ALPEX SOLAR LTD. 2023-24 Annual Report Analysis

Tue, 15 Oct

ALPEX SOLAR 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.

ALPEX SOLAR LTD. Income Statement Analysis

• Operating income during the year rose 111.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 267.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.2% in FY24 as against 5.9% in FY23.
• Depreciation charges increased by 41.1% and finance costs increased by 15.7% YoY, respectively.
• Other income declined by 26.7% YoY.
• Net profit for the year grew by 610.5% YoY.
• Net profit margins during the year grew from 1.9% in FY23 to 6.4% in FY24.

ALPEX SOLAR LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,947	4,126	111.9%
Other income	Rs m	12	9	-26.7%
Total Revenues	Rs m	1,959	4,135	111.1%
Gross profit	Rs m	115	421	267.0%
Depreciation	Rs m	21	29	41.1%
Interest	Rs m	54	62	15.7%
Profit before tax	Rs m	53	339	539.6%
Tax	Rs m	16	73	369.6%
Profit after tax	Rs m	37	266	610.5%
Gross profit margin	%	5.9	10.2
Effective tax rate	%	29.4	21.6
Net profit margin	%	1.9	6.4

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ALPEX SOLAR LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 806 million as compared to Rs 745 million in FY23, thereby witnessing an increase of 8.1%.
• Long-term debt down at Rs 44 million as compared to Rs 90 million during FY23, a fall of 51.2%.
• Current assets rose 81% and stood at Rs 2 billion, while fixed assets rose 39% and stood at Rs 382 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 72%.

ALPEX SOLAR LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	414	1,309	215.9
Current Liabilities	Rs m	745	806	8.1
Long-term Debt	Rs m	90	44	-51.2
Total Liabilities	Rs m	1,256	2,162	72.1
Current assets	Rs m	982	1,780	81.3
Fixed Assets	Rs m	274	382	39.2
Total Assets	Rs m	1,256	2,162	72.1

ALPEX SOLAR LTD. Cash Flow Statement Analysis

• ALPEX SOLAR LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -54 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -169 million, an improvement of 98.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 456 million, an improvement of 168% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 233 million from the Rs 16 million net cash flows seen during FY23.

ALPEX SOLAR 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	-69	-54	-
Cash Flow from Investing Activities	Rs m	-85	-169	-
Cash Flow from Financing Activities	Rs m	170	456	168.1%
Net Cash Flow	Rs m	16	233	1,320.1%

Current Valuations for ALPEX SOLAR LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.9, an improvement from the EPS of Rs 6.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 845.5, stands at 77.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 15.8 times, while the price to sales ratio stands at 5.0 times.
• The company's price to cash flow (P/CF) ratio stood at 24.5 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	324.5	168.6
TTM Earnings per share	Rs	6.2	10.9
Diluted earnings per share	Rs	1.5	10.9
Price to Cash Flow	x	0.0	24.5
TTM P/E ratio	x	0.0	77.9
Price / Book Value ratio	x	0.0	5.5
Market Cap	Rs m	0	7,205
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ALPEX SOLAR LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 1.3x 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 6.5x during FY24, from 2.0x 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 20.3% during FY24, from 9.0% 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 29.6% during FY24, from 21.1% 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 15.1% during FY24, from 7.2% 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	1.3	2.2
Debtors’ Days	Days	351	627
Interest coverage	x	2.0	6.5
Debt to equity ratio	x	0.2	0.0
Return on assets	%	7.2	15.1
Return on equity	%	9.0	20.3
Return on capital employed	%	21.1	29.6

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

ALPEX SOLAR LTD. Share Price Performance

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(To know more, check out historical annual results for ALPEX SOLAR LTD. and quarterly results for ALPEX SOLAR LTD.)