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TINPLATE 2022-23 Annual Report Analysis

Thu, 15 Jun

TINPLATE 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.

TINPLATE Income Statement Analysis

• Operating income during the year fell 6.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 57.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.4% in FY23 as against 11.7% in FY22.
• Depreciation charges increased by 6.0% and finance costs increased by 48.9% YoY, respectively.
• Other income grew by 32.2% YoY.
• Net profit for the year declined by 59.5% YoY.
• Net profit margins during the year declined from 8.3% in FY22 to 3.6% in FY23.

TINPLATE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	42,495	39,589	-6.8%
Other income	Rs m	430	568	32.2%
Total Revenues	Rs m	42,925	40,157	-6.4%
Gross profit	Rs m	4,972	2,128	-57.2%
Depreciation	Rs m	608	645	6.0%
Interest	Rs m	82	122	48.9%
Profit before tax	Rs m	4,712	1,929	-59.1%
Tax	Rs m	1,183	501	-57.6%
Profit after tax	Rs m	3,529	1,428	-59.5%
Gross profit margin	%	11.7	5.4
Effective tax rate	%	25.1	26.0
Net profit margin	%	8.3	3.6

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TINPLATE Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 6 billion as compared to Rs 8 billion in FY22, thereby witnessing an decrease of -19.6%.
• Current assets fell 5% and stood at Rs 14 billion, while fixed assets rose 7% and stood at Rs 10 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 24 billion as against Rs 24 billion during FY22, thereby witnessing a fall of 0%.

TINPLATE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	11,710	12,631	7.9
Current Liabilities	Rs m	7,949	6,395	-19.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	24,095	24,033	-0.3
Current assets	Rs m	14,625	13,904	-4.9
Fixed Assets	Rs m	9,470	10,128	7.0
Total Assets	Rs m	24,095	24,033	-0.3

TINPLATE Cash Flow Statement Analysis

• TINPLATE's cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -556 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -1 billion from the Rs 498 million net cash flows seen during FY22.

TINPLATE 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	4,539	2,153	-52.6%
Cash Flow from Investing Activities	Rs m	-3,734	-2,690	-
Cash Flow from Financing Activities	Rs m	-307	-556	-
Net Cash Flow	Rs m	498	-1,093	-

Current Valuations for TINPLATE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.6, an decline from the EPS of Rs 33.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 338.9, stands at 24.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 18.5 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	406.0	378.2
TTM Earnings per share	Rs	33.7	13.6
Diluted earnings per share	Rs	33.7	13.6
Price to Cash Flow	x	10.2	18.5
TTM P/E ratio	x	11.9	24.8
Price / Book Value ratio	x	2.6	3.0
Market Cap	Rs m	30,563	38,421
Dividends per share (Unadj.)	Rs	4.0	3.0

Ratio Analysis for TINPLATE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY23, from 1.8x 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 16.8x during FY23, from 58.5x 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 11.3% during FY23, from 30.1% 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 16.2% during FY23, from 40.9% 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 6.5% during FY23, from 15.0% 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	1.8	2.2
Debtors’ Days	Days	45	19
Interest coverage	x	58.5	16.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.0	6.5
Return on equity	%	30.1	11.3
Return on capital employed	%	40.9	16.2

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

TINPLATE Share Price Performance

Over the last one year, TINPLATE share price has moved up from Rs 331.3 to Rs 338.9, registering a gain of Rs 7.6 or around 2.3%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 20,562.2 (down 0.1%). Over the last one year it has moved up from 16,817.0 to 20,562.2, a gain of 3,745 points (up 22.3%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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