STYRENIX PERFORMANCE 2023-24 Annual Report Analysis

Thu, 1 Aug

STYRENIX PERFORMANCE 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.

STYRENIX PERFORMANCE Income Statement Analysis

• Operating income during the year fell 6.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 4.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.9% in FY24 as against 11.6% in FY23.
• Depreciation charges decreased by 3.3% and finance costs decreased by 38.4% YoY, respectively.
• Other income declined by 38.7% YoY.
• Net profit for the year declined by 5.4% YoY.
• Net profit margins during the year grew from 7.7% in FY23 to 7.8% in FY24.

STYRENIX PERFORMANCE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	23,723	22,222	-6.3%
Other income	Rs m	151	93	-38.7%
Total Revenues	Rs m	23,874	22,314	-6.5%
Gross profit	Rs m	2,756	2,643	-4.1%
Depreciation	Rs m	380	368	-3.3%
Interest	Rs m	58	36	-38.4%
Profit before tax	Rs m	2,470	2,333	-5.5%
Tax	Rs m	640	601	-6.0%
Profit after tax	Rs m	1,830	1,732	-5.4%
Gross profit margin	%	11.6	11.9
Effective tax rate	%	25.9	25.8
Net profit margin	%	7.7	7.8

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STYRENIX PERFORMANCE Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -46.6%.
• Long-term debt stood at Rs 97 million as compared to Rs 96 million during FY23, a growth of 1.0%.
• Current assets fell 25% and stood at Rs 7 billion, while fixed assets rose 1% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 13 billion during FY23, thereby witnessing a fall of 18%.

STYRENIX PERFORMANCE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,147	7,227	1.1
Current Liabilities	Rs m	4,802	2,566	-46.6
Long-term Debt	Rs m	96	97	1.0
Total Liabilities	Rs m	12,628	10,379	-17.8
Current assets	Rs m	9,217	6,944	-24.7
Fixed Assets	Rs m	3,407	3,432	0.8
Total Assets	Rs m	12,628	10,379	-17.8

STYRENIX PERFORMANCE Cash Flow Statement Analysis

• STYRENIX PERFORMANCE's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -880 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion, an improvement of 11% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -483 million from the Rs -633 million net cash flows seen during FY23.

STYRENIX PERFORMANCE 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	2,701	2,163	-19.9%
Cash Flow from Investing Activities	Rs m	-1,356	-880	-
Cash Flow from Financing Activities	Rs m	-1,978	-1,766	-
Net Cash Flow	Rs m	-633	-483	-

Current Valuations for STYRENIX PERFORMANCE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 98.4, an decline from the EPS of Rs 104.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,622.1, stands at 22.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 9.9 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	1,348.6	1,263.3
TTM Earnings per share	Rs	104.0	98.4
Diluted earnings per share	Rs	104.1	98.5
Price to Cash Flow	x	5.7	9.9
TTM P/E ratio	x	6.9	22.8
Price / Book Value ratio	x	2.3	2.9
Market Cap	Rs m	16,417	20,786
Dividends per share (Unadj.)	Rs	104.0	98.0

Ratio Analysis for STYRENIX PERFORMANCE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY24, from 1.9x 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 66.7x during FY24, from 43.9x 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 24.0% during FY24, from 25.6% 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 32.3% during FY24, from 34.9% 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 17.0% during FY24, from 14.9% 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	1.9	2.7
Debtors’ Days	Days	5	5
Interest coverage	x	43.9	66.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	14.9	17.0
Return on equity	%	25.6	24.0
Return on capital employed	%	34.9	32.3

To see how STYRENIX PERFORMANCE has performed over the last 5 years, please visit here.

STYRENIX PERFORMANCE Share Price Performance

Over the last one year, STYRENIX PERFORMANCE share price has moved up from Rs 1,183.6 to Rs 2,622.1, registering a gain of Rs 1,438.5 or around 121.5%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 32,722.6 (up 0.5%). Over the last one year it has moved up from 19,390.7 to 32,722.6, a gain of 13,332 points (up 68.8%).

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for STYRENIX PERFORMANCE and quarterly results for STYRENIX PERFORMANCE)