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CAPACITE INFRAPROJECTS 2022-23 Annual Report Analysis

Thu, 14 Sep

CAPACITE INFRAPROJECTS 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.

CAPACITE INFRAPROJECTS Income Statement Analysis

• Operating income during the year rose 34.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 61.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.6% in FY23 as against 16.3% in FY22.
• Depreciation charges increased by 37.6% and finance costs increased by 33.5% YoY, respectively.
• Other income declined by 27.5% YoY.
• Net profit for the year grew by 99.5% YoY.
• Net profit margins during the year grew from 3.6% in FY22 to 5.3% in FY23.

CAPACITE INFRAPROJECTS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	13,398	17,986	34.2%
Other income	Rs m	131	95	-27.5%
Total Revenues	Rs m	13,530	18,081	33.6%
Gross profit	Rs m	2,178	3,519	61.6%
Depreciation	Rs m	988	1,360	37.6%
Interest	Rs m	670	894	33.5%
Profit before tax	Rs m	651	1,360	108.7%
Tax	Rs m	174	407	133.9%
Profit after tax	Rs m	478	953	99.5%
Gross profit margin	%	16.3	19.6
Effective tax rate	%	26.7	29.9
Net profit margin	%	3.6	5.3

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CAPACITE INFRAPROJECTS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 12 billion as compared to Rs 10 billion in FY22, thereby witnessing an increase of 18.5%.
• Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY22, a fall of 18.7%.
• Current assets rose 19% and stood at Rs 18 billion, while fixed assets rose 1% and stood at Rs 10 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 28 billion as against Rs 25 billion during FY22, thereby witnessing a growth of 12%.

CAPACITE INFRAPROJECTS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	9,652	10,610	9.9
Current Liabilities	Rs m	10,363	12,275	18.5
Long-term Debt	Rs m	1,374	1,116	-18.7
Total Liabilities	Rs m	25,066	28,008	11.7
Current assets	Rs m	14,765	17,588	19.1
Fixed Assets	Rs m	10,302	10,421	1.2
Total Assets	Rs m	25,066	28,008	11.7

CAPACITE INFRAPROJECTS Cash Flow Statement Analysis

• CAPACITE INFRAPROJECTS's cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion, an improvement of 193.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -428 million, an improvement of 86.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -336 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 250 million from the Rs 123 million net cash flows seen during FY22.

CAPACITE INFRAPROJECTS 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	345	1,013	193.8%
Cash Flow from Investing Activities	Rs m	-229	-428	-
Cash Flow from Financing Activities	Rs m	7	-336	-
Net Cash Flow	Rs m	123	250	103.2%

Current Valuations for CAPACITE INFRAPROJECTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.0, an improvement from the EPS of Rs 7.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 217.0, stands at 18.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 4.3 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	197.4	264.9
TTM Earnings per share	Rs	7.0	14.0
Diluted earnings per share	Rs	6.5	13.0
Price to Cash Flow	x	5.5	4.3
TTM P/E ratio	x	15.9	18.6
Price / Book Value ratio	x	1.3	0.9
Market Cap	Rs m	12,154	9,868
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CAPACITE INFRAPROJECTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x 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 2.5x during FY23, from 2.0x 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 9.0% during FY23, from 4.9% 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 19.2% during FY23, from 12.0% 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 6.6% during FY23, from 4.6% 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	1.4
Debtors’ Days	Days	1,075	706
Interest coverage	x	2.0	2.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	4.6	6.6
Return on equity	%	4.9	9.0
Return on capital employed	%	12.0	19.2

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

CAPACITE INFRAPROJECTS Share Price Performance

Over the last one year, CAPACITE INFRAPROJECTS share price has moved up from Rs 187.0 to Rs 217.0, registering a gain of Rs 30.0 or around 16.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,718.0 (up 1.5%). Over the last one year it has moved up from 3,792.8 to 4,718.0, a gain of 925 points (up 24.4%).

Overall, the S&P BSE SENSEX is up 12.3% over the year.

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