DHARMAJ CROP GUARD 2022-23 Annual Report Analysis

Thu, 15 Feb

DHARMAJ CROP GUARD 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.

DHARMAJ CROP GUARD Income Statement Analysis

• Operating income during the year rose 35.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.9% in FY23 as against 11.2% in FY22.
• Depreciation charges decreased by 3.6% and finance costs decreased by 10.8% YoY, respectively.
• Other income grew by 116.7% YoY.
• Net profit for the year grew by 15.4% YoY.
• Net profit margins during the year declined from 7.3% in FY22 to 6.2% in FY23.

DHARMAJ CROP GUARD Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	3,942	5,336	35.3%
Other income	Rs m	21	45	116.7%
Total Revenues	Rs m	3,963	5,381	35.8%
Gross profit	Rs m	443	474	6.9%
Depreciation	Rs m	53	51	-3.6%
Interest	Rs m	26	23	-10.8%
Profit before tax	Rs m	385	445	15.4%
Tax	Rs m	98	114	15.5%
Profit after tax	Rs m	287	331	15.4%
Gross profit margin	%	11.2	8.9
Effective tax rate	%	25.5	25.5
Net profit margin	%	7.3	6.2

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DHARMAJ CROP GUARD Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 792 million as compared to Rs 1 billion in FY22, thereby witnessing an decrease of -25.7%.
• Long-term debt stood at Rs 335 million as compared to Rs 253 million during FY22, a growth of 32.4%.
• Current assets rose 87% and stood at Rs 3 billion, while fixed assets rose 126% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 4 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 99%.

DHARMAJ CROP GUARD Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	849	3,214	278.5
Current Liabilities	Rs m	1,067	792	-25.7
Long-term Debt	Rs m	253	335	32.4
Total Liabilities	Rs m	2,193	4,355	98.6
Current assets	Rs m	1,538	2,871	86.7
Fixed Assets	Rs m	655	1,484	126.5
Total Assets	Rs m	2,193	4,355	98.6

DHARMAJ CROP GUARD Cash Flow Statement Analysis

• DHARMAJ CROP GUARD's cash flow from operating activities (CFO) during FY23 stood at Rs -74 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion, an improvement of 768.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 2 billion, an improvement of 2,774% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -5 million from the Rs 0 million net cash flows seen during FY22.

DHARMAJ CROP GUARD 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	164	-74	-
Cash Flow from Investing Activities	Rs m	-239	-2,073	-
Cash Flow from Financing Activities	Rs m	75	2,142	2,774.4%
Net Cash Flow	Rs m	0	-5	-

Current Valuations for DHARMAJ CROP GUARD

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.8, an decline from the EPS of Rs 11.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 145.0, stands at 14.8 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 0.9 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	159.7	157.9
TTM Earnings per share	Rs	11.6	9.8
Diluted earnings per share	Rs	8.5	9.8
Price to Cash Flow	x	0.0	18.5
TTM P/E ratio	x	0.0	14.8
Price / Book Value ratio	x	0.0	2.2
Market Cap	Rs m	0	7,062
Dividends per share (Unadj.)	Rs	0.1	0.0

Ratio Analysis for DHARMAJ CROP GUARD

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x 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 20.1x during FY23, from 15.7x 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 10.3% during FY23, from 33.8% 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 37.3% 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 8.1% during FY23, from 14.3% 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	3.6
Debtors’ Days	Days	80	51
Interest coverage	x	15.7	20.1
Debt to equity ratio	x	0.3	0.1
Return on assets	%	14.3	8.1
Return on equity	%	33.8	10.3
Return on capital employed	%	37.3	13.2

To see how DHARMAJ CROP GUARD has performed over the last 5 years, please visit here.

DHARMAJ CROP GUARD Share Price Performance

Over the last one year, DHARMAJ CROP GUARD share price has moved up from Rs 0.0 to Rs 145.0, registering a gain of Rs 145.0 or around 0.0%.

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

(To know more, check out historical annual results for DHARMAJ CROP GUARD and quarterly results for DHARMAJ CROP GUARD)