PANASONIC CARBON (I) 2022-23 Annual Report Analysis

Tue, 13 Jun

PANASONIC CARBON (I) 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.

PANASONIC CARBON (I) Income Statement Analysis

• Operating income during the year rose 0.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 26.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.6% in FY23 as against 29.6% in FY22.
• Depreciation charges decreased by 22.4% increased by 0.0% YoY, respectively.
• Other income grew by 11.3% YoY.
• Net profit for the year declined by 16.4% YoY.
• Net profit margins during the year declined from 30.7% in FY22 to 25.6% in FY23.

PANASONIC CARBON (I) Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	500	501	0.3%
Other income	Rs m	67	74	11.3%
Total Revenues	Rs m	567	576	1.6%
Gross profit	Rs m	148	108	-26.7%
Depreciation	Rs m	10	8	-22.4%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	205	175	-14.5%
Tax	Rs m	51	47	-8.6%
Profit after tax	Rs m	153	128	-16.4%
Gross profit margin	%	29.6	21.6
Effective tax rate	%	25.0	26.7
Net profit margin	%	30.7	25.6

Don't Miss: Key Information for Long-term Investors

PANASONIC CARBON (I) Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 44 million as compared to Rs 51 million in FY22, thereby witnessing an decrease of -13.3%.
• Current assets fell 28% and stood at Rs 967 million, while fixed assets rose 569% and stood at Rs 523 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 1 billion as against Rs 1 billion during FY22, thereby witnessing a growth of 5%.

PANASONIC CARBON (I) Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	1,370	1,441	5.2
Current Liabilities	Rs m	51	44	-13.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,426	1,491	4.5
Current assets	Rs m	1,348	967	-28.3
Fixed Assets	Rs m	78	523	569.0
Total Assets	Rs m	1,426	1,491	4.5

PANASONIC CARBON (I) Cash Flow Statement Analysis

• PANASONIC CARBON (I)'s cash flow from operating activities (CFO) during FY23 stood at Rs 95 million, an improvement of 20.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -46 million, an improvement of 196.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -57 million on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -8 million from the Rs 6 million net cash flows seen during FY22.

PANASONIC CARBON (I) 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	79	95	20.0%
Cash Flow from Investing Activities	Rs m	-15	-46	-
Cash Flow from Financing Activities	Rs m	-57	-57	-
Net Cash Flow	Rs m	6	-8	-

Current Valuations for PANASONIC CARBON (I)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.7, an decline from the EPS of Rs 32.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 376.4, stands at 14.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 3.6 times.
• The company's price to cash flow (P/CF) ratio stood at 12.9 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	104.1	104.4
TTM Earnings per share	Rs	32.0	26.7
Diluted earnings per share	Rs	32.0	26.7
Price to Cash Flow	x	11.8	12.9
TTM P/E ratio	x	12.6	14.1
Price / Book Value ratio	x	1.8	1.2
Market Cap	Rs m	2,501	1,752
Dividends per share (Unadj.)	Rs	12.0	12.0

Ratio Analysis for PANASONIC CARBON (I)

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 22.1x during FY23, from 26.7x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 8.9% during FY23, from 11.2% 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 12.1% during FY23, from 14.9% 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 declined and down at 8.6% during FY23, from 10.8% 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	26.7	22.1
Debtors’ Days	Days	37,870	20,732
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.8	8.6
Return on equity	%	11.2	8.9
Return on capital employed	%	14.9	12.1

To see how PANASONIC CARBON (I) has performed over the last 5 years, please visit here.

PANASONIC CARBON (I) Share Price Performance

Over the last one year, PANASONIC CARBON (I) share price has moved down from Rs 395.5 to Rs 376.4, registering a loss of Rs 19.2 or around 4.8%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 39,386.1 (up 0.5%). Over the last one year it has moved up from 25,853.2 to 39,386.1, a gain of 13,533 points (up 52.3%).

Overall, the S&P BSE SENSEX is up 14.1% over the year.

(To know more, check out historical annual results for PANASONIC CARBON (I) and quarterly results for PANASONIC CARBON (I))