BILCARE 2022-23 Annual Report Analysis

Wed, 25 Oct

BILCARE 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.

BILCARE Income Statement Analysis

• Operating income during the year rose 16.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 217.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.9% in FY23 as against 10.6% in FY22.
• Depreciation charges decreased by 3.7% and finance costs decreased by 13.0% YoY, respectively.
• Other income declined by 29.2% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 0.5% in FY22 to 5.1% in FY23.

BILCARE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	8,447	9,815	16.2%
Other income	Rs m	146	103	-29.2%
Total Revenues	Rs m	8,593	9,918	15.4%
Gross profit	Rs m	894	2,836	217.3%
Depreciation	Rs m	393	378	-3.7%
Interest	Rs m	689	600	-13.0%
Profit before tax	Rs m	-42	1,961	NA
Tax	Rs m	1	1,459	108,759.0%
Profit after tax	Rs m	-44	502	NA
Gross profit margin	%	10.6	28.9
Effective tax rate	%	-3.2	74.4
Net profit margin	%	-0.5	5.1

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BILCARE Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 3 billion as compared to Rs 4 billion in FY22, thereby witnessing an decrease of -17.3%.
• Long-term debt down at Rs 5 billion as compared to Rs 5 billion during FY22, a fall of 4.2%.
• Current assets fell 20% and stood at Rs 3 billion, while fixed assets rose 111% and stood at Rs 13 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 16 billion as against Rs 10 billion during FY22, thereby witnessing a growth of 57%.

BILCARE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	751	5,306	606.2
Current Liabilities	Rs m	4,026	3,331	-17.3
Long-term Debt	Rs m	5,369	5,145	-4.2
Total Liabilities	Rs m	10,129	15,877	56.8
Current assets	Rs m	4,206	3,377	-19.7
Fixed Assets	Rs m	5,923	12,500	111.0
Total Assets	Rs m	10,129	15,877	56.8

BILCARE Cash Flow Statement Analysis

• BILCARE's cash flow from operating activities (CFO) during FY23 stood at Rs -70 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 362 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -189 million, an improvement of 66% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 103 million from the Rs -179 million net cash flows seen during FY22.

BILCARE 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	413	-70	-
Cash Flow from Investing Activities	Rs m	-43	362	-
Cash Flow from Financing Activities	Rs m	-549	-189	-
Net Cash Flow	Rs m	-179	103	-

Current Valuations for BILCARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.3, an improvement from the EPS of Rs -1.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 73.6, stands at 4.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 1.5 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	358.7	416.8
TTM Earnings per share	Rs	-1.9	21.3
Diluted earnings per share	Rs	-1.9	21.3
Price to Cash Flow	x	4.7	1.5
TTM P/E ratio	x	-37.5	4.0
Price / Book Value ratio	x	2.6	0.3
Market Cap	Rs m	1,987	1,362
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BILCARE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.0x 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 4.3x during FY23, from 0.9x 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 9.5% during FY23, from -5.8% 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 24.5% during FY23, from 10.6% 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 6.9% during FY23, from 6.4% 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	1.0	1.0
Debtors’ Days	Days	951	699
Interest coverage	x	0.9	4.3
Debt to equity ratio	x	7.1	1.0
Return on assets	%	6.4	6.9
Return on equity	%	-5.8	9.5
Return on capital employed	%	10.6	24.5

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

BILCARE Share Price Performance

Over the last one year, BILCARE share price has moved up from Rs 54.0 to Rs 73.6, registering a gain of Rs 19.7 or around 36.4%.

Overall, the S&P BSE SENSEX is up 8.2% over the year.

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