TIGER LOGISTICS 2022-23 Annual Report Analysis

Fri, 31 Mar

TIGER 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.

TIGER LOGISTICS Income Statement Analysis

• Operating income during the year fell 29.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 29.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.1% in FY23 as against 6.1% in FY22.
• Depreciation charges decreased by 2.3% and finance costs decreased by 31.5% YoY, respectively.
• Other income grew by 224.0% YoY.
• Net profit for the year declined by 31.0% YoY.
• Net profit margins during the year declined from 5.5% in FY22 to 5.4% in FY23.

TIGER LOGISTICS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	6,151	4,333	-29.5%
Other income	Rs m	21	68	224.0%
Total Revenues	Rs m	6,172	4,401	-28.7%
Gross profit	Rs m	376	264	-29.9%
Depreciation	Rs m	8	8	-2.3%
Interest	Rs m	15	10	-31.5%
Profit before tax	Rs m	374	313	-16.2%
Tax	Rs m	37	81	116.9%
Profit after tax	Rs m	336	232	-31.0%
Gross profit margin	%	6.1	6.1
Effective tax rate	%	10.0	25.9
Net profit margin	%	5.5	5.4

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TIGER LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 191 million as compared to Rs 442 million in FY22, thereby witnessing an decrease of -56.8%.
• Current assets fell 1% and stood at Rs 1 billion, while fixed assets fell 3% and stood at Rs 144 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 1%.

TIGER LOGISTICS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	744	976	31.2
Current Liabilities	Rs m	442	191	-56.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,208	1,192	-1.4
Current assets	Rs m	1,061	1,048	-1.2
Fixed Assets	Rs m	148	144	-2.7
Total Assets	Rs m	1,208	1,192	-1.4

TIGER LOGISTICS Cash Flow Statement Analysis

• TIGER LOGISTICS's cash flow from operating activities (CFO) during FY23 stood at Rs 169 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 4 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -6 million, an improvement of 72% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 207 million from the Rs 393 million net cash flows seen during FY22.

TIGER 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	442	169	-61.8%
Cash Flow from Investing Activities	Rs m	-46	4	-
Cash Flow from Financing Activities	Rs m	-22	-6	-
Net Cash Flow	Rs m	393	207	-47.3%

Current Valuations for TIGER LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.0, an decline from the EPS of Rs 31.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 363.3, stands at 16.7 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 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 13.8 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	581.9	410.0
TTM Earnings per share	Rs	31.8	22.0
Diluted earnings per share	Rs	31.8	22.0
Price to Cash Flow	x	6.5	13.8
TTM P/E ratio	x	6.7	16.7
Price / Book Value ratio	x	2.3	3.4
Market Cap	Rs m	1,704	3,321
Dividends per share (Unadj.)	Rs	1.0	0.0

Ratio Analysis for TIGER LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.5x during FY23, from 2.4x 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 31.3x during FY23, from 25.8x 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 23.8% during FY23, from 45.2% 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 33.2% during FY23, from 52.3% 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 declined and down at 20.3% during FY23, from 29.1% 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	2.4	5.5
Debtors’ Days	Days	407	415
Interest coverage	x	25.8	31.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	29.1	20.3
Return on equity	%	45.2	23.8
Return on capital employed	%	52.3	33.2

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

TIGER LOGISTICS Share Price Performance

Over the last one year, TIGER LOGISTICS share price has moved up from Rs 211.2 to Rs 363.3, registering a gain of Rs 152.1 or around 72.0%.

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

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