AUTOLINE INDUST. 2023-24 Annual Report Analysis

Tue, 5 Nov

AUTOLINE INDUST. 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.

AUTOLINE INDUST. Income Statement Analysis

• Operating income during the year rose 0.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.7% in FY24 as against 7.3% in FY23.
• Depreciation charges decreased by 21.6% and finance costs increased by 4.8% YoY, respectively.
• Other income declined by 1.7% YoY.
• Net profit for the year grew by 50.5% YoY.
• Net profit margins during the year grew from 1.6% in FY23 to 2.4% in FY24.

AUTOLINE INDUST. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,498	6,542	0.7%
Other income	Rs m	25	25	-1.7%
Total Revenues	Rs m	6,523	6,566	0.7%
Gross profit	Rs m	477	506	6.3%
Depreciation	Rs m	176	138	-21.6%
Interest	Rs m	220	230	4.8%
Profit before tax	Rs m	106	163	53.8%
Tax	Rs m	0	4	1,269.0%
Profit after tax	Rs m	105	159	50.5%
Gross profit margin	%	7.3	7.7
Effective tax rate	%	0.3	2.4
Net profit margin	%	1.6	2.4

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AUTOLINE INDUST. 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 20.9%.
• Long-term debt stood at Rs 526 million as compared to Rs 315 million during FY23, a growth of 67.1%.
• Current assets rose 23% and stood at Rs 3 billion, while fixed assets rose 44% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 31%.

AUTOLINE INDUST. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	750	1,300	73.3
Current Liabilities	Rs m	2,650	3,204	20.9
Long-term Debt	Rs m	315	526	67.1
Total Liabilities	Rs m	4,301	5,654	31.5
Current assets	Rs m	2,581	3,173	22.9
Fixed Assets	Rs m	1,719	2,480	44.3
Total Assets	Rs m	4,301	5,654	31.5

AUTOLINE INDUST. Cash Flow Statement Analysis

• AUTOLINE INDUST.'s cash flow from operating activities (CFO) during FY24 stood at Rs 192 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -545 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 354 million, an improvement of 145% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs 0 million net cash flows seen during FY23.

AUTOLINE INDUST. 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	764	192	-74.9%
Cash Flow from Investing Activities	Rs m	23	-545	-
Cash Flow from Financing Activities	Rs m	-787	354	-
Net Cash Flow	Rs m	0	1	712.5%

Current Valuations for AUTOLINE INDUST.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.1, an improvement from the EPS of Rs 2.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 114.7, stands at 22.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 14.9 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	166.8	167.9
TTM Earnings per share	Rs	2.7	4.1
Diluted earnings per share	Rs	2.7	4.1
Price to Cash Flow	x	9.8	14.9
TTM P/E ratio	x	26.2	22.5
Price / Book Value ratio	x	4.6	3.4
Market Cap	Rs m	3,438	4,415
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for AUTOLINE INDUST.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x 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 improved and stood at 1.7x during FY24, from 1.5x 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 12.2% during FY24, from 14.0% 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 21.5% during FY24, from 30.6% 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 declined and down at 6.9% during FY24, from 7.6% 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	1.0
Debtors’ Days	Days	424	637
Interest coverage	x	1.5	1.7
Debt to equity ratio	x	0.4	0.4
Return on assets	%	7.6	6.9
Return on equity	%	14.0	12.2
Return on capital employed	%	30.6	21.5

To see how AUTOLINE INDUST. has performed over the last 5 years, please visit here.

AUTOLINE INDUST. Share Price Performance

Over the last one year, AUTOLINE INDUST. share price has moved up from Rs 104.9 to Rs 114.7, registering a gain of Rs 9.8 or around 9.3%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for AUTOLINE INDUST. and quarterly results for AUTOLINE INDUST.)