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RBZ JEWELLERS LTD. 2022-23 Annual Report Analysis

Fri, 31 Mar

RBZ JEWELLERS 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.

RBZ JEWELLERS LTD. Income Statement Analysis

• Operating income during the year rose 14.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 41.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.1% in FY23 as against 10.6% in FY22.
• Depreciation charges decreased by 2.4% and finance costs increased by 34.8% YoY, respectively.
• Other income grew by 263.9% YoY.
• Net profit for the year grew by 55.0% YoY.
• Net profit margins during the year grew from 5.7% in FY22 to 7.8% in FY23.

RBZ JEWELLERS LTD. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	2,521	2,879	14.2%
Other income	Rs m	5	17	263.9%
Total Revenues	Rs m	2,526	2,896	14.7%
Gross profit	Rs m	267	377	41.3%
Depreciation	Rs m	14	14	-2.4%
Interest	Rs m	62	83	34.8%
Profit before tax	Rs m	196	298	51.8%
Tax	Rs m	52	74	42.7%
Profit after tax	Rs m	144	223	55.0%
Gross profit margin	%	10.6	13.1
Effective tax rate	%	26.6	25.0
Net profit margin	%	5.7	7.8

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RBZ JEWELLERS LTD. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 895 million as compared to Rs 778 million in FY22, thereby witnessing an increase of 15.0%.
• Long-term debt stood at Rs 231 million as compared to Rs 85 million during FY22, a growth of 170.5%.
• Current assets rose 25% and stood at Rs 2 billion, while fixed assets rose 57% and stood at Rs 262 million 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 28%.

RBZ JEWELLERS LTD. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	700	925	32.0
Current Liabilities	Rs m	778	895	15.0
Long-term Debt	Rs m	85	231	170.5
Total Liabilities	Rs m	1,617	2,068	27.9
Current assets	Rs m	1,450	1,807	24.6
Fixed Assets	Rs m	167	262	56.6
Total Assets	Rs m	1,617	2,068	27.9

RBZ JEWELLERS LTD. Cash Flow Statement Analysis

• RBZ JEWELLERS LTD.'s cash flow from operating activities (CFO) during FY23 stood at Rs -112 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -110 million, an improvement of 1,589.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 281 million, an improvement of 3,302% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 58 million from the Rs -7 million net cash flows seen during FY22.

RBZ JEWELLERS 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	9	-112	-
Cash Flow from Investing Activities	Rs m	-7	-110	-
Cash Flow from Financing Activities	Rs m	-9	281	-
Net Cash Flow	Rs m	-7	58	-

Current Valuations for RBZ JEWELLERS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.4, an decline from the EPS of Rs 36.0 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	630.3	96.0
TTM Earnings per share	Rs	36.0	7.4
Diluted earnings per share	Rs	3.6	5.6
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 RBZ JEWELLERS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY23, from 1.9x 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 4.6x during FY23, from 4.2x 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 24.2% during FY23, from 20.6% 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 33.0% during FY23, from 32.8% 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 14.8% during FY23, from 12.7% 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	1.9	2.0
Debtors’ Days	Days	203	279
Interest coverage	x	4.2	4.6
Debt to equity ratio	x	0.1	0.3
Return on assets	%	12.7	14.8
Return on equity	%	20.6	24.2
Return on capital employed	%	32.8	33.0

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

RBZ JEWELLERS LTD. Share Price Performance

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