BIMETAL BEARINGS 2022-23 Annual Report Analysis

Mon, 3 Jul

BIMETAL BEARINGS 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.

BIMETAL BEARINGS Income Statement Analysis

• Operating income during the year rose 16.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 114.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.3% in FY23 as against 4.5% in FY22.
• Depreciation charges increased by 7.1% and finance costs increased by 67.0% YoY, respectively.
• Other income declined by 18.6% YoY.
• Net profit for the year grew by 148.7% YoY.
• Net profit margins during the year grew from 2.3% in FY22 to 4.9% in FY23.

BIMETAL BEARINGS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	1,969	2,293	16.4%
Other income	Rs m	39	32	-18.6%
Total Revenues	Rs m	2,008	2,325	15.8%
Gross profit	Rs m	88	190	114.9%
Depreciation	Rs m	63	67	7.1%
Interest	Rs m	5	9	67.0%
Profit before tax	Rs m	59	145	146.2%
Tax	Rs m	14	33	138.3%
Profit after tax	Rs m	45	111	148.7%
Gross profit margin	%	4.5	8.3
Effective tax rate	%	23.9	23.1
Net profit margin	%	2.3	4.9

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BIMETAL BEARINGS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 413 million as compared to Rs 402 million in FY22, thereby witnessing an increase of 2.7%.
• Current assets rose 7% and stood at Rs 1 billion, while fixed assets rose 8% and stood at Rs 1 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 3 billion as against Rs 2 billion during FY22, thereby witnessing a growth of 8%.

BIMETAL BEARINGS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,950	2,043	4.8
Current Liabilities	Rs m	402	413	2.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,475	2,670	7.8
Current assets	Rs m	1,128	1,212	7.5
Fixed Assets	Rs m	1,348	1,457	8.1
Total Assets	Rs m	2,475	2,670	7.8

BIMETAL BEARINGS Cash Flow Statement Analysis

• BIMETAL BEARINGS's cash flow from operating activities (CFO) during FY23 stood at Rs 115 million, an improvement of 30.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -67 million, an improvement of 20.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -43 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 5 million from the Rs 0 million net cash flows seen during FY22.

BIMETAL BEARINGS 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	88	115	30.8%
Cash Flow from Investing Activities	Rs m	-56	-67	-
Cash Flow from Financing Activities	Rs m	-32	-43	-
Net Cash Flow	Rs m	0	5	-

Current Valuations for BIMETAL BEARINGS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 29.1, an improvement from the EPS of Rs 11.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 468.0, stands at 19.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 8.4 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	514.2	598.7
TTM Earnings per share	Rs	11.7	29.1
Diluted earnings per share	Rs	11.7	29.1
Price to Cash Flow	x	11.1	8.4
TTM P/E ratio	x	32.2	19.0
Price / Book Value ratio	x	0.7	0.7
Market Cap	Rs m	1,423	1,497
Dividends per share (Unadj.)	Rs	8.0	12.5

Ratio Analysis for BIMETAL BEARINGS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.9x during FY23, from 2.8x 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 16.8x during FY23, from 11.7x 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 5.4% during FY23, from 2.3% 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 7.5% during FY23, from 3.3% 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 4.5% during FY23, from 2.0% 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	2.8	2.9
Debtors’ Days	Days	884	779
Interest coverage	x	11.7	16.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	2.0	4.5
Return on equity	%	2.3	5.4
Return on capital employed	%	3.3	7.5

To see how BIMETAL BEARINGS has performed over the last 5 years, please visit here.

BIMETAL BEARINGS Share Price Performance

Over the last one year, BIMETAL BEARINGS share price has moved up from Rs 316.5 to Rs 468.0, registering a gain of Rs 151.6 or around 47.9%.

Overall, the S&P BSE SENSEX is up 22.3% over the year.

(To know more, check out historical annual results for BIMETAL BEARINGS and quarterly results for BIMETAL BEARINGS)