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COMRADE APPLIANCES 2022-23 Annual Report Analysis
Thu, 15 Jun

COMRADE APPLIANCES 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.

COMRADE APPLIANCES Income Statement Analysis

  • Operating income during the year fell 9.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 53.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.7% in FY23 as against 9.9% in FY22.
  • Depreciation charges decreased by 11.1% and finance costs decreased by 4.0% YoY, respectively.
  • Other income declined by 60.7% YoY.
  • Net profit for the year grew by 321.6% YoY.
  • Net profit margins during the year grew from 1.3% in FY22 to 6.1% in FY23.

COMRADE APPLIANCES Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 296 270 -9.1%
Other income Rs m 1 0 -60.7%
Total Revenues Rs m 297 270 -9.2%
Gross profit Rs m 29 45 53.1%
Depreciation Rs m 10 9 -11.1%
Interest Rs m 15 14 -4.0%
Profit before tax Rs m 5 22 308.8%
Tax Rs m 2 6 275.0%
Profit after tax Rs m 4 16 321.6%
Gross profit margin % 9.9 16.7
Effective tax rate % 28.7 26.4
Net profit margin % 1.3 6.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

COMRADE APPLIANCES Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 177 million as compared to Rs 162 million in FY22, thereby witnessing an increase of 9.0%.
  • Long-term debt down at Rs 28 million as compared to Rs 39 million during FY22, a fall of 28.3%.
  • Current assets rose 11% and stood at Rs 223 million, while fixed assets rose 1% and stood at Rs 52 million in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 275 million as against Rs 253 million during FY22, thereby witnessing a growth of 9%.

COMRADE APPLIANCES Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 50 69 37.2
 
Current Liabilities Rs m 162 177 9.0
Long-term Debt Rs m 39 28 -28.3
Total Liabilities Rs m 253 275 8.9
 
Current assets Rs m 201 223 10.9
Fixed Assets Rs m 51 52 1.4
Total Assets Rs m 253 275 8.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



COMRADE APPLIANCES Cash Flow Statement Analysis

  • COMRADE APPLIANCES's cash flow from operating activities (CFO) during FY23 stood at Rs 33 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -9 million, an improvement of 156.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs -20 million, an improvement of 52% on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs 3 million from the Rs -1 million net cash flows seen during FY22.

COMRADE APPLIANCES 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 45 33 -25.7%
Cash Flow from Investing Activities Rs m -4 -9 -
Cash Flow from Financing Activities Rs m -42 -20 -
Net Cash Flow Rs m -1 3 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for COMRADE APPLIANCES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.1, an improvement from the EPS of Rs 0.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 95.0, stands at 43.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 10.4 times, while the price to sales ratio stands at 1.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 28.4 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 57.3 51.4
TTM Earnings per share Rs 0.8 3.1
Diluted earnings per share Rs 0.5 2.2
Price to Cash Flow x 0.0 28.4
TTM P/E ratio x 0.0 43.7
Price / Book Value ratio x 0.0 0.0
Market Cap Rs m 0 715
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for COMRADE APPLIANCES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY23, from 1.2x 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 2.6x during FY23, from 1.4x 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 23.7% during FY23, from 7.7% 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 37.5% during FY23, from 22.6% 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 11.1% during FY23, from 7.4% 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 1.2 1.3
Debtors’ Days Days 833 720
Interest coverage x 1.4 2.6
Debt to equity ratio x 0.8 0.4
Return on assets % 7.4 11.1
Return on equity % 7.7 23.7
Return on capital employed % 22.6 37.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

COMRADE APPLIANCES Share Price Performance

Over the last one year, COMRADE APPLIANCES share price has moved up from Rs 0.0 to Rs 95.0, registering a gain of Rs 95.0 or around 0.0%.

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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

Annual Report FAQs

What is the current share price of COMRADE APPLIANCES?

COMRADE APPLIANCES currently trades at Rs 105.3 per share. You can check out the latest share price performance of COMRADE APPLIANCES here...

What was the revenue of COMRADE APPLIANCES in FY23? How does it compare to earlier years?

The revenues of COMRADE APPLIANCES stood at Rs 270 m in FY23, which was down -9.2% compared to Rs 297 m reported in FY22.

COMRADE APPLIANCES' revenue has grown from Rs 216 m in FY20 to Rs 270 m in FY23.

Over the past 4 years, the revenue of COMRADE APPLIANCES has grown at a CAGR of 7.7%.

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

The net profit of COMRADE APPLIANCES stood at Rs 16 m in FY23, which was up 321.6% compared to Rs 4 m reported in FY22.

This compares to a net profit of Rs 2 m in FY21 and a net profit of Rs 4 m in FY20.

Over the past 4 years, COMRADE APPLIANCES net profit has grown at a CAGR of 57.6%.

What does the cash flow statement of COMRADE APPLIANCES 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 COMRADE APPLIANCES reveals:

  • Cash flow from operations decreased in FY23 and stood at Rs 33 m as compared to Rs 45 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -9 m as compared to Rs -4 m in FY22.
  • Cash flow from financial activity increased in FY23 and stood at Rs -20 m as compared to Rs -42 m in FY22.

Here's the cash flow statement of COMRADE APPLIANCES for the past 4 years.

(Rs m)FY20FY21FY22FY23
From Operations15-174533
From Investments-12-35-4-9
From Financial Activity-255-42-20
Net Cashflow13-13

What does the Key Ratio analysis of COMRADE APPLIANCES 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 COMRADE APPLIANCES reveals:

  • Operating profit margins witnessed a fall and down at 16.7% in FY23 as against 9.9% in FY22.
  • Net profit margins grew from 1.3% in FY22 to 6.1% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.4 as compared to 0.8 in FY22.

Here's the ratio/financial analysis of COMRADE APPLIANCES for the past 4 years.

 FY20FY21FY22FY23
Operating Profit Margin (%)6.07.49.916.7
Net Profit Margin (%)1.90.81.36.1
Debt to Equity Ratio (x)0.72.60.80.4

 

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