CIE AUTOMOTIVE INDIA 2022-23 Annual Report Analysis

Mon, 27 May

CIE AUTOMOTIVE INDIA has announced its results for the year ended December 2023. Let us have a look at the detailed performance review of the company during FY22-23.

CIE AUTOMOTIVE INDIA Income Statement Analysis

• Operating income during the year rose 6.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.3% in CY23 as against 13.8% in CY22.
• Depreciation charges increased by 8.8% and finance costs increased by 372.8% YoY, respectively.
• Other income grew by 40.7% YoY.
• Net profit for the year grew by 12.1% YoY.
• Net profit margins during the year grew from 8.1% in CY22 to 8.6% in CY23.

CIE AUTOMOTIVE INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Net Sales	Rs m	87,530	92,803	6.0%
Other income	Rs m	583	820	40.7%
Total Revenues	Rs m	88,113	93,624	6.3%
Gross profit	Rs m	12,121	14,234	17.4%
Depreciation	Rs m	2,962	3,222	8.8%
Interest	Rs m	227	1,074	372.8%
Profit before tax	Rs m	9,514	10,759	13.1%
Tax	Rs m	2,401	2,782	15.9%
Profit after tax	Rs m	7,113	7,976	12.1%
Gross profit margin	%	13.8	15.3
Effective tax rate	%	25.2	25.9
Net profit margin	%	8.1	8.6

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

CIE AUTOMOTIVE INDIA Balance Sheet Analysis

• The company's current liabilities during CY23 down at Rs 31 billion as compared to Rs 34 billion in CY22, thereby witnessing an decrease of -8.7%.
• Long-term debt down at Rs 1 billion as compared to Rs 1 billion during CY22, a fall of 15.1%.
• Current assets rose 7% and stood at Rs 31 billion, while fixed assets rose 10% and stood at Rs 66 billion in CY23.
• Overall, the total assets and liabilities for CY23 stood at Rs 98 billion as against Rs 99 billion during CY22, thereby witnessing a fall of 2%.

CIE AUTOMOTIVE INDIA Balance Sheet as on December 2023

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*	% Change
Networth	Rs m	50,980	59,880	17.5
Current Liabilities	Rs m	33,997	31,027	-8.7
Long-term Debt	Rs m	1,188	1,009	-15.1
Total Liabilities	Rs m	99,198	97,526	-1.7
Current assets	Rs m	29,434	31,471	6.9
Fixed Assets	Rs m	59,975	66,055	10.1
Total Assets	Rs m	99,198	97,526	-1.7

CIE AUTOMOTIVE INDIA Cash Flow Statement Analysis

• CIE AUTOMOTIVE INDIA's cash flow from operating activities (CFO) during CY23 stood at Rs 14 billion, an improvement of 23.7% on a YoY basis.
• Cash flow from investing activities (CFI) during CY23 stood at Rs -9 billion, an improvement of 42.2% on a YoY basis.
• Cash flow from financial activities (CFF) during CY23 stood at Rs -4 billion, an improvement of 12% on a YoY basis.
• Overall, net cash flows for the company during CY23 stood at Rs 512 million from the Rs -63 million net cash flows seen during CY22.

CIE AUTOMOTIVE INDIA Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Dec-22	Dec-23
Cash Flow from Operating Activities	Rs m	11,182	13,833	23.7%
Cash Flow from Investing Activities	Rs m	-6,398	-9,096	-
Cash Flow from Financing Activities	Rs m	-4,877	-4,272	-
Net Cash Flow	Rs m	-63	512	-

Current Valuations for CIE AUTOMOTIVE INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.0, an improvement from the EPS of Rs 18.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 470.7, stands at 22.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 1.9 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 Dec-22*	12 Dec-23*
Sales per share (Unadj.)	Rs	230.8	244.6
TTM Earnings per share	Rs	18.8	21.0
Diluted earnings per share	Rs	18.8	21.0
Price to Cash Flow	x	12.9	15.4
TTM P/E ratio	x	18.4	22.4
Price / Book Value ratio	x	1.9	2.9
Market Cap	Rs m	96,954	172,667
Dividends per share (Unadj.)	Rs	2.5	5.0

Ratio Analysis for CIE AUTOMOTIVE INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during CY23, from 0.9x during CY22. 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 11.0x during CY23, from 42.9x during CY22. 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 13.3% during CY23, from 14.0% during CY23. 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 19.4% during CY23, from 18.7% during CY22. 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 9.3% during CY23, from 7.4% during CY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Dec-22*	12 Dec-23*
Current ratio	x	0.9	1.0
Debtors’ Days	Days	36	25
Interest coverage	x	42.9	11.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.4	9.3
Return on equity	%	14.0	13.3
Return on capital employed	%	18.7	19.4

To see how CIE AUTOMOTIVE INDIA has performed over the last 5 years, please visit here.

CIE AUTOMOTIVE INDIA Share Price Performance

Over the last one year, CIE AUTOMOTIVE INDIA share price has moved up from Rs 171.8 to Rs 350.6, registering a gain of Rs 178.8 or around 104.1%.

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

(To know more, check out historical annual results for CIE AUTOMOTIVE INDIA and quarterly results for CIE AUTOMOTIVE INDIA)