CARYSIL 2023-24 Annual Report Analysis

Thu, 19 Sep

CARYSIL 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.

CARYSIL Income Statement Analysis

• Operating income during the year rose 15.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 19.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.1% in FY24 as against 18.4% in FY23.
• Depreciation charges increased by 23.1% and finance costs increased by 37.7% YoY, respectively.
• Other income grew by 236.2% YoY.
• Net profit for the year grew by 10.5% YoY.
• Net profit margins during the year declined from 8.9% in FY23 to 8.5% in FY24.

CARYSIL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,939	6,838	15.1%
Other income	Rs m	16	53	236.2%
Total Revenues	Rs m	5,955	6,891	15.7%
Gross profit	Rs m	1,095	1,308	19.5%
Depreciation	Rs m	264	324	23.1%
Interest	Rs m	166	229	37.7%
Profit before tax	Rs m	681	808	18.6%
Tax	Rs m	153	224	46.8%
Profit after tax	Rs m	528	584	10.5%
Gross profit margin	%	18.4	19.1
Effective tax rate	%	22.4	27.7
Net profit margin	%	8.9	8.5

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CARYSIL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 4 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 14.3%.
• Long-term debt stood at Rs 1 billion as compared to Rs 783 million during FY23, a growth of 46.4%.
• Current assets rose 17% and stood at Rs 4 billion, while fixed assets rose 20% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 7 billion during FY23, thereby witnessing a growth of 19%.

CARYSIL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,008	3,523	17.1
Current Liabilities	Rs m	3,104	3,548	14.3
Long-term Debt	Rs m	783	1,147	46.4
Total Liabilities	Rs m	7,123	8,447	18.6
Current assets	Rs m	3,530	4,143	17.4
Fixed Assets	Rs m	3,593	4,304	19.8
Total Assets	Rs m	7,123	8,447	18.6

CARYSIL Cash Flow Statement Analysis

• CARYSIL's cash flow from operating activities (CFO) during FY24 stood at Rs 578 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 484 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 47 million from the Rs -12 million net cash flows seen during FY23.

CARYSIL 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	712	578	-18.7%
Cash Flow from Investing Activities	Rs m	-1,365	-1,016	-
Cash Flow from Financing Activities	Rs m	641	484	-24.5%
Net Cash Flow	Rs m	-12	47	-

Current Valuations for CARYSIL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.8, an improvement from the EPS of Rs 19.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 811.4, stands at 36.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.5 times, while the price to sales ratio stands at 3.2 times.
• The company's price to cash flow (P/CF) ratio stood at 25.0 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	221.8	254.9
TTM Earnings per share	Rs	19.7	21.8
Diluted earnings per share	Rs	18.6	20.5
Price to Cash Flow	x	19.5	25.0
TTM P/E ratio	x	29.2	36.8
Price / Book Value ratio	x	5.9	6.4
Market Cap	Rs m	17,821	22,706
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for CARYSIL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 1.1x 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 deteriorated and stood at 4.5x during FY24, from 5.1x 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 declined and down at 16.6% during FY24, from 17.6% 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 declined and down at 22.2% during FY24, from 22.4% 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 declined and down at 9.6% during FY24, from 9.8% 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	1.1	1.2
Debtors’ Days	Days	633	736
Interest coverage	x	5.1	4.5
Debt to equity ratio	x	0.3	0.3
Return on assets	%	9.8	9.6
Return on equity	%	17.6	16.6
Return on capital employed	%	22.4	22.2

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

CARYSIL Share Price Performance

Over the last one year, CARYSIL share price has moved up from Rs 613.1 to Rs 811.4, registering a gain of Rs 198.3 or around 32.3%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

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