ASTRA MICRO 2023-24 Annual Report Analysis

Mon, 5 Aug

ASTRA MICRO 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.

ASTRA MICRO Income Statement Analysis

• Operating income during the year rose 11.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 40.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.4% in FY24 as against 17.8% in FY23.
• Depreciation charges increased by 5.6% and finance costs increased by 2.4% YoY, respectively.
• Other income grew by 113.7% YoY.
• Net profit for the year grew by 73.4% YoY.
• Net profit margins during the year grew from 8.6% in FY23 to 13.3% in FY24.

ASTRA MICRO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,155	9,088	11.4%
Other income	Rs m	55	117	113.7%
Total Revenues	Rs m	8,210	9,205	12.1%
Gross profit	Rs m	1,451	2,040	40.6%
Depreciation	Rs m	237	250	5.6%
Interest	Rs m	310	317	2.4%
Profit before tax	Rs m	959	1,590	65.7%
Tax	Rs m	261	379	45.3%
Profit after tax	Rs m	698	1,211	73.4%
Gross profit margin	%	17.8	22.4
Effective tax rate	%	27.2	23.9
Net profit margin	%	8.6	13.3

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ASTRA MICRO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 4 billion in FY23, thereby witnessing an increase of 32.1%.
• Long-term debt stood at Rs 155 million as compared to Rs 33 million during FY23, a growth of 364.5%.
• Current assets rose 45% and stood at Rs 13 billion, while fixed assets rose 20% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 41%.

ASTRA MICRO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6,426	9,662	50.4
Current Liabilities	Rs m	3,603	4,761	32.1
Long-term Debt	Rs m	33	155	364.5
Total Liabilities	Rs m	10,878	15,327	40.9
Current assets	Rs m	8,743	12,720	45.5
Fixed Assets	Rs m	2,135	2,559	19.9
Total Assets	Rs m	10,878	15,327	40.9

ASTRA MICRO Cash Flow Statement Analysis

• ASTRA MICRO's cash flow from operating activities (CFO) during FY24 stood at Rs -2 billion, an improvement of 612.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -436 million, an improvement of 54.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 211% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 73 million from the Rs 211 million net cash flows seen during FY23.

ASTRA MICRO 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	-255	-1,815	-
Cash Flow from Investing Activities	Rs m	-282	-436	-
Cash Flow from Financing Activities	Rs m	748	2,324	210.8%
Net Cash Flow	Rs m	211	73	-65.4%

Current Valuations for ASTRA MICRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.8, an improvement from the EPS of Rs 8.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 831.3, stands at 72.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.2 times, while the price to sales ratio stands at 8.7 times.
• The company's price to cash flow (P/CF) ratio stood at 29.8 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	94.2	95.7
TTM Earnings per share	Rs	8.1	12.8
Diluted earnings per share	Rs	7.4	12.8
Price to Cash Flow	x	22.8	29.8
TTM P/E ratio	x	29.3	72.4
Price / Book Value ratio	x	3.8	4.5
Market Cap	Rs m	24,156	43,475
Dividends per share (Unadj.)	Rs	1.6	2.0

Ratio Analysis for ASTRA MICRO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY24, from 2.4x 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 6.0x during FY24, from 4.1x 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 improved and stood at 12.5% during FY24, from 10.9% 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 19.4% during FY24, from 19.6% 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 improved and stood at 10.0% during FY24, from 9.3% 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	2.4	2.7
Debtors’ Days	Days	1,270	2,029
Interest coverage	x	4.1	6.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.3	10.0
Return on equity	%	10.9	12.5
Return on capital employed	%	19.6	19.4

To see how ASTRA MICRO has performed over the last 5 years, please visit here.

ASTRA MICRO Share Price Performance

Over the last one year, ASTRA MICRO share price has moved up from Rs 357.2 to Rs 831.3, registering a gain of Rs 474.2 or around 132.8%.

Overall, the S&P BSE SENSEX is up 18.5% over the year.

(To know more, check out historical annual results for ASTRA MICRO and quarterly results for ASTRA MICRO)