ALOK INDUSTRIES 2023-24 Annual Report Analysis

Tue, 13 Aug

ALOK INDUSTRIES 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.

ALOK INDUSTRIES Income Statement Analysis

• Operating income during the year fell 21.2% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 0.9% in FY24 as against 1.1% in FY23.
• Depreciation charges decreased by 11.0% and finance costs increased by 18.9% YoY, respectively.
• Other income declined by 64.1% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 12.6% in FY23 to 15.4% in FY24.

ALOK INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	69,892	55,096	-21.2%
Other income	Rs m	647	232	-64.1%
Total Revenues	Rs m	70,539	55,328	-21.6%
Gross profit	Rs m	-785	477	NA
Depreciation	Rs m	3,649	3,246	-11.0%
Interest	Rs m	5,012	5,961	18.9%
Profit before tax	Rs m	-8,800	-8,497	NA
Tax	Rs m	5	-29	NA
Profit after tax	Rs m	-8,805	-8,468	NA
Gross profit margin	%	-1.1	0.9
Effective tax rate	%	-0.1	0.3
Net profit margin	%	-12.6	-15.4

Don't Miss: Key Information for Long-term Investors

ALOK INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 27 billion as compared to Rs 44 billion in FY23, thereby witnessing an decrease of -38.0%.
• Long-term debt stood at Rs 244 billion as compared to Rs 218 billion during FY23, a growth of 11.8%.
• Current assets fell 1% and stood at Rs 18 billion, while fixed assets fell 1% and stood at Rs 56 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 74 billion as against Rs 75 billion during FY23, thereby witnessing a fall of 1%.

ALOK INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-189,004	-197,759	NA
Current Liabilities	Rs m	44,127	27,354	-38.0
Long-term Debt	Rs m	218,307	244,054	11.8
Total Liabilities	Rs m	74,544	73,972	-0.8
Current assets	Rs m	18,075	17,922	-0.8
Fixed Assets	Rs m	56,469	56,050	-0.7
Total Assets	Rs m	74,544	73,972	-0.8

ALOK INDUSTRIES Cash Flow Statement Analysis

• ALOK INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs -12 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 1,247.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 14 billion, an improvement of 299% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 53 million from the Rs -31 million net cash flows seen during FY23.

ALOK INDUSTRIES 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	8,133	-11,607	-
Cash Flow from Investing Activities	Rs m	-126	-1,698	-
Cash Flow from Financing Activities	Rs m	-6,869	13,640	-
Net Cash Flow	Rs m	-31	53	-

Current Valuations for ALOK INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.7, an improvement from the EPS of Rs -1.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 25.1, stands at -15.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -0.6 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at -24.1 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	14.1	11.1
TTM Earnings per share	Rs	-1.8	-1.7
Diluted earnings per share	Rs	-1.8	-1.7
Price to Cash Flow	x	-11.2	-24.1
TTM P/E ratio	x	-6.5	-15.1
Price / Book Value ratio	x	-0.5	-0.6
Market Cap	Rs m	98,982	125,819
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ALOK INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.7x during FY24, from 0.4x 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 -0.4x during FY24, from -0.8x 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 4.3% during FY24, from 4.7% 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 -5.5% during FY24, from -12.9% 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 -3.4% during FY24, from -5.1% 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	0.4	0.7
Debtors’ Days	Days	2	3
Interest coverage	x	-0.8	-0.4
Debt to equity ratio	x	-1.2	-1.2
Return on assets	%	-5.1	-3.4
Return on equity	%	4.7	4.3
Return on capital employed	%	-12.9	-5.5

To see how ALOK INDUSTRIES has performed over the last 5 years, please visit here.

ALOK INDUSTRIES Share Price Performance

Over the last one year, ALOK INDUSTRIES share price has moved up from Rs 15.9 to Rs 25.1, registering a gain of Rs 9.2 or around 57.9%.

Overall, the S&P BSE SENSEX is up 19.6% over the year.

(To know more, check out historical annual results for ALOK INDUSTRIES and quarterly results for ALOK INDUSTRIES)