TCI DEVELOPERS 2022-23 Annual Report Analysis

Wed, 28 Jun

TCI DEVELOPERS 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.

TCI DEVELOPERS Income Statement Analysis

• Operating income during the year rose 15.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 33.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.4% in FY23 as against 36.8% in FY22.
• Depreciation charges increased by 3.4% and finance costs decreased by 1.7% YoY, respectively.
• Other income grew by 121.8% YoY.
• Net profit for the year declined by 93.2% YoY.
• Net profit margins during the year declined from 11.2% in FY22 to 0.7% in FY23.

TCI DEVELOPERS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	110	127	15.0%
Other income	Rs m	1	2	121.8%
Total Revenues	Rs m	111	129	16.1%
Gross profit	Rs m	41	27	-33.2%
Depreciation	Rs m	18	18	3.4%
Interest	Rs m	4	4	-1.7%
Profit before tax	Rs m	20	7	-63.7%
Tax	Rs m	7	6	-15.0%
Profit after tax	Rs m	12	1	-93.2%
Gross profit margin	%	36.8	21.4
Effective tax rate	%	37.8	88.5
Net profit margin	%	11.2	0.7

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

TCI DEVELOPERS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 114 million as compared to Rs 79 million in FY22, thereby witnessing an increase of 43.6%.
• Long-term debt down at Rs 35 million as compared to Rs 57 million during FY22, a fall of 38.0%.
• Current assets fell 25% and stood at Rs 85 million, while fixed assets rose 5% and stood at Rs 1 billion 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 2%.

TCI DEVELOPERS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	854	853	-0.1
Current Liabilities	Rs m	79	114	43.6
Long-term Debt	Rs m	57	35	-38.0
Total Liabilities	Rs m	1,119	1,140	1.9
Current assets	Rs m	115	85	-25.5
Fixed Assets	Rs m	1,003	1,053	5.0
Total Assets	Rs m	1,119	1,140	1.9

TCI DEVELOPERS Cash Flow Statement Analysis

• TCI DEVELOPERS's cash flow from operating activities (CFO) during FY23 stood at Rs 33 million, an improvement of 12.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -69 million, an improvement of 320.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 9 million, an improvement of 342% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -26 million from the Rs 9 million net cash flows seen during FY22.

TCI DEVELOPERS 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	29	33	12.5%
Cash Flow from Investing Activities	Rs m	-16	-69	-
Cash Flow from Financing Activities	Rs m	-4	9	-
Net Cash Flow	Rs m	9	-26	-

Current Valuations for TCI DEVELOPERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, an decline from the EPS of Rs 3.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 386.2, stands at 103.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 11.4 times.
• The company's price to cash flow (P/CF) ratio stood at 69.0 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	29.5	34.0
TTM Earnings per share	Rs	3.3	0.2
Diluted earnings per share	Rs	3.3	0.2
Price to Cash Flow	x	38.2	69.0
TTM P/E ratio	x	93.0	103.2
Price / Book Value ratio	x	1.8	1.6
Market Cap	Rs m	1,543	1,325
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for TCI DEVELOPERS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY23, from 1.4x 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 2.8x during FY23, from 5.9x 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 0.1% during FY23, from 1.4% 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 1.3% during FY23, from 2.6% 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 0.4% during FY23, from 1.5% 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	1.4	0.7
Debtors’ Days	Days	516,078	172
Interest coverage	x	5.9	2.8
Debt to equity ratio	x	0.1	0.0
Return on assets	%	1.5	0.4
Return on equity	%	1.4	0.1
Return on capital employed	%	2.6	1.3

To see how TCI DEVELOPERS has performed over the last 5 years, please visit here.

TCI DEVELOPERS Share Price Performance

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(To know more, check out historical annual results for TCI DEVELOPERS and quarterly results for TCI DEVELOPERS)