AFFLE (INDIA) 2023-24 Annual Report Analysis

Mon, 2 Sep

AFFLE (INDIA) 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.

AFFLE (INDIA) Income Statement Analysis

• Operating income during the year rose 28.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.5% in FY24 as against 20.1% in FY23.
• Depreciation charges increased by 44.7% and finance costs increased by 65.4% YoY, respectively.
• Other income grew by 5.3% YoY.
• Net profit for the year grew by 21.1% YoY.
• Net profit margins during the year declined from 17.1% in FY23 to 16.1% in FY24.

AFFLE (INDIA) Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,340	18,428	28.5%
Other income	Rs m	543	572	5.3%
Total Revenues	Rs m	14,883	19,000	27.7%
Gross profit	Rs m	2,881	3,600	25.0%
Depreciation	Rs m	494	715	44.7%
Interest	Rs m	114	189	65.4%
Profit before tax	Rs m	2,816	3,268	16.1%
Tax	Rs m	361	295	-18.2%
Profit after tax	Rs m	2,455	2,973	21.1%
Gross profit margin	%	20.1	19.5
Effective tax rate	%	12.8	9.0
Net profit margin	%	17.1	16.1

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AFFLE (INDIA) Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 6 billion as compared to Rs 4 billion in FY23, thereby witnessing an increase of 59.4%.
• Long-term debt stood at Rs 726 million as compared to Rs 521 million during FY23, a growth of 39.4%.
• Current assets rose 70% and stood at Rs 20 billion, while fixed assets rose 55% and stood at Rs 13 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 33 billion as against Rs 20 billion during FY23, thereby witnessing a growth of 63%.

AFFLE (INDIA) Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	14,551	24,832	70.6
Current Liabilities	Rs m	4,033	6,429	59.4
Long-term Debt	Rs m	521	726	39.4
Total Liabilities	Rs m	20,261	33,124	63.5
Current assets	Rs m	11,625	19,743	69.8
Fixed Assets	Rs m	8,636	13,380	54.9
Total Assets	Rs m	20,261	33,124	63.5

AFFLE (INDIA) Cash Flow Statement Analysis

• AFFLE (INDIA)'s cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion, an improvement of 0.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -6 billion, an improvement of 192.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 8 billion, an improvement of 1,426% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 5 billion from the Rs 157 million net cash flows seen during FY23.

AFFLE (INDIA) 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	2,603	2,623	0.8%
Cash Flow from Investing Activities	Rs m	-1,974	-5,773	-
Cash Flow from Financing Activities	Rs m	-590	7,832	-
Net Cash Flow	Rs m	157	4,731	2,913.9%

Current Valuations for AFFLE (INDIA)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.2, an improvement from the EPS of Rs 18.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,622.8, stands at 71.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.2 times, while the price to sales ratio stands at 12.3 times.
• The company's price to cash flow (P/CF) ratio stood at 42.0 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	107.7	131.5
TTM Earnings per share	Rs	18.4	21.2
Diluted earnings per share	Rs	17.5	21.2
Price to Cash Flow	x	46.9	42.0
TTM P/E ratio	x	56.4	71.7
Price / Book Value ratio	x	10.3	6.2
Market Cap	Rs m	149,172	154,934
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for AFFLE (INDIA)

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.1x during FY24, from 2.9x 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 18.3x during FY24, from 25.7x 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 12.0% during FY24, from 16.9% 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 declined and down at 13.5% during FY24, from 19.4% 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 9.5% during FY24, from 12.7% 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	2.9	3.1
Debtors’ Days	Days	62	63
Interest coverage	x	25.7	18.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.7	9.5
Return on equity	%	16.9	12.0
Return on capital employed	%	19.4	13.5

To see how AFFLE (INDIA) has performed over the last 5 years, please visit here.

AFFLE (INDIA) Share Price Performance

Over the last one year, AFFLE (INDIA) share price has moved up from Rs 1,077.4 to Rs 1,622.8, registering a gain of Rs 545.4 or around 50.6%.

Overall, the S&P BSE SENSEX is up 26.9% over the year.

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