AGI INFRA 2023-24 Annual Report Analysis

Fri, 29 Nov

AGI INFRA 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.

AGI INFRA Income Statement Analysis

• Operating income during the year rose 21.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 29.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.0% in FY24 as against 24.3% in FY23.
• Depreciation charges increased by 98.6% and finance costs increased by 49.7% YoY, respectively.
• Other income grew by 41.4% YoY.
• Net profit for the year grew by 8.3% YoY.
• Net profit margins during the year declined from 20.0% in FY23 to 17.8% in FY24.

AGI INFRA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,411	2,923	21.2%
Other income	Rs m	64	91	41.4%
Total Revenues	Rs m	2,475	3,014	21.8%
Gross profit	Rs m	585	760	29.7%
Depreciation	Rs m	59	116	98.6%
Interest	Rs m	51	77	49.7%
Profit before tax	Rs m	540	657	21.7%
Tax	Rs m	58	136	132.6%
Profit after tax	Rs m	481	521	8.3%
Gross profit margin	%	24.3	26.0
Effective tax rate	%	10.8	20.7
Net profit margin	%	20.0	17.8

Get savings of Rs 6,050: Join our small cap research service today!

AGI INFRA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 8 billion as compared to Rs 6 billion in FY23, thereby witnessing an increase of 44.2%.
• Long-term debt stood at Rs 524 million as compared to Rs 301 million during FY23, a growth of 74.3%.
• Current assets rose 42% and stood at Rs 8 billion, while fixed assets rose 47% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 8 billion during FY23, thereby witnessing a growth of 43%.

AGI INFRA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,724	2,246	30.3
Current Liabilities	Rs m	5,561	8,017	44.2
Long-term Debt	Rs m	301	524	74.3
Total Liabilities	Rs m	7,530	10,764	43.0
Current assets	Rs m	5,805	8,226	41.7
Fixed Assets	Rs m	1,725	2,538	47.1
Total Assets	Rs m	7,530	10,764	43.0

AGI INFRA Cash Flow Statement Analysis

• AGI INFRA's cash flow from operating activities (CFO) during FY24 stood at Rs 615 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -881 million, an improvement of 63.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 814 million, an improvement of 5,410% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 548 million from the Rs 141 million net cash flows seen during FY23.

AGI INFRA 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	666	615	-7.8%
Cash Flow from Investing Activities	Rs m	-540	-881	-
Cash Flow from Financing Activities	Rs m	15	814	5,409.7%
Net Cash Flow	Rs m	141	548	287.8%

Current Valuations for AGI INFRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 42.6, an improvement from the EPS of Rs 39.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,599.0, stands at 34.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 6.7 times.
• The company's price to cash flow (P/CF) ratio stood at 15.0 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	197.3	239.2
TTM Earnings per share	Rs	39.4	42.6
Diluted earnings per share	Rs	39.4	42.6
Price to Cash Flow	x	10.6	15.0
TTM P/E ratio	x	11.9	34.8
Price / Book Value ratio	x	2.9	4.3
Market Cap	Rs m	5,028	9,568
Dividends per share (Unadj.)	Rs	1.0	1.0

Ratio Analysis for AGI INFRA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.0x 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 9.5x during FY24, from 11.5x 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 23.2% during FY24, from 27.9% 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 26.5% during FY24, from 29.2% 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 declined and down at 5.6% during FY24, from 7.1% 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	1.0	1.0
Debtors’ Days	Days	41	36
Interest coverage	x	11.5	9.5
Debt to equity ratio	x	0.2	0.2
Return on assets	%	7.1	5.6
Return on equity	%	27.9	23.2
Return on capital employed	%	29.2	26.5

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

AGI INFRA Share Price Performance

Over the last one year, AGI INFRA share price has moved up from Rs 670.0 to Rs 1,599.0, registering a gain of Rs 929.0 or around 138.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,027.9 (up 0.3%). Over the last one year it has moved up from 5,572.2 to 8,027.9, a gain of 2,456 points (up 44.1%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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