEMICALS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.8, an decline from the EPS of Rs 18.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 147.9, stands at 12.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 13.2 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	189.4	216.3
TTM Earnings per share	Rs	18.0	11.8
Diluted earnings per share	Rs	17.6	11.8
Price to Cash Flow	x	12.7	13.2
TTM P/E ratio	x	15.9	12.6
Price / Book Value ratio	x	1.7	1.7
Market Cap	Rs m	6,854	7,351
Dividends per share (Unadj.)	Rs	2.0	1.5

Ratio Analysis for SHREE PUSHKAR CHEMICALS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x 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 deteriorated and stood at 26.1x during FY23, from 37.1x 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 declined and down at 8.5% during FY23, from 14.2% 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 13.2% during FY23, from 18.2% 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 declined and down at 5.9% during FY23, from 9.0% 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	1.5	1.8
Debtors’ Days	Days	591	683
Interest coverage	x	37.1	26.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.0	5.9
Return on equity	%	14.2	8.5
Return on capital employed	%	18.2	13.2

To see how SHREE PUSHKAR CHEMICALS has performed over the last 5 years, please visit here.

SHREE PUSHKAR CHEMICALS Share Price Performance

Over the last one year, SHREE PUSHKAR CHEMICALS share price has moved down from Rs 279.6 to Rs 147.9, registering a loss of Rs 131.8 or around 47.1%.

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

(To know more, check out historical annual results for SHREE PUSHKAR CHEMICALS and quarterly results for SHREE PUSHKAR CHEMICALS)