CONCORD CONTROL 2023-24 Annual Report Analysis

Mon, 14 Oct

CONCORD CONTROL 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.

CONCORD CONTROL Income Statement Analysis

• Operating income during the year rose 32.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 123.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.2% in FY24 as against 15.6% in FY23.
• Depreciation charges increased by 3.5% and finance costs increased by 124.6% YoY, respectively.
• Other income grew by 307.9% YoY.
• Net profit for the year grew by 139.4% YoY.
• Net profit margins during the year grew from 11.0% in FY23 to 19.9% in FY24.

CONCORD CONTROL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	494	655	32.8%
Other income	Rs m	3	11	307.9%
Total Revenues	Rs m	496	666	34.2%
Gross profit	Rs m	77	172	123.5%
Depreciation	Rs m	5	5	3.5%
Interest	Rs m	1	1	124.6%
Profit before tax	Rs m	74	176	138.5%
Tax	Rs m	19	46	136.2%
Profit after tax	Rs m	54	130	139.4%
Gross profit margin	%	15.6	26.2
Effective tax rate	%	26.1	25.9
Net profit margin	%	11.0	19.9

Don't Miss: Key Information for Long-term Investors

CONCORD CONTROL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 134 million as compared to Rs 79 million in FY23, thereby witnessing an increase of 70.9%.
• Long-term debt down at Rs 1 million as compared to Rs 3 million during FY23, a fall of 57.9%.
• Current assets rose 96% and stood at Rs 481 million, while fixed assets rose 141% and stood at Rs 121 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 602 million as against Rs 296 million during FY23, thereby witnessing a growth of 103%.

CONCORD CONTROL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	212	464	118.7
Current Liabilities	Rs m	79	134	70.9
Long-term Debt	Rs m	3	1	-57.9
Total Liabilities	Rs m	296	602	103.5
Current assets	Rs m	246	481	95.8
Fixed Assets	Rs m	50	121	140.9
Total Assets	Rs m	296	602	103.5

CONCORD CONTROL Cash Flow Statement Analysis

• CONCORD CONTROL's cash flow from operating activities (CFO) during FY24 stood at Rs 59 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -35 million, an improvement of 136.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 122 million, an improvement of 57% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 146 million from the Rs 43 million net cash flows seen during FY23.

CONCORD CONTROL 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	-20	59	-
Cash Flow from Investing Activities	Rs m	-15	-35	-
Cash Flow from Financing Activities	Rs m	78	122	56.8%
Net Cash Flow	Rs m	43	146	240.7%

Current Valuations for CONCORD CONTROL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.8, an improvement from the EPS of Rs 9.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,732.5, stands at 79.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 22.3 times, while the price to sales ratio stands at 15.8 times.
• The company's price to cash flow (P/CF) ratio stood at 26.8 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	86.4	109.6
TTM Earnings per share	Rs	9.5	21.8
Diluted earnings per share	Rs	9.1	21.8
Price to Cash Flow	x	20.6	26.8
TTM P/E ratio	x	22.5	79.5
Price / Book Value ratio	x	5.5	7.8
Market Cap	Rs m	1,168	3,634
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for CONCORD CONTROL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY24, from 3.1x 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 121.5x during FY24, from 114.5x 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 improved and stood at 28.1% during FY24, from 25.7% 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 38.1% during FY24, from 34.6% 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 improved and stood at 21.9% during FY24, from 18.6% 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	3.1	3.6
Debtors’ Days	Days	666	832
Interest coverage	x	114.5	121.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	18.6	21.9
Return on equity	%	25.7	28.1
Return on capital employed	%	34.6	38.1

To see how CONCORD CONTROL has performed over the last 5 years, please visit here.

CONCORD CONTROL Share Price Performance

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(To know more, check out historical annual results for CONCORD CONTROL and quarterly results for CONCORD CONTROL)