CYBERTECH SYST. 2023-24 Annual Report Analysis

Fri, 29 Nov

CYBERTECH SYST. 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.

CYBERTECH SYST. Income Statement Analysis

• Operating income during the year rose 25.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 23.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.5% in FY24 as against 17.3% in FY23.
• Depreciation charges decreased by 4.2% and finance costs increased by 21.1% YoY, respectively.
• Other income grew by 78.1% YoY.
• Net profit for the year grew by 4.8% YoY.
• Net profit margins during the year declined from 12.3% in FY23 to 10.3% in FY24.

CYBERTECH SYST. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,762	2,217	25.9%
Other income	Rs m	92	164	78.1%
Total Revenues	Rs m	1,854	2,382	28.5%
Gross profit	Rs m	305	233	-23.8%
Depreciation	Rs m	79	75	-4.2%
Interest	Rs m	5	6	21.1%
Profit before tax	Rs m	314	315	0.5%
Tax	Rs m	97	88	-9.2%
Profit after tax	Rs m	217	227	4.8%
Gross profit margin	%	17.3	10.5
Effective tax rate	%	30.9	27.9
Net profit margin	%	12.3	10.3

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CYBERTECH SYST. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 517 million as compared to Rs 453 million in FY23, thereby witnessing an increase of 14.2%.
• Current assets rose 48% and stood at Rs 2 billion, while fixed assets fell 15% and stood at Rs 448 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 32%.

CYBERTECH SYST. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,602	2,177	35.8
Current Liabilities	Rs m	453	517	14.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,091	2,755	31.8
Current assets	Rs m	1,564	2,308	47.6
Fixed Assets	Rs m	527	448	-15.0
Total Assets	Rs m	2,091	2,755	31.8

CYBERTECH SYST. Cash Flow Statement Analysis

• CYBERTECH SYST.'s cash flow from operating activities (CFO) during FY24 stood at Rs 363 million, an improvement of 37.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -676 million, an improvement of 386.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 366 million, an improvement of 958% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 53 million from the Rs 85 million net cash flows seen during FY23.

CYBERTECH SYST. 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	264	363	37.6%
Cash Flow from Investing Activities	Rs m	-139	-676	-
Cash Flow from Financing Activities	Rs m	-43	366	-
Net Cash Flow	Rs m	85	53	-37.3%

Current Valuations for CYBERTECH SYST.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.3, an decline from the EPS of Rs 7.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 226.0, stands at 24.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 3.2 times.
• The company's price to cash flow (P/CF) ratio stood at 16.1 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	61.9	71.3
TTM Earnings per share	Rs	7.6	7.3
Diluted earnings per share	Rs	7.0	7.3
Price to Cash Flow	x	10.5	16.1
TTM P/E ratio	x	14.3	24.4
Price / Book Value ratio	x	2.5	2.2
Market Cap	Rs m	3,973	4,886
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for CYBERTECH SYST.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.5x during FY24, from 3.5x 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 51.9x during FY24, from 62.3x 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 10.4% during FY24, from 13.5% 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 14.8% during FY24, from 19.9% 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 declined and down at 8.5% during FY24, from 10.6% 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	3.5	4.5
Debtors’ Days	Days	829	352
Interest coverage	x	62.3	51.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.6	8.5
Return on equity	%	13.5	10.4
Return on capital employed	%	19.9	14.8

To see how CYBERTECH SYST. has performed over the last 5 years, please visit here.

CYBERTECH SYST. Share Price Performance

Over the last one year, CYBERTECH SYST. share price has moved up from Rs 173.0 to Rs 226.0, registering a gain of Rs 53.1 or around 30.7%.

Meanwhile, the S&P BSE IT Index is trading at Rs 42,602.9 (down 0.1%). Over the last one year it has moved up from 33,222.4 to 42,602.9, a gain of 9,380 points (up 28.2%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

(To know more, check out historical annual results for CYBERTECH SYST. and quarterly results for CYBERTECH SYST.)