MOSCHIP SEMI 2022-23 Annual Report Analysis

Fri, 31 Mar

MOSCHIP SEMI 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.

MOSCHIP SEMI Income Statement Analysis

• Operating income during the year rose 34.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 16.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.3% in FY23 as against 15.3% in FY22.
• Depreciation charges increased by 37.0% and finance costs decreased by 10.2% YoY, respectively.
• Other income declined by 3.2% YoY.
• Net profit for the year declined by 4.3% YoY.
• Net profit margins during the year declined from 4.4% in FY22 to 3.1% in FY23.

MOSCHIP SEMI Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,476	1,984	34.3%
Other income	Rs m	51	50	-3.2%
Total Revenues	Rs m	1,528	2,033	33.1%
Gross profit	Rs m	226	263	16.6%
Depreciation	Rs m	126	173	37.0%
Interest	Rs m	86	77	-10.2%
Profit before tax	Rs m	65	62	-3.4%
Tax	Rs m	0	1	916.7%
Profit after tax	Rs m	65	62	-4.3%
Gross profit margin	%	15.3	13.3
Effective tax rate	%	0.1	1.0
Net profit margin	%	4.4	3.1

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MOSCHIP SEMI Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 557 million as compared to Rs 788 million in FY22, thereby witnessing an decrease of -29.3%.
• Long-term debt stood at Rs 141 million as compared to Rs 14 million during FY22, a growth of 875.6%.
• Current assets rose 56% and stood at Rs 1 billion, while fixed assets rose 17% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 33%.

MOSCHIP SEMI Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	598	988	65.3
Current Liabilities	Rs m	788	557	-29.3
Long-term Debt	Rs m	14	141	875.6
Total Liabilities	Rs m	1,621	2,148	32.5
Current assets	Rs m	643	1,006	56.5
Fixed Assets	Rs m	978	1,142	16.8
Total Assets	Rs m	1,621	2,148	32.5

MOSCHIP SEMI Cash Flow Statement Analysis

• MOSCHIP SEMI's cash flow from operating activities (CFO) during FY23 stood at Rs 140 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -182 million, an improvement of 208.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -4 million, an improvement of 95% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -44 million from the Rs 7 million net cash flows seen during FY22.

MOSCHIP SEMI 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	140	-14.5%
Cash Flow from Investing Activities	Rs m	-59	-182	-
Cash Flow from Financing Activities	Rs m	-98	-4	-
Net Cash Flow	Rs m	7	-44	-

Current Valuations for MOSCHIP SEMI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.4, an decline from the EPS of Rs 0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 62.8, stands at 193.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.1 times, while the price to sales ratio stands at 5.3 times.
• The company's price to cash flow (P/CF) ratio stood at 44.5 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	9.2	11.9
TTM Earnings per share	Rs	0.4	0.4
Diluted earnings per share	Rs	0.3	0.3
Price to Cash Flow	x	60.6	44.5
TTM P/E ratio	x	179.2	193.3
Price / Book Value ratio	x	16.6	10.6
Market Cap	Rs m	9,910	10,456
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MOSCHIP SEMI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY23, from 0.8x 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 improved and stood at 1.8x during FY23, from 1.8x 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 6.3% during FY23, from 10.8% 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 12.4% during FY23, from 24.6% 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 9.3% 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	0.8	1.8
Debtors’ Days	Days	1,021	1,341
Interest coverage	x	1.8	1.8
Debt to equity ratio	x	0.0	0.1
Return on assets	%	9.3	6.5
Return on equity	%	10.8	6.3
Return on capital employed	%	24.6	12.4

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

MOSCHIP SEMI Share Price Performance

Over the last one year, MOSCHIP SEMI share price has moved up from Rs 60.8 to Rs 62.8, registering a gain of Rs 2.0 or around 3.2%.

Meanwhile, the S&P BSE IT Index is trading at Rs 28,479.0 (up 2.5%). Over the last one year it has moved down from 36,402.7 to 28,479.0, a loss of 7,924 points (down 21.8%).

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

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