INNOVA CAPTAB LTD. 2022-23 Annual Report Analysis

Mon, 12 Feb

INNOVA CAPTAB LTD. 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.

INNOVA CAPTAB LTD. Income Statement Analysis

• Operating income during the year rose 15.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 18.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.3% in FY23 as against 12.0% in FY22.
• Depreciation charges increased by 47.6% and finance costs increased by 251.6% YoY, respectively.
• Other income grew by 219.0% YoY.
• Net profit for the year grew by 6.3% YoY.
• Net profit margins during the year declined from 8.0% in FY22 to 7.3% in FY23.

INNOVA CAPTAB LTD. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	8,005	9,264	15.7%
Other income	Rs m	29	92	219.0%
Total Revenues	Rs m	8,034	9,356	16.5%
Gross profit	Rs m	960	1,136	18.4%
Depreciation	Rs m	75	111	47.6%
Interest	Rs m	57	200	251.6%
Profit before tax	Rs m	857	918	7.1%
Tax	Rs m	218	238	9.5%
Profit after tax	Rs m	640	680	6.3%
Gross profit margin	%	12.0	12.3
Effective tax rate	%	25.4	26.0
Net profit margin	%	8.0	7.3

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INNOVA CAPTAB LTD. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 3 billion as compared to Rs 3 billion in FY22, thereby witnessing an decrease of -12.0%.
• Long-term debt stood at Rs 1 billion as compared to Rs 674 million during FY22, a growth of 99.2%.
• Current assets rose 11% and stood at Rs 4 billion, while fixed assets rose 44% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 7 billion as against Rs 6 billion during FY22, thereby witnessing a growth of 22%.

INNOVA CAPTAB LTD. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,086	2,765	32.5
Current Liabilities	Rs m	3,155	2,776	-12.0
Long-term Debt	Rs m	674	1,342	99.2
Total Liabilities	Rs m	6,122	7,482	22.2
Current assets	Rs m	4,000	4,425	10.6
Fixed Assets	Rs m	2,122	3,058	44.1
Total Assets	Rs m	6,122	7,482	22.2

INNOVA CAPTAB LTD. Cash Flow Statement Analysis

• INNOVA CAPTAB LTD.'s cash flow from operating activities (CFO) during FY23 stood at Rs 671 million, an improvement of 14.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -908 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 271 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 34 million from the Rs -46 million net cash flows seen during FY22.

INNOVA CAPTAB LTD. 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	589	671	14.0%
Cash Flow from Investing Activities	Rs m	-1,881	-908	-
Cash Flow from Financing Activities	Rs m	1,246	271	-78.3%
Net Cash Flow	Rs m	-46	34	-

Current Valuations for INNOVA CAPTAB LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.2, an decline from the EPS of Rs 532.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 0.0, stands at 0.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.0 times, while the price to sales ratio stands at 0.0 times.
• The company's price to cash flow (P/CF) ratio stood at 0.0 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	6,671.1	193.0
TTM Earnings per share	Rs	532.9	14.2
Diluted earnings per share	Rs	11.2	11.9
Price to Cash Flow	x	0.0	0.0
TTM P/E ratio	x	0.0	0.0
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	0
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INNOVA CAPTAB LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY23, from 1.3x 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 5.6x during FY23, from 16.1x 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 24.6% during FY23, from 30.7% 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 27.2% during FY23, from 33.1% 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 11.8% during FY23, from 11.4% 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	1.3	1.6
Debtors’ Days	Days	97	104
Interest coverage	x	16.1	5.6
Debt to equity ratio	x	0.3	0.5
Return on assets	%	11.4	11.8
Return on equity	%	30.7	24.6
Return on capital employed	%	33.1	27.2

To see how INNOVA CAPTAB LTD. has performed over the last 5 years, please visit here.

INNOVA CAPTAB LTD. Share Price Performance

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(To know more, check out historical annual results for INNOVA CAPTAB LTD. and quarterly results for INNOVA CAPTAB LTD.)