Financial Statement Analysis - Kalyani 2022

Income statement
Sales 17060.3
Sales growth

COGS 9672.67
Gross profit 7387.63
Gross margin 43.30%

Profit before share of profit from joint ve 3258.36

Add back finance cost 132.09
Less other income -463.56
Donations 25.61
Normalized EBIT 2952.5
EBIT margin 17.31%

Depreciation 454.92
Amortization 3.84
Depreciation and amortization 458.76
EBITDA 3411.26
EBITDA margin 20.00%

Profit Before Tax 3258.36

Taxes 829.21
Reported ETR 25.45%
Statutory tax rate 25.20%

NOPAT, Net operating profit after tax or after 2201.12736929007

Profit attributable to the owners of the compa 2429.15
Profit on sale of Investments measured at FVTPL
Net gain on investment measured at fair value -1.33892
Profit on sale of property, plant and equipment
Post tax donations 19.1644752

Foreign exchange loss, net 0.20944

Normalized Net income 2447.1849952
Normalized Net income margin 14.34%

WASO - basic (in million) also diluted 44

Recurring basic EPS 56.0598728977991

Current assets and liabilities

Total current assets 16562.58
Total current liabilities 7665.83
Working Capital 8896.75
Current ratio (this should be greater than one) 2.16057230593426

Inventories 2716.11
Trade receivables 4164.43
Operating portion of other current financial as 10.11
Other current assets 248.34
Trade payables 4555.21
Operating portion of other current financial liabi 369.01
Other current liabilities 180.52
Provisions 20.86
Tax liabilities (net) 34.33
OWC 1979.06
OWC % sales 11.60%
Receivable days 89.0967304209188
Inventory days 102.492915606549
Payable days 171.891695881282
Cash cycle 19.6979501461859
Non current assets
Net PP&E 5123.29
Net PPE % sales 30.03%
Purchase of PPE and intangibles 1707.01
Capex / depreciation 3.72092161478769
Capex/sales 10.01%
Debt & equity
Short term debt including current maturities 2487.15

Borrowings 1895.18

Total debt 4382.33

Cash & cash equivalents 9742.21
Net debt -5359.88
Total debt / EBITDA 1.28466607646441
Interest expense 132.09
EBITDA / interest expense 25.8252706488001
Equity - book value (inc. NCI) 13674.62
Total debt / equity 0.320471793731745
Equity without NCI 13674.62

Returns

ROE 0.178958171795633
NOPAT, Net operating profit after tax or after 2201.12736929007
Equity - book value (inc. NCI) 13674.62
Add Net debt/(excess cash) 5,359.9

Less Non current investments -1,474.60

Non-Current other financial assets 142.36

Current other financial assets 231.49

Deposits with original maturity of more tha 9,511.95

Invested Capital 7674.12
ROIC 28.682%

Ebit margin 17.31%

(1-tax rate) 74.80%
Sales/IC 2.22309528649539
Implied ROIC 28.68%
 2023

18999.54

11.37%

11849.67

7149.87

37.63%

2250.6

280.96 Note - Audits are done yearly for every public company and legal services are also availed

-564.04

1.27

1968.79

10.36%

487.98

1.04

489.02

2457.81

12.94%

2250.6

580.08

25.77%

25.20%

1461.3450061317
 1670.27

-1.47356

-0.24684

0.9503664

254.26016

1923.7601264

10.13%

44

44.0693075445341

15702.57

6509.14

9193.43

2.4123878116003

3239.01

4047.04

24.2

628.93

2617.68

385.94

211.12

18.6

35.3
 4670.54

24.58%

77.7476507325967

99.7697530817314

80.6312074513468

96.8861963629813

6169.92

32.47%

1114.23

2.27849576704429

5.86%

3213.56

1849.88

5063.44

7494.81

-2431.37

2.06014297280913

280.96

8.74790005694761

14894.78

0.339947283544974

14894.78

0.129156666053476
 1461.3450061317

14894.78

2,431.4

-1,461.26

143.43

292.78

7,379.52

8049.19

18.155%

10.36%

74.80%

2.36042881333401

18.16%
al services are also availed for most years in public companies hence they're not adjusted as they are recurring as per my observation
ng as per my observation