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BAFNA PHARMA 2022-23 Annual Report Analysis
Tue, 7 Nov

BAFNA PHARMA 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.

BAFNA PHARMA Income Statement Analysis

  • Operating income during the year rose 35.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 61.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.6% in FY23 as against 11.4% in FY22.
  • Depreciation charges decreased by 2.9% and finance costs increased by 156.7% YoY, respectively.
  • Other income grew by 86.4% YoY.
  • Net profit for the year grew by 117.3% YoY.
  • Net profit margins during the year grew from 6.1% in FY22 to 9.8% in FY23.

BAFNA PHARMA Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 851 1,154 35.5%
Other income Rs m 18 33 86.4%
Total Revenues Rs m 869 1,186 36.5%
Gross profit Rs m 97 157 61.2%
Depreciation Rs m 55 53 -2.9%
Interest Rs m 8 20 156.7%
Profit before tax Rs m 52 116 122.7%
Tax Rs m 0 3 0.0
Profit after tax Rs m 52 113 117.3%
Gross profit margin % 11.4 13.6
Effective tax rate % 0.0 2.4
Net profit margin % 6.1 9.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Must See: These Segments are Witnessing Incredible Growth with Modi's Push

BAFNA PHARMA Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 465 million as compared to Rs 220 million in FY22, thereby witnessing an increase of 111.1%.
  • Long-term debt stood at Rs 84 million as compared to Rs 53 million during FY22, a growth of 58.6%.
  • Current assets rose 72% and stood at Rs 873 million, while fixed assets rose 8% and stood at Rs 423 million in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 901 million during FY22, thereby witnessing a growth of 44%.

BAFNA PHARMA Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 620 735 18.5
 
Current Liabilities Rs m 220 465 111.1
Long-term Debt Rs m 53 84 58.6
Total Liabilities Rs m 901 1,296 43.7
 
Current assets Rs m 509 873 71.6
Fixed Assets Rs m 393 423 7.7
Total Assets Rs m 901 1,296 43.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAFNA PHARMA Cash Flow Statement Analysis

  • BAFNA PHARMA's cash flow from operating activities (CFO) during FY23 stood at Rs 50 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -75 million, an improvement of 14.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs 102 million, an improvement of 311% on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs 76 million from the Rs -16 million net cash flows seen during FY22.

BAFNA PHARMA 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 97 50 -49.1%
Cash Flow from Investing Activities Rs m -65 -75 -
Cash Flow from Financing Activities Rs m -48 102 -
Net Cash Flow Rs m -16 76 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BAFNA PHARMA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.8, an improvement from the EPS of Rs 2.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 87.3, stands at 12.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.6 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 36.0 48.8
TTM Earnings per share Rs 2.2 4.8
Diluted earnings per share Rs 2.2 4.8
Price to Cash Flow x 28.1 15.6
TTM P/E ratio x 57.6 12.7
Price / Book Value ratio x 5.8 3.5
Market Cap Rs m 3,616 2,596
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BAFNA PHARMA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY23, from 2.3x 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 deteriorated and stood at 6.7x during FY23, from 7.6x 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 15.4% during FY23, from 8.4% 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 16.7% during FY23, from 8.9% 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 10.3% during FY23, from 6.7% 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 2.3 1.9
Debtors’ Days Days 634 1,302
Interest coverage x 7.6 6.7
Debt to equity ratio x 0.1 0.1
Return on assets % 6.7 10.3
Return on equity % 8.4 15.4
Return on capital employed % 8.9 16.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BAFNA PHARMA has performed over the last 5 years, please visit here.

BAFNA PHARMA Share Price Performance

Over the last one year, BAFNA PHARMA share price has moved down from Rs 104.2 to Rs 87.3, registering a loss of Rs 16.9 or around 16.2%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 28,385.6 (up 1.1%). Over the last one year it has moved up from 24,020.7 to 28,385.6, a gain of 4,365 points (up 18.2%).

Overall, the S&P BSE SENSEX is up 6.7% over the year.

(To know more, check out historical annual results for BAFNA PHARMA and quarterly results for BAFNA PHARMA)

Annual Report FAQs

What is the current share price of BAFNA PHARMA?

BAFNA PHARMA currently trades at Rs 80.0 per share. You can check out the latest share price performance of BAFNA PHARMA here...

What was the revenue of BAFNA PHARMA in FY23? How does it compare to earlier years?

The revenues of BAFNA PHARMA stood at Rs 1,186 m in FY23, which was up 36.5% compared to Rs 869 m reported in FY22.

BAFNA PHARMA's revenue has grown from Rs 440 m in FY19 to Rs 1,186 m in FY23.

Over the past 5 years, the revenue of BAFNA PHARMA has grown at a CAGR of 28.1%.

What was the net profit of BAFNA PHARMA in FY23? How does it compare to earlier years?

The net profit of BAFNA PHARMA stood at Rs 113 m in FY23, which was up 117.3% compared to Rs 52 m reported in FY22.

This compares to a net profit of Rs 58 m in FY21 and a net loss of Rs -19 m in FY20.

Over the past 5 years, BAFNA PHARMA net profit has grown at a CAGR of NaN%.

What does the cash flow statement of BAFNA PHARMA reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of BAFNA PHARMA reveals:

  • Cash flow from operations decreased in FY23 and stood at Rs 50 m as compared to Rs 97 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -75 m as compared to Rs -65 m in FY22.
  • Cash flow from financial activity increased in FY23 and stood at Rs 102 m as compared to Rs -48 m in FY22.

Here's the cash flow statement of BAFNA PHARMA for the past 5 years.

(Rs m)FY19FY20FY21FY22FY23
From Operations-18-343-1369750
From Investments154328-53-65-75
From Financial Activity-13873123-48102
Net Cashflow-258-67-1676

What does the Key Ratio analysis of BAFNA PHARMA reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of BAFNA PHARMA reveals:

  • Operating profit margins witnessed a fall and down at 13.6% in FY23 as against 11.4% in FY22.
  • Net profit margins grew from 6.1% in FY22 to 9.8% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.1 as compared to 0.1 in FY22.

Here's the ratio/financial analysis of BAFNA PHARMA for the past 5 years.

 FY19FY20FY21FY22FY23
Operating Profit Margin (%)-30.02.914.511.413.6
Net Profit Margin (%)-44.4-4.48.26.19.8
Debt to Equity Ratio (x)1.2-0.70.00.10.1

 

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