AUTO CORP. OF GOA 2023-24 Annual Report Analysis

Mon, 3 Jun

AUTO CORP. OF GOA 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.

AUTO CORP. OF GOA Income Statement Analysis

• Operating income during the year rose 15.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 26.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.3% in FY24 as against 6.7% in FY23.
• Depreciation charges increased by 6.0% and finance costs increased by 2.4% YoY, respectively.
• Other income grew by 67.8% YoY.
• Net profit for the year grew by 37.8% YoY.
• Net profit margins during the year grew from 5.5% in FY23 to 6.6% in FY24.

AUTO CORP. OF GOA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,062	5,843	15.4%
Other income	Rs m	79	133	67.8%
Total Revenues	Rs m	5,141	5,977	16.2%
Gross profit	Rs m	339	428	26.1%
Depreciation	Rs m	47	50	6.0%
Interest	Rs m	1	1	2.4%
Profit before tax	Rs m	371	511	37.6%
Tax	Rs m	93	127	36.9%
Profit after tax	Rs m	278	384	37.8%
Gross profit margin	%	6.7	7.3
Effective tax rate	%	25.0	24.9
Net profit margin	%	5.5	6.6

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AUTO CORP. OF GOA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 6.5%.
• Current assets rose 14% and stood at Rs 3 billion, while fixed assets fell 3% and stood at Rs 611 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 11%.

AUTO CORP. OF GOA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,937	2,189	13.0
Current Liabilities	Rs m	1,323	1,409	6.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,364	3,729	10.9
Current assets	Rs m	2,732	3,118	14.1
Fixed Assets	Rs m	632	611	-3.2
Total Assets	Rs m	3,364	3,729	10.9

AUTO CORP. OF GOA Cash Flow Statement Analysis

• AUTO CORP. OF GOA's cash flow from operating activities (CFO) during FY24 stood at Rs 610 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -107 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -222 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 281 million from the Rs -49 million net cash flows seen during FY23.

AUTO CORP. OF GOA 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	-43	610	-
Cash Flow from Investing Activities	Rs m	-286	-107	-
Cash Flow from Financing Activities	Rs m	279	-222	-
Net Cash Flow	Rs m	-49	281	-

Current Valuations for AUTO CORP. OF GOA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 63.0, an improvement from the EPS of Rs 45.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,930.0, stands at 30.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 21.1 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	831.2	959.5
TTM Earnings per share	Rs	45.7	63.0
Diluted earnings per share	Rs	45.7	63.0
Price to Cash Flow	x	13.4	21.1
TTM P/E ratio	x	15.7	30.6
Price / Book Value ratio	x	2.8	4.2
Market Cap	Rs m	5,499	9,135
Dividends per share (Unadj.)	Rs	17.5	20.0

Ratio Analysis for AUTO CORP. OF GOA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 2.1x 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 601.8x during FY24, from 448.2x 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 improved and stood at 17.5% during FY24, from 14.4% 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 improved and stood at 23.4% during FY24, from 19.2% 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 improved and stood at 10.3% during FY24, from 8.3% 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	2.1	2.2
Debtors’ Days	Days	585	478
Interest coverage	x	448.2	601.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.3	10.3
Return on equity	%	14.4	17.5
Return on capital employed	%	19.2	23.4

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

AUTO CORP. OF GOA Share Price Performance

Over the last one year, AUTO CORP. OF GOA share price has moved up from Rs 854.9 to Rs 1,930.0, registering a gain of Rs 1,075.2 or around 125.8%.

Overall, the S&P BSE SENSEX is up 20.5% over the year.

(To know more, check out historical annual results for AUTO CORP. OF GOA and quarterly results for AUTO CORP. OF GOA)