CENTURY PLYBOARDS 2023-24 Annual Report Analysis

Mon, 2 Sep

CENTURY PLYBOARDS 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.

CENTURY PLYBOARDS Income Statement Analysis

• Operating income during the year rose 6.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.4% in FY24 as against 15.3% in FY23.
• Depreciation charges increased by 22.2% and finance costs increased by 81.6% YoY, respectively.
• Other income declined by 7.7% YoY.
• Net profit for the year declined by 13.7% YoY.
• Net profit margins during the year declined from 10.3% in FY23 to 8.4% in FY24.

CENTURY PLYBOARDS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	36,466	38,860	6.6%
Other income	Rs m	477	440	-7.7%
Total Revenues	Rs m	36,943	39,300	6.4%
Gross profit	Rs m	5,587	5,207	-6.8%
Depreciation	Rs m	775	947	22.2%
Interest	Rs m	170	308	81.6%
Profit before tax	Rs m	5,119	4,392	-14.2%
Tax	Rs m	1,349	1,138	-15.6%
Profit after tax	Rs m	3,770	3,253	-13.7%
Gross profit margin	%	15.3	13.4
Effective tax rate	%	26.4	25.9
Net profit margin	%	10.3	8.4

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CENTURY PLYBOARDS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 11 billion as compared to Rs 8 billion in FY23, thereby witnessing an increase of 43.3%.
• Long-term debt stood at Rs 2 billion as compared to Rs 19 million during FY23, a growth of 8317.8%.
• Current assets fell 1% and stood at Rs 13 billion, while fixed assets rose 59% and stood at Rs 23 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 36 billion as against Rs 27 billion during FY23, thereby witnessing a growth of 31%.

CENTURY PLYBOARDS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	19,072	22,117	16.0
Current Liabilities	Rs m	7,568	10,845	43.3
Long-term Debt	Rs m	19	1,570	8,317.8
Total Liabilities	Rs m	27,160	35,521	30.8
Current assets	Rs m	12,945	12,772	-1.3
Fixed Assets	Rs m	14,216	22,672	59.5
Total Assets	Rs m	27,160	35,521	30.8

CENTURY PLYBOARDS Cash Flow Statement Analysis

• CENTURY PLYBOARDS's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -6 billion, an improvement of 20.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 4 billion, an improvement of 809% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 266 million from the Rs -29 million net cash flows seen during FY23.

CENTURY PLYBOARDS 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	4,379	2,517	-42.5%
Cash Flow from Investing Activities	Rs m	-4,796	-5,781	-
Cash Flow from Financing Activities	Rs m	388	3,530	808.9%
Net Cash Flow	Rs m	-29	266	-

Current Valuations for CENTURY PLYBOARDS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.6, an decline from the EPS of Rs 17.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 793.0, stands at 64.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.0 times, while the price to sales ratio stands at 4.5 times.
• The company's price to cash flow (P/CF) ratio stood at 34.6 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	164.1	174.9
TTM Earnings per share	Rs	17.0	14.6
Diluted earnings per share	Rs	17.0	14.6
Price to Cash Flow	x	22.8	34.6
TTM P/E ratio	x	26.9	64.7
Price / Book Value ratio	x	6.8	6.6
Market Cap	Rs m	129,016	145,407
Dividends per share (Unadj.)	Rs	1.0	1.0

Ratio Analysis for CENTURY PLYBOARDS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.7x 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 deteriorated and stood at 15.2x during FY24, from 31.1x 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 14.7% during FY24, from 19.8% 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 declined and down at 19.8% during FY24, from 27.7% 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 declined and down at 10.0% during FY24, from 14.5% 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	1.7	1.2
Debtors’ Days	Days	391	391
Interest coverage	x	31.1	15.2
Debt to equity ratio	x	0.0	0.1
Return on assets	%	14.5	10.0
Return on equity	%	19.8	14.7
Return on capital employed	%	27.7	19.8

To see how CENTURY PLYBOARDS has performed over the last 5 years, please visit here.

CENTURY PLYBOARDS Share Price Performance

Over the last one year, CENTURY PLYBOARDS share price has moved up from Rs 691.3 to Rs 793.0, registering a gain of Rs 101.7 or around 14.7%.

Overall, the S&P BSE SENSEX is up 27.0% over the year.

(To know more, check out historical annual results for CENTURY PLYBOARDS and quarterly results for CENTURY PLYBOARDS)