AUSTRALIAN PREMIUM SOLAR 2023-24 Annual Report Analysis

Wed, 9 Oct

AUSTRALIAN PREMIUM SOLAR 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.

AUSTRALIAN PREMIUM SOLAR Income Statement Analysis

• Operating income during the year rose 58.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 59.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.2% in FY24 as against 6.2% in FY23.
• Depreciation charges increased by 13.3% and finance costs decreased by 35.1% YoY, respectively.
• Other income grew by 60.9% YoY.
• Net profit for the year grew by 86.2% YoY.
• Net profit margins during the year grew from 3.5% in FY23 to 4.1% in FY24.

AUSTRALIAN PREMIUM SOLAR Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	946	1,497	58.3%
Other income	Rs m	4	6	60.9%
Total Revenues	Rs m	950	1,503	58.3%
Gross profit	Rs m	59	93	59.2%
Depreciation	Rs m	13	15	13.3%
Interest	Rs m	4	3	-35.1%
Profit before tax	Rs m	46	83	80.8%
Tax	Rs m	13	21	66.6%
Profit after tax	Rs m	33	62	86.2%
Gross profit margin	%	6.2	6.2
Effective tax rate	%	27.6	25.4
Net profit margin	%	3.5	4.1

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AUSTRALIAN PREMIUM SOLAR Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 217 million as compared to Rs 219 million in FY23, thereby witnessing an decrease of -0.7%.
• Long-term debt stood at Rs 92 million as compared to Rs 18 million during FY23, a growth of 397.1%.
• Current assets rose 90% and stood at Rs 612 million, while fixed assets rose 177% and stood at Rs 192 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 804 million as against Rs 392 million during FY23, thereby witnessing a growth of 105%.

AUSTRALIAN PREMIUM SOLAR Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	146	481	228.8
Current Liabilities	Rs m	219	217	-0.7
Long-term Debt	Rs m	18	92	397.1
Total Liabilities	Rs m	392	804	105.3
Current assets	Rs m	322	612	89.9
Fixed Assets	Rs m	69	192	176.6
Total Assets	Rs m	392	804	105.3

AUSTRALIAN PREMIUM SOLAR Cash Flow Statement Analysis

• AUSTRALIAN PREMIUM SOLAR's cash flow from operating activities (CFO) during FY24 stood at Rs -53 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -134 million, an improvement of 823.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 346 million, an improvement of 4,581% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 158 million from the Rs -2 million net cash flows seen during FY23.

AUSTRALIAN PREMIUM SOLAR 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	20	-53	-
Cash Flow from Investing Activities	Rs m	-15	-134	-
Cash Flow from Financing Activities	Rs m	-8	346	-
Net Cash Flow	Rs m	-2	158	-

Current Valuations for AUSTRALIAN PREMIUM SOLAR

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.1, an decline from the EPS of Rs 1,652.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 447.9, stands at 143.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 18.4 times, while the price to sales ratio stands at 5.9 times.
• The company's price to cash flow (P/CF) ratio stood at 53.4 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	47,279.5	75.8
TTM Earnings per share	Rs	1,652.5	3.1
Diluted earnings per share	Rs	1.7	3.1
Price to Cash Flow	x	0.0	53.4
TTM P/E ratio	x	0.0	143.7
Price / Book Value ratio	x	0.0	8.5
Market Cap	Rs m	0	4,074
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for AUSTRALIAN PREMIUM SOLAR

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.8x during FY24, from 1.5x 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 32.3x during FY24, from 12.2x 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 12.8% during FY24, from 22.6% 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 14.9% during FY24, from 30.2% 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 8.0% during FY24, from 9.5% 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	1.5	2.8
Debtors’ Days	Days	37,512,055	40,155,093
Interest coverage	x	12.2	32.3
Debt to equity ratio	x	0.1	0.2
Return on assets	%	9.5	8.0
Return on equity	%	22.6	12.8
Return on capital employed	%	30.2	14.9

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

AUSTRALIAN PREMIUM SOLAR Share Price Performance

Over the last one year, AUSTRALIAN PREMIUM SOLAR share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is up 0.8% over the year.

(To know more, check out historical annual results for AUSTRALIAN PREMIUM SOLAR and quarterly results for AUSTRALIAN PREMIUM SOLAR)