GUJ.APOLLO INDUS 2022-23 Annual Report Analysis

Thu, 19 Oct

GUJ.APOLLO INDUS 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.

GUJ.APOLLO INDUS Income Statement Analysis

• Operating income during the year rose 29.1% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 7.7% in FY23 as against 8.1% in FY22.
• Depreciation charges increased by 1.7% and finance costs decreased by 4.0% YoY, respectively.
• Other income declined by 4.8% YoY.
• Net profit for the year grew by 52.5% YoY.
• Net profit margins during the year grew from 14.7% in FY22 to 17.4% in FY23.

GUJ.APOLLO INDUS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	557	719	29.1%
Other income	Rs m	258	245	-4.8%
Total Revenues	Rs m	815	964	18.3%
Gross profit	Rs m	-45	-55	NA
Depreciation	Rs m	50	51	1.7%
Interest	Rs m	25	24	-4.0%
Profit before tax	Rs m	138	115	-16.5%
Tax	Rs m	56	-10	NA
Profit after tax	Rs m	82	125	52.5%
Gross profit margin	%	-8.1	-7.7
Effective tax rate	%	40.6	-8.5
Net profit margin	%	14.7	17.4

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GUJ.APOLLO INDUS Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 326 million as compared to Rs 374 million in FY22, thereby witnessing an decrease of -12.9%.
• Long-term debt stood at Rs 56 million as compared to Rs 19 million during FY22, a growth of 198.3%.
• Current assets rose 41% and stood at Rs 3 billion, while fixed assets fell 45% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 5 billion as against Rs 6 billion during FY22, thereby witnessing a fall of 9%.

GUJ.APOLLO INDUS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	5,235	4,787	-8.6
Current Liabilities	Rs m	374	326	-12.9
Long-term Debt	Rs m	19	56	198.3
Total Liabilities	Rs m	5,698	5,186	-9.0
Current assets	Rs m	2,403	3,386	40.9
Fixed Assets	Rs m	3,295	1,801	-45.4
Total Assets	Rs m	5,698	5,186	-9.0

GUJ.APOLLO INDUS Cash Flow Statement Analysis

• GUJ.APOLLO INDUS's cash flow from operating activities (CFO) during FY23 stood at Rs -695 million, an improvement of 380.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 688 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 5 million, an improvement of 101% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -2 million from the Rs 2 million net cash flows seen during FY22.

GUJ.APOLLO INDUS 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	-145	-695	-
Cash Flow from Investing Activities	Rs m	924	688	-25.6%
Cash Flow from Financing Activities	Rs m	-777	5	-
Net Cash Flow	Rs m	2	-2	-

Current Valuations for GUJ.APOLLO INDUS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.6, an improvement from the EPS of Rs 6.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 219.8, stands at 18.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 3.6 times.
• The company's price to cash flow (P/CF) ratio stood at 15.4 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	47.2	60.9
TTM Earnings per share	Rs	6.9	10.6
Diluted earnings per share	Rs	6.9	10.6
Price to Cash Flow	x	18.5	15.4
TTM P/E ratio	x	29.8	18.4
Price / Book Value ratio	x	0.5	0.6
Market Cap	Rs m	2,775	2,699
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for GUJ.APOLLO INDUS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 10.4x during FY23, from 6.4x 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 5.8x during FY23, from 6.5x 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 2.6% during FY23, from 1.6% 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 2.9% during FY23, from 3.1% 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 improved and stood at 2.9% during FY23, from 1.9% 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	6.4	10.4
Debtors’ Days	Days	990	1,356
Interest coverage	x	6.5	5.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.9	2.9
Return on equity	%	1.6	2.6
Return on capital employed	%	3.1	2.9

To see how GUJ.APOLLO INDUS has performed over the last 5 years, please visit here.

GUJ.APOLLO INDUS Share Price Performance

Over the last one year, GUJ.APOLLO INDUS share price has moved up from Rs 209.2 to Rs 219.8, registering a gain of Rs 10.6 or around 5.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 47,699.0 (down 0.0%). Over the last one year it has moved up from 32,267.4 to 47,699.0, a gain of 15,432 points (up 47.8%).

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for GUJ.APOLLO INDUS and quarterly results for GUJ.APOLLO INDUS)