ALPHALOGIC TECHSYS 2023-24 Annual Report Analysis

Tue, 18 Jun

ALPHALOGIC TECHSYS 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.

ALPHALOGIC TECHSYS Income Statement Analysis

• Operating income during the year rose 142.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 13.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.3% in FY24 as against 24.1% in FY23.
• Depreciation charges increased by 9.0% and finance costs increased by 32.8% YoY, respectively.
• Other income grew by 131.5% YoY.
• Net profit for the year grew by 29.7% YoY.
• Net profit margins during the year declined from 18.4% in FY23 to 9.8% in FY24.

ALPHALOGIC TECHSYS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	222	539	142.7%
Other income	Rs m	7	17	131.5%
Total Revenues	Rs m	230	557	142.3%
Gross profit	Rs m	53	61	13.6%
Depreciation	Rs m	1	1	9.0%
Interest	Rs m	5	7	32.8%
Profit before tax	Rs m	55	70	27.9%
Tax	Rs m	14	17	22.6%
Profit after tax	Rs m	41	53	29.7%
Gross profit margin	%	24.1	11.3
Effective tax rate	%	25.4	24.3
Net profit margin	%	18.4	9.8

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ALPHALOGIC TECHSYS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 120 million as compared to Rs 104 million in FY23, thereby witnessing an increase of 15.2%.
• Current assets rose 114% and stood at Rs 434 million, while fixed assets fell 4% and stood at Rs 177 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 611 million as against Rs 387 million during FY23, thereby witnessing a growth of 58%.

ALPHALOGIC TECHSYS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	265	389	46.9
Current Liabilities	Rs m	104	120	15.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	387	611	57.7
Current assets	Rs m	203	434	114.2
Fixed Assets	Rs m	185	177	-4.2
Total Assets	Rs m	387	611	57.7

ALPHALOGIC TECHSYS Cash Flow Statement Analysis

• ALPHALOGIC TECHSYS's cash flow from operating activities (CFO) during FY24 stood at Rs 5 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -101 million, an improvement of 167.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 95 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -1 million from the Rs 0 million net cash flows seen during FY23.

ALPHALOGIC TECHSYS 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	-75	5	-
Cash Flow from Investing Activities	Rs m	-38	-101	-
Cash Flow from Financing Activities	Rs m	112	95	-15.6%
Net Cash Flow	Rs m	0	-1	-

Current Valuations for ALPHALOGIC TECHSYS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.1, an decline from the EPS of Rs 1.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 294.0, stands at 269.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 36.6 times, while the price to sales ratio stands at 25.9 times.
• The company's price to cash flow (P/CF) ratio stood at 50.7 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	6.3	11.4
TTM Earnings per share	Rs	1.2	1.1
Diluted earnings per share	Rs	0.8	1.1
Price to Cash Flow	x	27.9	50.7
TTM P/E ratio	x	28.7	269.5
Price / Book Value ratio	x	4.5	7.1
Market Cap	Rs m	1,180	2,744
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ALPHALOGIC TECHSYS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY24, from 1.9x 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 11.2x during FY24, from 11.6x 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 13.6% during FY24, from 15.4% 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 19.7% during FY24, from 22.6% 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 9.8% during FY24, from 11.9% 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	1.9	3.6
Debtors’ Days	Days	490	609
Interest coverage	x	11.6	11.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.9	9.8
Return on equity	%	15.4	13.6
Return on capital employed	%	22.6	19.7

To see how ALPHALOGIC TECHSYS has performed over the last 5 years, please visit here.

ALPHALOGIC TECHSYS Share Price Performance

Over the last one year, ALPHALOGIC TECHSYS share price has moved up from Rs 34.9 to Rs 294.0, registering a gain of Rs 259.2 or around 743.6%.

Meanwhile, the S&P BSE IT Index is trading at Rs 35,589.7 (up 0.2%). Over the last one year it has moved up from 28,971.7 to 35,589.7, a gain of 6,618 points (up 22.8%).

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

(To know more, check out historical annual results for ALPHALOGIC TECHSYS and quarterly results for ALPHALOGIC TECHSYS)