APEEJAY SURRENDRA PARK HOTELS LTD. 2022-23 Annual Report Analysis

Thu, 15 Feb

APEEJAY SURRENDRA PARK HOTELS 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.

APEEJAY SURRENDRA PARK HOTELS LTD. Income Statement Analysis

• Operating income during the year rose 98.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 249.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 31.4% in FY23 as against 17.8% in FY22.
• Depreciation charges increased by 23.0% and finance costs increased by 3.9% YoY, respectively.
• Other income grew by 42.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 11.1% in FY22 to 9.5% in FY23.

APEEJAY SURRENDRA PARK HOTELS LTD. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,550	5,061	98.5%
Other income	Rs m	128	183	42.9%
Total Revenues	Rs m	2,678	5,244	95.8%
Gross profit	Rs m	455	1,588	249.1%
Depreciation	Rs m	401	493	23.0%
Interest	Rs m	600	623	3.9%
Profit before tax	Rs m	-418	655	NA
Tax	Rs m	-136	174	NA
Profit after tax	Rs m	-282	481	NA
Gross profit margin	%	17.8	31.4
Effective tax rate	%	32.5	26.6
Net profit margin	%	-11.1	9.5

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APEEJAY SURRENDRA PARK HOTELS LTD. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an decrease of -5.6%.
• Long-term debt stood at Rs 5 billion as compared to Rs 5 billion during FY22, a growth of 4.8%.
• Current assets rose 39% and stood at Rs 928 million, while fixed assets rose 5% and stood at Rs 13 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 14 billion as against Rs 13 billion during FY22, thereby witnessing a growth of 7%.

APEEJAY SURRENDRA PARK HOTELS LTD. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	5,085	5,557	9.3
Current Liabilities	Rs m	2,357	2,226	-5.6
Long-term Debt	Rs m	4,780	5,010	4.8
Total Liabilities	Rs m	12,752	13,618	6.8
Current assets	Rs m	668	928	38.9
Fixed Assets	Rs m	12,084	12,690	5.0
Total Assets	Rs m	12,752	13,618	6.8

APEEJAY SURRENDRA PARK HOTELS LTD. Cash Flow Statement Analysis

• APEEJAY SURRENDRA PARK HOTELS LTD.'s cash flow from operating activities (CFO) during FY23 stood at Rs 2 billion, an improvement of 203.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -421 million, an improvement of 90.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 80 million from the Rs -12 million net cash flows seen during FY22.

APEEJAY SURRENDRA PARK HOTELS 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	581	1,763	203.4%
Cash Flow from Investing Activities	Rs m	-221	-421	-
Cash Flow from Financing Activities	Rs m	-372	-1,262	-
Net Cash Flow	Rs m	-12	80	-

Current Valuations for APEEJAY SURRENDRA PARK HOTELS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.8, an improvement from the EPS of Rs -1.6 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	14.6	29.0
TTM Earnings per share	Rs	-1.6	2.8
Diluted earnings per share	Rs	-1.3	2.3
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 APEEJAY SURRENDRA PARK HOTELS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.4x during FY23, from 0.3x 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 improved and stood at 2.1x during FY23, from 0.3x 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 8.6% during FY23, from -5.5% 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 12.1% during FY23, from 1.8% 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 8.1% during FY23, from 2.5% 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	0.3	0.4
Debtors’ Days	Days	27	19
Interest coverage	x	0.3	2.1
Debt to equity ratio	x	0.9	0.9
Return on assets	%	2.5	8.1
Return on equity	%	-5.5	8.6
Return on capital employed	%	1.8	12.1

To see how APEEJAY SURRENDRA PARK HOTELS LTD. has performed over the last 5 years, please visit here.

APEEJAY SURRENDRA PARK HOTELS LTD. Share Price Performance

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(To know more, check out historical annual results for APEEJAY SURRENDRA PARK HOTELS LTD. and quarterly results for APEEJAY SURRENDRA PARK HOTELS LTD.)