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TRIVENI ENGG 2022-23 Annual Report Analysis

Mon, 21 Aug

TRIVENI ENGG 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.

TRIVENI ENGG Income Statement Analysis

• Operating income during the year rose 26.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 196.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 41.0% in FY23 as against 17.5% in FY22.
• Depreciation charges increased by 15.8% and finance costs increased by 4.1% YoY, respectively.
• Other income grew by 239.7% YoY.
• Net profit for the year grew by 322.5% YoY.
• Net profit margins during the year grew from 10.9% in FY22 to 36.4% in FY23.

TRIVENI ENGG Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	38,878	49,236	26.6%
Other income	Rs m	279	949	239.7%
Total Revenues	Rs m	39,158	50,185	28.2%
Gross profit	Rs m	6,811	20,189	196.4%
Depreciation	Rs m	807	935	15.8%
Interest	Rs m	545	567	4.1%
Profit before tax	Rs m	5,738	19,636	242.2%
Tax	Rs m	1,497	1,718	14.8%
Profit after tax	Rs m	4,241	17,918	322.5%
Gross profit margin	%	17.5	41.0
Effective tax rate	%	26.1	8.8
Net profit margin	%	10.9	36.4

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TRIVENI ENGG Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 14 billion as compared to Rs 19 billion in FY22, thereby witnessing an decrease of -26.1%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY22, a fall of 30.3%.
• Current assets rose 7% and stood at Rs 27 billion, while fixed assets fell 2% and stood at Rs 17 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 45 billion as against Rs 43 billion during FY22, thereby witnessing a growth of 4%.

TRIVENI ENGG Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	19,129	26,652	39.3
Current Liabilities	Rs m	18,817	13,897	-26.1
Long-term Debt	Rs m	3,192	2,224	-30.3
Total Liabilities	Rs m	42,971	44,541	3.7
Current assets	Rs m	25,577	27,420	7.2
Fixed Assets	Rs m	17,379	17,106	-1.6
Total Assets	Rs m	42,971	44,541	3.7

TRIVENI ENGG Cash Flow Statement Analysis

• TRIVENI ENGG's cash flow from operating activities (CFO) during FY23 stood at Rs 4 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 14 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -18 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 487 million from the Rs 120 million net cash flows seen during FY22.

TRIVENI ENGG 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	-1,734	3,974	-
Cash Flow from Investing Activities	Rs m	-2,567	14,136	-
Cash Flow from Financing Activities	Rs m	4,421	-17,624	-
Net Cash Flow	Rs m	120	487	305.8%

Current Valuations for TRIVENI ENGG

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 81.9, an improvement from the EPS of Rs 17.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 293.0, stands at 3.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 3.4 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	160.8	224.9
TTM Earnings per share	Rs	17.5	81.9
Diluted earnings per share	Rs	19.4	81.9
Price to Cash Flow	x	13.5	3.4
TTM P/E ratio	x	18.7	3.6
Price / Book Value ratio	x	2.8	2.4
Market Cap	Rs m	53,126	64,066
Dividends per share (Unadj.)	Rs	3.3	3.3

Ratio Analysis for TRIVENI ENGG

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY23, from 1.4x 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 35.6x during FY23, from 11.5x 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 improved and stood at 67.2% during FY23, from 22.2% 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 improved and stood at 70.0% during FY23, from 28.1% 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 improved and stood at 41.5% during FY23, from 11.1% 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	1.4	2.0
Debtors’ Days	Days	250	291
Interest coverage	x	11.5	35.6
Debt to equity ratio	x	0.2	0.1
Return on assets	%	11.1	41.5
Return on equity	%	22.2	67.2
Return on capital employed	%	28.1	70.0

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

TRIVENI ENGG Share Price Performance

Over the last one year, TRIVENI ENGG share price has moved up from Rs 229.4 to Rs 293.0, registering a gain of Rs 63.6 or around 27.7%.

Overall, the S&P BSE SENSEX is up 8.2% over the year.

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