20 MICRONS 2023-24 Annual Report Analysis

Fri, 21 Jun

20 MICRONS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

20 MICRONS Income Statement Analysis

• Operating income during the year rose 10.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 20.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.3% in FY24 as against 12.2% in FY23.
• Depreciation charges increased by 3.9% and finance costs decreased by 7.3% YoY, respectively.
• Other income grew by 38.5% YoY.
• Net profit for the year grew by 33.8% YoY.
• Net profit margins during the year grew from 6.0% in FY23 to 7.2% in FY24.

20 MICRONS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,017	7,775	10.8%
Other income	Rs m	29	41	38.5%
Total Revenues	Rs m	7,046	7,816	10.9%
Gross profit	Rs m	858	1,037	20.9%
Depreciation	Rs m	138	143	3.9%
Interest	Rs m	178	165	-7.3%
Profit before tax	Rs m	572	770	34.6%
Tax	Rs m	152	208	36.7%
Profit after tax	Rs m	420	562	33.8%
Gross profit margin	%	12.2	13.3
Effective tax rate	%	26.6	27.1
Net profit margin	%	6.0	7.2

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20 MICRONS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 6.7%.
• Long-term debt down at Rs 124 million as compared to Rs 186 million during FY23, a fall of 33.2%.
• Current assets rose 20% and stood at Rs 3 billion, while fixed assets rose 3% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 13%.

20 MICRONS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,936	3,530	20.2
Current Liabilities	Rs m	1,921	2,049	6.7
Long-term Debt	Rs m	186	124	-33.2
Total Liabilities	Rs m	5,349	6,038	12.9
Current assets	Rs m	2,867	3,445	20.2
Fixed Assets	Rs m	2,482	2,564	3.3
Total Assets	Rs m	5,349	6,038	12.9

20 MICRONS Cash Flow Statement Analysis

• 20 MICRONS's cash flow from operating activities (CFO) during FY24 stood at Rs 544 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -231 million, an improvement of 30.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -29 million, an improvement of 92% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 285 million from the Rs 76 million net cash flows seen during FY23.

20 MICRONS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	632	544	-13.9%
Cash Flow from Investing Activities	Rs m	-177	-231	-
Cash Flow from Financing Activities	Rs m	-380	-29	-
Net Cash Flow	Rs m	76	285	277.0%

Current Valuations for 20 MICRONS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.9, an improvement from the EPS of Rs 11.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 187.4, stands at 11.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 6.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	198.8	220.3
TTM Earnings per share	Rs	11.9	15.9
Diluted earnings per share	Rs	11.9	15.9
Price to Cash Flow	x	4.7	6.8
TTM P/E ratio	x	6.3	11.8
Price / Book Value ratio	x	1.1	1.4
Market Cap	Rs m	3,156	4,820
Dividends per share (Unadj.)	Rs	0.8	1.3

Ratio Analysis for 20 MICRONS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.5x during FY23. 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 5.7x during FY24, from 4.2x during FY23. 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 15.9% during FY24, from 14.3% during FY24. 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 25.6% during FY24, from 24.0% during FY23. 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 12.0% during FY24, from 11.2% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.5	1.7
Debtors’ Days	Days	507	589
Interest coverage	x	4.2	5.7
Debt to equity ratio	x	0.1	0.0
Return on assets	%	11.2	12.0
Return on equity	%	14.3	15.9
Return on capital employed	%	24.0	25.6

To see how 20 MICRONS has performed over the last 5 years, please visit here.

20 MICRONS Share Price Performance

Over the last one year, 20 MICRONS share price has moved up from Rs 101.3 to Rs 187.4, registering a gain of Rs 86.0 or around 84.9%.

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for 20 MICRONS and quarterly results for 20 MICRONS)