ANDHRA PETRO 2023-24 Annual Report Analysis

Wed, 12 Jun

ANDHRA PETRO 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.

ANDHRA PETRO Income Statement Analysis

• Operating income during the year rose 15.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 143.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.7% in FY24 as against 5.1% in FY23.
• Depreciation charges decreased by 3.6% and finance costs increased by 0.3% YoY, respectively.
• Other income grew by 36.1% YoY.
• Net profit for the year grew by 210.7% YoY.
• Net profit margins during the year grew from 3.0% in FY23 to 8.0% in FY24.

ANDHRA PETRO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,830	7,887	15.5%
Other income	Rs m	187	254	36.1%
Total Revenues	Rs m	7,017	8,141	16.0%
Gross profit	Rs m	346	842	143.1%
Depreciation	Rs m	154	148	-3.6%
Interest	Rs m	86	87	0.3%
Profit before tax	Rs m	293	861	194.0%
Tax	Rs m	89	227	155.8%
Profit after tax	Rs m	204	634	210.7%
Gross profit margin	%	5.1	10.7
Effective tax rate	%	30.3	26.3
Net profit margin	%	3.0	8.0

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ANDHRA PETRO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 427 million as compared to Rs 323 million in FY23, thereby witnessing an increase of 32.3%.
• Current assets rose 9% and stood at Rs 4 billion, while fixed assets rose 11% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 9%.

ANDHRA PETRO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,052	5,557	10.0
Current Liabilities	Rs m	323	427	32.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	6,365	6,964	9.4
Current assets	Rs m	4,104	4,456	8.6
Fixed Assets	Rs m	2,261	2,508	11.0
Total Assets	Rs m	6,365	6,964	9.4

ANDHRA PETRO Cash Flow Statement Analysis

• ANDHRA PETRO's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 555.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -724 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -260 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 47 million from the Rs -31 million net cash flows seen during FY23.

ANDHRA PETRO 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	157	1,031	555.0%
Cash Flow from Investing Activities	Rs m	19	-724	-
Cash Flow from Financing Activities	Rs m	-207	-260	-
Net Cash Flow	Rs m	-31	47	-

Current Valuations for ANDHRA PETRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.5, an improvement from the EPS of Rs 2.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 122.8, stands at 16.5 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 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 9.0 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	80.4	92.8
TTM Earnings per share	Rs	2.4	7.5
Diluted earnings per share	Rs	2.4	7.5
Price to Cash Flow	x	11.6	9.0
TTM P/E ratio	x	20.4	16.5
Price / Book Value ratio	x	1.5	1.3
Market Cap	Rs m	7,647	7,051
Dividends per share (Unadj.)	Rs	1.5	2.0

Ratio Analysis for ANDHRA PETRO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 10.4x during FY24, from 12.7x 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 10.9x during FY24, from 4.4x 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 11.4% during FY24, from 4.0% 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 17.0% during FY24, from 7.5% 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 10.3% during FY24, from 4.6% 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	12.7	10.4
Debtors’ Days	Days	7	15
Interest coverage	x	4.4	10.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.6	10.3
Return on equity	%	4.0	11.4
Return on capital employed	%	7.5	17.0

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

ANDHRA PETRO Share Price Performance

Over the last one year, ANDHRA PETRO share price has moved up from Rs 60.1 to Rs 122.8, registering a gain of Rs 62.6 or around 104.2%.

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

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