ORISSA MINERALS DEV 2022-23 Annual Report Analysis

Fri, 31 Mar

ORISSA MINERALS DEV 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.

ORISSA MINERALS DEV Income Statement Analysis

• Operating income during the year fell 57.0% 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 stood at 28.1% in FY23 as against 30.2% in FY22.
• Depreciation charges decreased by 85.4% and finance costs decreased by 18.6% YoY, respectively.
• Other income grew by 38.7% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 0.0% in FY22 to 46.6% in FY23.

ORISSA MINERALS DEV Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	827	355	-57.0%
Other income	Rs m	68	94	38.7%
Total Revenues	Rs m	895	450	-49.8%
Gross profit	Rs m	250	-100	NA
Depreciation	Rs m	153	22	-85.4%
Interest	Rs m	300	244	-18.6%
Profit before tax	Rs m	-136	-272	NA
Tax	Rs m	9	-107	NA
Profit after tax	Rs m	-145	-165	NA
Gross profit margin	%	30.2	-28.1
Effective tax rate	%	-6.8	39.2
Net profit margin	%	0.0	-46.6

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ORISSA MINERALS DEV Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 4 billion as compared to Rs 3 billion in FY22, thereby witnessing an increase of 18.7%.
• Current assets fell 40% and stood at Rs 1 billion, while fixed assets fell 2% and stood at Rs 780 million in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 3 billion during FY22, thereby witnessing a fall of 30%.

ORISSA MINERALS DEV Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	35	-128	NA
Current Liabilities	Rs m	3,340	3,966	18.7
Long-term Debt	Rs m	1,279	0	-100.0
Total Liabilities	Rs m	3,083	2,162	-29.9
Current assets	Rs m	2,290	1,382	-39.6
Fixed Assets	Rs m	793	780	-1.6
Total Assets	Rs m	3,083	2,162	-29.9

ORISSA MINERALS DEV Cash Flow Statement Analysis

• ORISSA MINERALS DEV's cash flow from operating activities (CFO) during FY23 stood at Rs -604 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 480 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -244 million, an improvement of 19% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -368 million from the Rs 313 million net cash flows seen during FY22.

ORISSA MINERALS DEV 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	1,020	-604	-
Cash Flow from Investing Activities	Rs m	-407	480	-
Cash Flow from Financing Activities	Rs m	-300	-244	-
Net Cash Flow	Rs m	313	-368	-

Current Valuations for ORISSA MINERALS DEV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -27.6, an decline from the EPS of Rs -24.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,376.0, stands at -86.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -111.4 times, while the price to sales ratio stands at 40.1 times.
• The company's price to cash flow (P/CF) ratio stood at -124.6 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	137.8	59.2
TTM Earnings per share	Rs	-24.2	-27.6
Diluted earnings per share	Rs	-24.2	-27.6
Price to Cash Flow	x	2,086.1	-124.6
TTM P/E ratio	x	-118.0	-86.2
Price / Book Value ratio	x	510.8	-139.2
Market Cap	Rs m	18,033	17,827
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ORISSA MINERALS DEV

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.3x during FY23, from 0.7x 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 -0.1x during FY23, from 0.5x 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 129.2% during FY23, from -410.6% 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 improved and stood at 21.8% during FY23, from 12.5% 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 3.6% during FY23, from 5.0% 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	0.7	0.3
Debtors’ Days	Days	0	1
Interest coverage	x	0.5	-0.1
Debt to equity ratio	x	36.2	0.0
Return on assets	%	5.0	3.6
Return on equity	%	-410.6	129.2
Return on capital employed	%	12.5	21.8

To see how ORISSA MINERALS DEV has performed over the last 5 years, please visit here.

ORISSA MINERALS DEV Share Price Performance

Over the last one year, ORISSA MINERALS DEV share price has moved down from Rs 2,849.7 to Rs 2,376.0, registering a loss of Rs 473.7 or around 16.6%.

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

(To know more, check out historical annual results for ORISSA MINERALS DEV and quarterly results for ORISSA MINERALS DEV)