AEGIS LOGISTICS 2023-24 Annual Report Analysis

Wed, 3 Jul

AEGIS LOGISTICS 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.

AEGIS LOGISTICS Income Statement Analysis

• Operating income during the year fell 18.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 37.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.1% in FY24 as against 7.8% in FY23.
• Depreciation charges increased by 7.5% and finance costs increased by 31.2% YoY, respectively.
• Other income grew by 1.4% YoY.
• Net profit for the year grew by 31.6% YoY.
• Net profit margins during the year grew from 5.9% in FY23 to 9.5% in FY24.

AEGIS LOGISTICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	86,272	70,459	-18.3%
Other income	Rs m	1,870	1,896	1.4%
Total Revenues	Rs m	88,142	72,355	-17.9%
Gross profit	Rs m	6,718	9,227	37.4%
Depreciation	Rs m	1,258	1,353	7.5%
Interest	Rs m	882	1,158	31.2%
Profit before tax	Rs m	6,448	8,613	33.6%
Tax	Rs m	1,341	1,891	41.1%
Profit after tax	Rs m	5,107	6,722	31.6%
Gross profit margin	%	7.8	13.1
Effective tax rate	%	20.8	22.0
Net profit margin	%	5.9	9.5

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

AEGIS LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 10 billion as compared to Rs 11 billion in FY23, thereby witnessing an decrease of -7.9%.
• Long-term debt stood at Rs 14 billion as compared to Rs 10 billion during FY23, a growth of 46.4%.
• Current assets rose 3% and stood at Rs 28 billion, while fixed assets rose 18% and stood at Rs 50 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 78 billion as against Rs 70 billion during FY23, thereby witnessing a growth of 12%.

AEGIS LOGISTICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	35,323	38,944	10.2
Current Liabilities	Rs m	11,329	10,432	-7.9
Long-term Debt	Rs m	9,784	14,322	46.4
Total Liabilities	Rs m	69,884	78,457	12.3
Current assets	Rs m	27,588	28,496	3.3
Fixed Assets	Rs m	42,296	49,960	18.1
Total Assets	Rs m	69,884	78,457	12.3

AEGIS LOGISTICS Cash Flow Statement Analysis

• AEGIS LOGISTICS's cash flow from operating activities (CFO) during FY24 stood at Rs 7 billion, an improvement of 82.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -7 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 billion from the Rs 7 billion net cash flows seen during FY23.

AEGIS LOGISTICS 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	3,584	6,555	82.9%
Cash Flow from Investing Activities	Rs m	-9,310	-7,122	-
Cash Flow from Financing Activities	Rs m	13,109	2,564	-80.4%
Net Cash Flow	Rs m	7,383	1,998	-72.9%

Current Valuations for AEGIS LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.2, an improvement from the EPS of Rs 14.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 855.1, stands at 44.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.7 times, while the price to sales ratio stands at 4.3 times.
• The company's price to cash flow (P/CF) ratio stood at 16.3 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	245.8	200.7
TTM Earnings per share	Rs	14.5	19.2
Diluted earnings per share	Rs	14.5	19.2
Price to Cash Flow	x	20.9	16.3
TTM P/E ratio	x	26.0	44.6
Price / Book Value ratio	x	2.9	3.4
Market Cap	Rs m	103,141	131,836
Dividends per share (Unadj.)	Rs	5.8	6.5

Ratio Analysis for AEGIS LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY24, from 2.4x 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 8.4x during FY24, from 8.3x 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 17.3% during FY24, from 14.5% 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 18.3% during FY24, from 16.2% 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 10.0% during FY24, from 8.6% 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	2.4	2.7
Debtors’ Days	Days	355	266
Interest coverage	x	8.3	8.4
Debt to equity ratio	x	0.3	0.4
Return on assets	%	8.6	10.0
Return on equity	%	14.5	17.3
Return on capital employed	%	16.2	18.3

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

AEGIS LOGISTICS Share Price Performance

Over the last one year, AEGIS LOGISTICS share price has moved up from Rs 326.7 to Rs 855.1, registering a gain of Rs 528.4 or around 161.7%.

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

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