AVG LOGISTICS 2023-24 Annual Report Analysis

Thu, 21 Nov

AVG LOGISTICS 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.

AVG LOGISTICS Income Statement Analysis

• Operating income during the year rose 12.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 30.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.6% in FY24 as against 17.7% in FY23.
• Depreciation charges increased by 7.2% and finance costs decreased by 7.0% YoY, respectively.
• Other income grew by 301.3% YoY.
• Net profit for the year grew by 310.1% YoY.
• Net profit margins during the year grew from 1.8% in FY23 to 6.7% in FY24.

AVG LOGISTICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,271	4,799	12.4%
Other income	Rs m	28	112	301.3%
Total Revenues	Rs m	4,299	4,911	14.2%
Gross profit	Rs m	756	988	30.7%
Depreciation	Rs m	358	384	7.2%
Interest	Rs m	314	292	-7.0%
Profit before tax	Rs m	112	424	279.0%
Tax	Rs m	33	101	205.2%
Profit after tax	Rs m	79	323	310.1%
Gross profit margin	%	17.7	20.6
Effective tax rate	%	29.6	23.9
Net profit margin	%	1.8	6.7

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AVG LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -18.8%.
• Long-term debt down at Rs 267 million as compared to Rs 445 million during FY23, a fall of 40.0%.
• Current assets rose 21% and stood at Rs 2 billion, while fixed assets rose 4% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 11%.

AVG LOGISTICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	898	1,861	107.3
Current Liabilities	Rs m	1,403	1,139	-18.8
Long-term Debt	Rs m	445	267	-40.0
Total Liabilities	Rs m	4,031	4,476	11.0
Current assets	Rs m	1,624	1,963	20.8
Fixed Assets	Rs m	2,407	2,514	4.4
Total Assets	Rs m	4,031	4,476	11.0

AVG LOGISTICS Cash Flow Statement Analysis

• AVG LOGISTICS's cash flow from operating activities (CFO) during FY24 stood at Rs 10 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -350 million, an improvement of 122.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 344 million, an improvement of 244% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 4 million from the Rs -13 million net cash flows seen during FY23.

AVG LOGISTICS 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	384	10	-97.5%
Cash Flow from Investing Activities	Rs m	-157	-350	-
Cash Flow from Financing Activities	Rs m	-240	344	-
Net Cash Flow	Rs m	-13	4	-

Current Valuations for AVG LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.6, an improvement from the EPS of Rs 6.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 394.7, stands at 15.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 8.2 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	362.6	351.3
TTM Earnings per share	Rs	6.7	23.6
Diluted earnings per share	Rs	5.5	22.4
Price to Cash Flow	x	0.0	8.2
TTM P/E ratio	x	0.0	15.0
Price / Book Value ratio	x	1.5	3.1
Market Cap	Rs m	1,378	5,809
Dividends per share (Unadj.)	Rs	1.0	1.2

Ratio Analysis for AVG LOGISTICS

• 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 2.5x 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 17.3% during FY24, from 8.8% 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 33.6% during FY24, from 31.7% 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 13.7% during FY24, from 9.7% 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	1,052	1,229
Interest coverage	x	1.4	2.5
Debt to equity ratio	x	0.5	0.1
Return on assets	%	9.7	13.7
Return on equity	%	8.8	17.3
Return on capital employed	%	31.7	33.6

To see how AVG LOGISTICS has performed over the last 5 years, please visit here.

AVG LOGISTICS Share Price Performance

Over the last one year, AVG LOGISTICS share price has moved up from Rs 317.8 to Rs 394.7, registering a gain of Rs 76.9 or around 24.2%.

Overall, the S&P BSE SENSEX is up 17.5% over the year.

(To know more, check out historical annual results for AVG LOGISTICS and quarterly results for AVG LOGISTICS)