ZAGGLE PREPAID OCEAN SERVICES LTD. 2022-23 Annual Report Analysis

Fri, 31 Mar

ZAGGLE PREPAID OCEAN SERVICES 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.

ZAGGLE PREPAID OCEAN SERVICES LTD. Income Statement Analysis

• Operating income during the year rose 49.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 19.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.7% in FY23 as against 16.1% in FY22.
• Depreciation charges increased by 195.6% and finance costs increased by 61.5% YoY, respectively.
• Other income grew by 172.6% YoY.
• Net profit for the year declined by 45.4% YoY.
• Net profit margins during the year declined from 11.3% in FY22 to 4.1% in FY23.

ZAGGLE PREPAID OCEAN SERVICES LTD. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	3,713	5,535	49.1%
Other income	Rs m	4	11	172.6%
Total Revenues	Rs m	3,717	5,546	49.2%
Gross profit	Rs m	599	481	-19.7%
Depreciation	Rs m	21	62	195.6%
Interest	Rs m	71	114	61.5%
Profit before tax	Rs m	512	316	-38.2%
Tax	Rs m	93	87	-5.6%
Profit after tax	Rs m	419	229	-45.4%
Gross profit margin	%	16.1	8.7
Effective tax rate	%	18.1	27.6
Net profit margin	%	11.3	4.1

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ZAGGLE PREPAID OCEAN SERVICES LTD. Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 billion as compared to Rs 421 million in FY22, thereby witnessing an increase of 179.8%.
• Long-term debt stood at Rs 513 million as compared to Rs 483 million during FY22, a growth of 6.2%.
• Current assets rose 186% and stood at Rs 2 billion, while fixed assets rose 98% and stood at Rs 566 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 902 million during FY22, thereby witnessing a growth of 158%.

ZAGGLE PREPAID OCEAN SERVICES LTD. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-36	343	NA
Current Liabilities	Rs m	421	1,177	179.8
Long-term Debt	Rs m	483	513	6.2
Total Liabilities	Rs m	902	2,324	157.7
Current assets	Rs m	615	1,758	185.7
Fixed Assets	Rs m	286	566	97.6
Total Assets	Rs m	902	2,324	157.7

ZAGGLE PREPAID OCEAN SERVICES LTD. Cash Flow Statement Analysis

• ZAGGLE PREPAID OCEAN SERVICES LTD.'s cash flow from operating activities (CFO) during FY23 stood at Rs -156 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -243 million, an improvement of 146.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 588 million, an improvement of 579% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 189 million from the Rs -21 million net cash flows seen during FY22.

ZAGGLE PREPAID OCEAN SERVICES 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	201	-156	-
Cash Flow from Investing Activities	Rs m	-99	-243	-
Cash Flow from Financing Activities	Rs m	-123	588	-
Net Cash Flow	Rs m	-21	189	-

Current Valuations for ZAGGLE PREPAID OCEAN SERVICES LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.5, an decline from the EPS of Rs 2,328.9 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	20,625.3	60.0
TTM Earnings per share	Rs	2,328.9	2.5
Diluted earnings per share	Rs	3.4	1.9
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 ZAGGLE PREPAID OCEAN SERVICES LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY23, from 1.5x 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 3.8x during FY23, from 8.2x 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 66.7% during FY23, from -1,178.2% 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 50.3% during FY23, from 130.1% 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 declined and down at 14.8% during FY23, from 54.3% 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	1.5	1.5
Debtors’ Days	Days	42	68
Interest coverage	x	8.2	3.8
Debt to equity ratio	x	-13.6	1.5
Return on assets	%	54.3	14.8
Return on equity	%	-1,178.2	66.7
Return on capital employed	%	130.1	50.3

To see how ZAGGLE PREPAID OCEAN SERVICES LTD. has performed over the last 5 years, please visit here.

ZAGGLE PREPAID OCEAN SERVICES LTD. Share Price Performance

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(To know more, check out historical annual results for ZAGGLE PREPAID OCEAN SERVICES LTD. and quarterly results for ZAGGLE PREPAID OCEAN SERVICES LTD.)