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AFCONS INFRASTRUCTURE LTD 2023-24 Annual Report Analysis

Fri, 8 Nov

AFCONS INFRASTRUCTURE LTD 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.

AFCONS INFRASTRUCTURE LTD Income Statement Analysis

• Operating income during the year rose 5.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.3% in FY24 as against 10.4% in FY23.
• Depreciation charges increased by 4.9% and finance costs increased by 29.2% YoY, respectively.
• Other income grew by 83.5% YoY.
• Net profit for the year grew by 9.5% YoY.
• Net profit margins during the year grew from 3.3% in FY23 to 3.4% in FY24.

AFCONS INFRASTRUCTURE LTD Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	126,374	132,675	5.0%
Other income	Rs m	2,067	3,794	83.5%
Total Revenues	Rs m	128,441	136,469	6.3%
Gross profit	Rs m	13,106	13,650	4.2%
Depreciation	Rs m	4,716	4,945	4.9%
Interest	Rs m	4,467	5,773	29.2%
Profit before tax	Rs m	5,991	6,726	12.3%
Tax	Rs m	1,882	2,229	18.4%
Profit after tax	Rs m	4,109	4,497	9.5%
Gross profit margin	%	10.4	10.3
Effective tax rate	%	31.4	33.1
Net profit margin	%	3.3	3.4

For Investors: Our Big Prediction

AFCONS INFRASTRUCTURE LTD Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 100 billion as compared to Rs 84 billion in FY23, thereby witnessing an increase of 18.5%.
• Long-term debt stood at Rs 6 billion as compared to Rs 6 billion during FY23, a growth of 0.2%.
• Current assets rose 21% and stood at Rs 111 billion, while fixed assets fell 0% and stood at Rs 55 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 166 billion as against Rs 147 billion during FY23, thereby witnessing a growth of 13%.

AFCONS INFRASTRUCTURE LTD Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	31,757	35,960	13.2
Current Liabilities	Rs m	84,193	99,741	18.5
Long-term Debt	Rs m	5,965	5,977	0.2
Total Liabilities	Rs m	146,812	165,953	13.0
Current assets	Rs m	91,443	110,659	21.0
Fixed Assets	Rs m	55,369	55,294	-0.1
Total Assets	Rs m	146,812	165,953	13.0

AFCONS INFRASTRUCTURE LTD Cash Flow Statement Analysis

• AFCONS INFRASTRUCTURE LTD's cash flow from operating activities (CFO) during FY24 stood at Rs 7 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -9 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 151% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 939 million from the Rs -1 billion net cash flows seen during FY23.

AFCONS INFRASTRUCTURE LTD 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	12,155	7,074	-41.8%
Cash Flow from Investing Activities	Rs m	-8,702	-8,586	-
Cash Flow from Financing Activities	Rs m	-4,826	2,455	-
Net Cash Flow	Rs m	-1,278	939	-

Current Valuations for AFCONS INFRASTRUCTURE LTD

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.2, an decline from the EPS of Rs 57.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 485.3, stands at 39.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.0 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 18.9 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	1,755.9	389.4
TTM Earnings per share	Rs	57.1	13.2
Diluted earnings per share	Rs	11.2	12.2
Price to Cash Flow	x	0.0	18.9
TTM P/E ratio	x	0.0	39.7
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	178,467
Dividends per share (Unadj.)	Rs	4.0	2.5

Ratio Analysis for AFCONS INFRASTRUCTURE LTD

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x 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 2.2x during FY24, from 2.3x 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 declined and down at 12.5% during FY24, from 12.9% 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 29.8% during FY24, from 27.7% 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 6.2% during FY24, from 5.8% 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	1.1
Debtors’ Days	Days	63	86
Interest coverage	x	2.3	2.2
Debt to equity ratio	x	0.2	0.2
Return on assets	%	5.8	6.2
Return on equity	%	12.9	12.5
Return on capital employed	%	27.7	29.8

To see how AFCONS INFRASTRUCTURE LTD has performed over the last 5 years, please visit here.

AFCONS INFRASTRUCTURE LTD Share Price Performance

Over the last one year, AFCONS INFRASTRUCTURE LTD share price has moved up from Rs 0.0 to Rs 485.3, registering a gain of Rs 485.3 or around 0.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 69,641.4 (down 0.7%). Over the last one year it has moved up from 47,451.9 to 69,641.4, a gain of 22,189 points (up 46.8%).

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for AFCONS INFRASTRUCTURE LTD and quarterly results for AFCONS INFRASTRUCTURE LTD)