ANDREW YULE 2023-24 Annual Report Analysis

Thu, 3 Oct

ANDREW YULE 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.

ANDREW YULE Income Statement Analysis

• Operating income during the year fell 17.2% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 28.8% in FY24 as against 1.7% in FY23.
• Depreciation charges increased by 7.8% and finance costs increased by 55.6% YoY, respectively.
• Other income grew by 21.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 0.3% in FY23 to 20.5% in FY24.

ANDREW YULE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,740	3,099	-17.2%
Other income	Rs m	318	387	21.8%
Total Revenues	Rs m	4,058	3,485	-14.1%
Gross profit	Rs m	-63	-893	NA
Depreciation	Rs m	64	70	7.8%
Interest	Rs m	101	157	55.6%
Profit before tax	Rs m	90	-732	NA
Tax	Rs m	78	-96	NA
Profit after tax	Rs m	12	-636	NA
Gross profit margin	%	-1.7	-28.8
Effective tax rate	%	87.0	13.1
Net profit margin	%	0.3	-20.5

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ANDREW YULE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 7.7%.
• Long-term debt down at Rs 38 million as compared to Rs 59 million during FY23, a fall of 35.8%.
• Current assets fell 23% and stood at Rs 2 billion, while fixed assets rose 7% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 7 billion during FY23, thereby witnessing a fall of 4%.

ANDREW YULE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,849	3,393	-11.9
Current Liabilities	Rs m	2,883	3,105	7.7
Long-term Debt	Rs m	59	38	-35.8
Total Liabilities	Rs m	7,416	7,106	-4.2
Current assets	Rs m	2,839	2,187	-23.0
Fixed Assets	Rs m	4,577	4,914	7.4
Total Assets	Rs m	7,416	7,106	-4.2

ANDREW YULE Cash Flow Statement Analysis

• ANDREW YULE's cash flow from operating activities (CFO) during FY24 stood at Rs 228 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -215 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -120 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -106 million from the Rs 175 million net cash flows seen during FY23.

ANDREW YULE 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	543	228	-58.0%
Cash Flow from Investing Activities	Rs m	-289	-215	-
Cash Flow from Financing Activities	Rs m	-79	-120	-
Net Cash Flow	Rs m	175	-106	-

Current Valuations for ANDREW YULE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.3, an decline from the EPS of Rs 0.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 46.9, stands at -38.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.8 times, while the price to sales ratio stands at 7.4 times.
• The company's price to cash flow (P/CF) ratio stood at -38.4 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	7.6	6.3
TTM Earnings per share	Rs	0.0	-1.3
Diluted earnings per share	Rs	0.0	-1.3
Price to Cash Flow	x	129.9	-38.4
TTM P/E ratio	x	849.8	-38.3
Price / Book Value ratio	x	3.3	6.4
Market Cap	Rs m	12,789	21,753
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ANDREW YULE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x 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 -3.7x during FY24, from 1.9x 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 -18.8% during FY24, from 0.3% 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 -16.8% during FY24, from 4.9% 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 declined and down at -6.7% during FY24, from 1.5% 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	0.7
Debtors’ Days	Days	1,153	1,177
Interest coverage	x	1.9	-3.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.5	-6.7
Return on equity	%	0.3	-18.8
Return on capital employed	%	4.9	-16.8

To see how ANDREW YULE has performed over the last 5 years, please visit here.

ANDREW YULE Share Price Performance

Over the last one year, ANDREW YULE share price has moved up from Rs 34.6 to Rs 46.9, registering a gain of Rs 12.3 or around 35.6%.

Overall, the S&P BSE SENSEX is up 27.6% over the year.

(To know more, check out historical annual results for ANDREW YULE and quarterly results for ANDREW YULE)