CAPACITE INFRAPROJECTS 2023-24 Annual Report Analysis

Wed, 11 Sep

CAPACITE INFRAPROJECTS 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.

CAPACITE INFRAPROJECTS Income Statement Analysis

• Operating income during the year rose 7.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 5.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.2% in FY24 as against 19.6% in FY23.
• Depreciation charges decreased by 25.5% and finance costs increased by 6.9% YoY, respectively.
• Other income grew by 236.3% YoY.
• Net profit for the year grew by 26.3% YoY.
• Net profit margins during the year grew from 5.3% in FY23 to 6.2% in FY24.

CAPACITE INFRAPROJECTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	17,986	19,316	7.4%
Other income	Rs m	95	320	236.3%
Total Revenues	Rs m	18,081	19,637	8.6%
Gross profit	Rs m	3,519	3,324	-5.5%
Depreciation	Rs m	1,360	1,014	-25.5%
Interest	Rs m	894	956	6.9%
Profit before tax	Rs m	1,360	1,674	23.1%
Tax	Rs m	407	471	15.7%
Profit after tax	Rs m	953	1,203	26.3%
Gross profit margin	%	19.6	17.2
Effective tax rate	%	29.9	28.1
Net profit margin	%	5.3	6.2

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CAPACITE INFRAPROJECTS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 14 billion as compared to Rs 14 billion in FY23, thereby witnessing an increase of 1.0%.
• Long-term debt stood at Rs 1 billion as compared to Rs 1 billion during FY23, a growth of 10.9%.
• Current assets rose 26% and stood at Rs 24 billion, while fixed assets fell 21% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 32 billion as against Rs 29 billion during FY23, thereby witnessing a growth of 11%.

CAPACITE INFRAPROJECTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,610	15,170	43.0
Current Liabilities	Rs m	13,507	13,645	1.0
Long-term Debt	Rs m	1,116	1,238	10.9
Total Liabilities	Rs m	29,241	32,366	10.7
Current assets	Rs m	18,820	23,664	25.7
Fixed Assets	Rs m	10,421	8,255	-20.8
Total Assets	Rs m	29,241	32,366	10.7

CAPACITE INFRAPROJECTS Cash Flow Statement Analysis

• CAPACITE INFRAPROJECTS's cash flow from operating activities (CFO) during FY24 stood at Rs -388 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 151.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 640% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -96 million from the Rs 68 million net cash flows seen during FY23.

CAPACITE INFRAPROJECTS 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	1,009	-388	-
Cash Flow from Investing Activities	Rs m	-606	-1,523	-
Cash Flow from Financing Activities	Rs m	-336	1,816	-
Net Cash Flow	Rs m	68	-96	-

Current Valuations for CAPACITE INFRAPROJECTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.2, an improvement from the EPS of Rs 14.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 397.0, stands at 22.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 1.7 times.
• The company's price to cash flow (P/CF) ratio stood at 7.9 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	264.9	228.3
TTM Earnings per share	Rs	14.0	14.2
Diluted earnings per share	Rs	11.3	14.2
Price to Cash Flow	x	4.3	7.9
TTM P/E ratio	x	10.6	22.0
Price / Book Value ratio	x	0.9	1.2
Market Cap	Rs m	9,868	17,466
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CAPACITE INFRAPROJECTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.4x 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 2.8x during FY24, from 2.5x 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 7.9% during FY24, from 9.0% 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 16.0% 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 6.7% during FY24, from 6.3% 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	1.4	1.7
Debtors’ Days	Days	706	1,035
Interest coverage	x	2.5	2.8
Debt to equity ratio	x	0.1	0.1
Return on assets	%	6.3	6.7
Return on equity	%	9.0	7.9
Return on capital employed	%	19.2	16.0

To see how CAPACITE INFRAPROJECTS has performed over the last 5 years, please visit here.

CAPACITE INFRAPROJECTS Share Price Performance

Over the last one year, CAPACITE INFRAPROJECTS share price has moved up from Rs 240.0 to Rs 397.0, registering a gain of Rs 157.1 or around 65.5%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,090.5 (down 0.3%). Over the last one year it has moved up from 4,774.4 to 8,090.5, a gain of 3,316 points (up 69.5%).

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for CAPACITE INFRAPROJECTS and quarterly results for CAPACITE INFRAPROJECTS)