TRIGYN TECHNOLOGIES 2022-23 Annual Report Analysis

Fri, 31 Mar

TRIGYN TECHNOLOGIES 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.

TRIGYN TECHNOLOGIES Income Statement Analysis

• Operating income during the year rose 22.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.8% in FY23 as against 6.3% in FY22.
• Depreciation charges increased by 1.5% and finance costs decreased by 18.9% YoY, respectively.
• Other income grew by 118.0% YoY.
• Net profit for the year declined by 11.2% YoY.
• Net profit margins during the year declined from 3.8% in FY22 to 2.7% in FY23.

TRIGYN TECHNOLOGIES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	10,406	12,727	22.3%
Other income	Rs m	30	65	118.0%
Total Revenues	Rs m	10,436	12,792	22.6%
Gross profit	Rs m	653	608	-6.9%
Depreciation	Rs m	67	68	1.5%
Interest	Rs m	28	22	-18.9%
Profit before tax	Rs m	588	582	-1.0%
Tax	Rs m	198	236	19.2%
Profit after tax	Rs m	391	347	-11.2%
Gross profit margin	%	6.3	4.8
Effective tax rate	%	33.6	40.5
Net profit margin	%	3.8	2.7

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

TRIGYN TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 2 billion as compared to Rs 1 billion in FY22, thereby witnessing an increase of 16.2%.
• Long-term debt stood at Rs 2 million as compared to Rs 0 million during FY22, a fall of 0.0%.
• Current assets rose 6% and stood at Rs 6 billion, while fixed assets rose 27% and stood at Rs 3 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 9 billion as against Rs 8 billion during FY22, thereby witnessing a growth of 13%.

TRIGYN TECHNOLOGIES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	6,074	6,810	12.1
Current Liabilities	Rs m	1,431	1,663	16.2
Long-term Debt	Rs m	0	2	0.0
Total Liabilities	Rs m	7,675	8,678	13.1
Current assets	Rs m	5,206	5,541	6.4
Fixed Assets	Rs m	2,469	3,137	27.1
Total Assets	Rs m	7,675	8,678	13.1

TRIGYN TECHNOLOGIES Cash Flow Statement Analysis

• TRIGYN TECHNOLOGIES's cash flow from operating activities (CFO) during FY23 stood at Rs -521 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -629 million, an improvement of 99.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -28 million, an improvement of 50% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -771 million from the Rs 187 million net cash flows seen during FY22.

TRIGYN TECHNOLOGIES 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	450	-521	-
Cash Flow from Investing Activities	Rs m	-315	-629	-
Cash Flow from Financing Activities	Rs m	-56	-28	-
Net Cash Flow	Rs m	187	-771	-

Current Valuations for TRIGYN TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.3, an decline from the EPS of Rs 12.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 92.1, stands at 8.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 9.4 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	338.0	413.4
TTM Earnings per share	Rs	12.7	11.3
Diluted earnings per share	Rs	12.7	11.3
Price to Cash Flow	x	9.1	9.4
TTM P/E ratio	x	10.6	8.2
Price / Book Value ratio	x	0.7	0.6
Market Cap	Rs m	4,342	3,895
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for TRIGYN TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.3x during FY23, from 3.6x 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 27.0x during FY23, from 22.3x 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 declined and down at 5.1% during FY23, from 6.4% 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 8.9% during FY23, from 10.1% 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 declined and down at 4.3% during FY23, from 5.5% 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	3.6	3.3
Debtors’ Days	Days	988	873
Interest coverage	x	22.3	27.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.5	4.3
Return on equity	%	6.4	5.1
Return on capital employed	%	10.1	8.9

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

TRIGYN TECHNOLOGIES Share Price Performance

Over the last one year, TRIGYN TECHNOLOGIES share price has moved down from Rs 134.6 to Rs 92.1, registering a loss of Rs 42.6 or around 31.6%.

Meanwhile, the S&P BSE IT Index is trading at Rs 28,479.0 (up 2.5%). Over the last one year it has moved down from 36,402.7 to 28,479.0, a loss of 7,924 points (down 21.8%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

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