ATUL AUTO 2023-24 Annual Report Analysis

Wed, 9 Oct

ATUL AUTO 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.

ATUL AUTO Income Statement Analysis

• Operating income during the year rose 2.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 10.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.6% in FY24 as against 7.1% in FY23.
• Depreciation charges increased by 16.6% and finance costs decreased by 19.6% YoY, respectively.
• Other income grew by 37.3% YoY.
• Net profit for the year grew by 125.9% YoY.
• Net profit margins during the year grew from 0.6% in FY23 to 1.3% in FY24.

ATUL AUTO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,131	5,273	2.8%
Other income	Rs m	15	21	37.3%
Total Revenues	Rs m	5,146	5,294	2.9%
Gross profit	Rs m	363	400	10.3%
Depreciation	Rs m	155	181	16.6%
Interest	Rs m	165	133	-19.6%
Profit before tax	Rs m	58	107	85.3%
Tax	Rs m	27	36	37.4%
Profit after tax	Rs m	31	71	125.9%
Gross profit margin	%	7.1	7.6
Effective tax rate	%	45.8	34.0
Net profit margin	%	0.6	1.3

End of Year Sale: Grab our small cap recommendation service at 60% off!

ATUL AUTO Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -10.6%.
• Long-term debt down at Rs 581 million as compared to Rs 706 million during FY23, a fall of 17.6%.
• Current assets rose 24% and stood at Rs 3 billion, while fixed assets fell 1% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 8%.

ATUL AUTO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,477	4,199	20.8
Current Liabilities	Rs m	1,756	1,570	-10.6
Long-term Debt	Rs m	706	581	-17.6
Total Liabilities	Rs m	5,966	6,445	8.0
Current assets	Rs m	2,116	2,621	23.9
Fixed Assets	Rs m	3,850	3,824	-0.7
Total Assets	Rs m	5,966	6,445	8.0

ATUL AUTO Cash Flow Statement Analysis

• ATUL AUTO's cash flow from operating activities (CFO) during FY24 stood at Rs -8 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -138 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 305 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 159 million from the Rs -23 million net cash flows seen during FY23.

ATUL AUTO 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	-177	-8	-
Cash Flow from Investing Activities	Rs m	-235	-138	-
Cash Flow from Financing Activities	Rs m	389	305	-21.6%
Net Cash Flow	Rs m	-23	159	-

Current Valuations for ATUL AUTO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.5, an improvement from the EPS of Rs 1.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 646.0, stands at 104.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 3.4 times.
• The company's price to cash flow (P/CF) ratio stood at 56.2 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	214.9	190.0
TTM Earnings per share	Rs	1.3	2.5
Diluted earnings per share	Rs	1.1	2.5
Price to Cash Flow	x	46.6	56.2
TTM P/E ratio	x	277.1	104.0
Price / Book Value ratio	x	1.9	3.4
Market Cap	Rs m	6,481	14,137
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ATUL AUTO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.2x 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 1.8x during FY24, from 1.4x 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 1.7% during FY24, from 0.9% 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 5.0% during FY24, from 5.3% 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 3.2% during FY24, from 3.3% 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	1.2	1.7
Debtors’ Days	Days	191	333
Interest coverage	x	1.4	1.8
Debt to equity ratio	x	0.2	0.1
Return on assets	%	3.3	3.2
Return on equity	%	0.9	1.7
Return on capital employed	%	5.3	5.0

To see how ATUL AUTO has performed over the last 5 years, please visit here.

ATUL AUTO Share Price Performance

Over the last one year, ATUL AUTO share price has moved up from Rs 585.4 to Rs 646.0, registering a gain of Rs 60.7 or around 10.4%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 59,813.0 (up 0.9%). Over the last one year it has moved up from 35,890.4 to 59,813.0, a gain of 23,923 points (up 66.7%).

Overall, the S&P BSE SENSEX is up 25.1% over the year.

(To know more, check out historical annual results for ATUL AUTO and quarterly results for ATUL AUTO)