ANUPAM RASAYAN 2023-24 Annual Report Analysis

Thu, 12 Sep

ANUPAM RASAYAN 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.

ANUPAM RASAYAN Income Statement Analysis

• Operating income during the year fell 7.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 12.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 25.8% in FY24 as against 27.0% in FY23.
• Depreciation charges increased by 12.1% and finance costs increased by 42.7% YoY, respectively.
• Other income grew by 253.0% YoY.
• Net profit for the year declined by 22.8% YoY.
• Net profit margins during the year declined from 13.5% in FY23 to 11.4% in FY24.

ANUPAM RASAYAN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	16,019	14,751	-7.9%
Other income	Rs m	86	302	253.0%
Total Revenues	Rs m	16,105	15,053	-6.5%
Gross profit	Rs m	4,328	3,807	-12.1%
Depreciation	Rs m	711	797	12.1%
Interest	Rs m	627	894	42.7%
Profit before tax	Rs m	3,077	2,418	-21.4%
Tax	Rs m	908	743	-18.1%
Profit after tax	Rs m	2,168	1,674	-22.8%
Gross profit margin	%	27.0	25.8
Effective tax rate	%	29.5	30.7
Net profit margin	%	13.5	11.4

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ANUPAM RASAYAN Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 13 billion as compared to Rs 8 billion in FY23, thereby witnessing an increase of 62.2%.
• Long-term debt down at Rs 2 billion as compared to Rs 4 billion during FY23, a fall of 44.2%.
• Current assets rose 5% and stood at Rs 22 billion, while fixed assets rose 42% and stood at Rs 24 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 46 billion as against Rs 38 billion during FY23, thereby witnessing a growth of 22%.

ANUPAM RASAYAN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	23,616	26,666	12.9
Current Liabilities	Rs m	8,108	13,152	62.2
Long-term Debt	Rs m	3,550	1,980	-44.2
Total Liabilities	Rs m	37,779	46,017	21.8
Current assets	Rs m	21,112	22,266	5.5
Fixed Assets	Rs m	16,667	23,750	42.5
Total Assets	Rs m	37,779	46,017	21.8

ANUPAM RASAYAN Cash Flow Statement Analysis

• ANUPAM RASAYAN's cash flow from operating activities (CFO) during FY24 stood at Rs 590 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 4 billion, an improvement of 7% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 620 million from the Rs 1 billion net cash flows seen during FY23.

ANUPAM RASAYAN 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	2,921	590	-79.8%
Cash Flow from Investing Activities	Rs m	-5,227	-3,921	-
Cash Flow from Financing Activities	Rs m	3,706	3,951	6.6%
Net Cash Flow	Rs m	1,401	620	-55.7%

Current Valuations for ANUPAM RASAYAN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.3, an decline from the EPS of Rs 20.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 765.1, stands at 66.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 5.7 times.
• The company's price to cash flow (P/CF) ratio stood at 45.1 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	149.1	134.4
TTM Earnings per share	Rs	20.2	15.3
Diluted earnings per share	Rs	19.7	15.2
Price to Cash Flow	x	33.0	45.1
TTM P/E ratio	x	44.1	66.0
Price / Book Value ratio	x	3.4	4.2
Market Cap	Rs m	79,261	111,545
Dividends per share (Unadj.)	Rs	2.5	1.3

Ratio Analysis for ANUPAM RASAYAN

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 2.6x 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 3.7x during FY24, from 5.9x 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 6.3% during FY24, from 9.2% 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 11.6% during FY24, from 13.6% 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 5.6% during FY24, from 7.4% 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	2.6	1.7
Debtors’ Days	Days	95	143
Interest coverage	x	5.9	3.7
Debt to equity ratio	x	0.2	0.1
Return on assets	%	7.4	5.6
Return on equity	%	9.2	6.3
Return on capital employed	%	13.6	11.6

To see how ANUPAM RASAYAN has performed over the last 5 years, please visit here.

ANUPAM RASAYAN Share Price Performance

Over the last one year, ANUPAM RASAYAN share price has moved down from Rs 969.8 to Rs 765.1, registering a loss of Rs 204.8 or around 21.1%.

Overall, the S&P BSE SENSEX is up 21.6% over the year.

(To know more, check out historical annual results for ANUPAM RASAYAN and quarterly results for ANUPAM RASAYAN)