ELANTAS BECK 2022-23 Annual Report Analysis

Fri, 19 Apr

ELANTAS BECK has announced its results for the year ended December 2023. Let us have a look at the detailed performance review of the company during FY22-23.

ELANTAS BECK Income Statement Analysis

• Operating income during the year rose 5.5% 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 21.1% in CY23 as against 18.8% in CY22.
• Depreciation charges decreased by 4.0% and finance costs decreased by 7.6% YoY, respectively.
• Other income grew by 149.4% YoY.
• Net profit for the year grew by 40.4% YoY.
• Net profit margins during the year grew from 15.2% in CY22 to 20.2% in CY23.

ELANTAS BECK Income Statement 2022-23

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Net Sales	Rs m	6,447	6,799	5.5%
Other income	Rs m	212	530	149.4%
Total Revenues	Rs m	6,659	7,328	10.0%
Gross profit	Rs m	1,209	1,431	18.4%
Depreciation	Rs m	124	119	-4.0%
Interest	Rs m	6	6	-7.6%
Profit before tax	Rs m	1,291	1,836	42.2%
Tax	Rs m	314	463	47.8%
Profit after tax	Rs m	978	1,373	40.4%
Gross profit margin	%	18.8	21.1
Effective tax rate	%	24.3	25.2
Net profit margin	%	15.2	20.2

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ELANTAS BECK Balance Sheet Analysis

• The company's current liabilities during CY23 stood at Rs 1 billion as compared to Rs 1 billion in CY22, thereby witnessing an increase of 20.2%.
• Current assets rose 29% and stood at Rs 8 billion, while fixed assets fell 7% and stood at Rs 1 billion in CY23.
• Overall, the total assets and liabilities for CY23 stood at Rs 9 billion as against Rs 7 billion during CY22, thereby witnessing a growth of 23%.

ELANTAS BECK Balance Sheet as on December 2023

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Networth	Rs m	5,986	7,320	22.3
Current Liabilities	Rs m	1,032	1,240	20.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	7,175	8,805	22.7
Current assets	Rs m	5,870	7,590	29.3
Fixed Assets	Rs m	1,305	1,216	-6.9
Total Assets	Rs m	7,175	8,805	22.7

ELANTAS BECK Cash Flow Statement Analysis

• ELANTAS BECK's cash flow from operating activities (CFO) during CY23 stood at Rs 1 billion, an improvement of 60.8% on a YoY basis.
• Cash flow from investing activities (CFI) during CY23 stood at Rs -1 billion, an improvement of 73.1% on a YoY basis.
• Cash flow from financial activities (CFF) during CY23 stood at Rs -45 million, an improvement of 1% on a YoY basis.
• Overall, net cash flows for the company during CY23 stood at Rs -26 million from the Rs 24 million net cash flows seen during CY22.

ELANTAS BECK Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Dec-22	Dec-23
Cash Flow from Operating Activities	Rs m	830	1,334	60.8%
Cash Flow from Investing Activities	Rs m	-760	-1,315	-
Cash Flow from Financing Activities	Rs m	-46	-45	-
Net Cash Flow	Rs m	24	-26	-

Current Valuations for ELANTAS BECK

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 173.1, an improvement from the EPS of Rs 123.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 8,493.8, stands at 49.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.2 times, while the price to sales ratio stands at 9.9 times.
• The company's price to cash flow (P/CF) ratio stood at 33.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*
Sales per share (Unadj.)	Rs	813.0	857.4
TTM Earnings per share	Rs	123.3	173.1
Diluted earnings per share	Rs	123.3	173.2
Price to Cash Flow	x	31.3	33.7
TTM P/E ratio	x	35.3	49.0
Price / Book Value ratio	x	5.2	6.9
Market Cap	Rs m	31,297	50,245
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for ELANTAS BECK

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 6.1x during CY23, from 5.7x during CY22. 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 322.6x during CY23, from 209.9x during CY22. 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 18.8% during CY23, from 16.3% during CY23. 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 25.2% during CY23, from 21.7% during CY22. 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 15.7% during CY23, from 13.7% during CY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*
Current ratio	x	5.7	6.1
Debtors’ Days	Days	580	548
Interest coverage	x	209.9	322.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.7	15.7
Return on equity	%	16.3	18.8
Return on capital employed	%	21.7	25.2

To see how ELANTAS BECK has performed over the last 5 years, please visit here.

ELANTAS BECK Share Price Performance

Over the last one year, ELANTAS BECK share price has moved up from Rs 3,439.2 to Rs 5,036.3, registering a gain of Rs 1,597.1 or around 46.4%.

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

(To know more, check out historical annual results for ELANTAS BECK and quarterly results for ELANTAS BECK)