DDEV PLASTIKS 2023-24 Annual Report Analysis

Wed, 18 Sep

DDEV PLASTIKS 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.

DDEV PLASTIKS Income Statement Analysis

• Operating income during the year fell 2.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 61.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.6% in FY24 as against 6.4% in FY23.
• Depreciation charges increased by 17.4% and finance costs decreased by 30.7% YoY, respectively.
• Other income declined by 8.2% YoY.
• Net profit for the year grew by 74.5% YoY.
• Net profit margins during the year grew from 4.2% in FY23 to 7.5% in FY24.

DDEV PLASTIKS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	25,037	24,312	-2.9%
Other income	Rs m	258	237	-8.2%
Total Revenues	Rs m	25,295	24,549	-2.9%
Gross profit	Rs m	1,599	2,582	61.5%
Depreciation	Rs m	121	142	17.4%
Interest	Rs m	332	230	-30.7%
Profit before tax	Rs m	1,404	2,447	74.3%
Tax	Rs m	363	630	73.7%
Profit after tax	Rs m	1,041	1,817	74.5%
Gross profit margin	%	6.4	10.6
Effective tax rate	%	25.8	25.7
Net profit margin	%	4.2	7.5

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DDEV PLASTIKS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 4 billion in FY23, thereby witnessing an decrease of -20.9%.
• Current assets rose 11% and stood at Rs 7 billion, while fixed assets rose 2% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 9%.

DDEV PLASTIKS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,943	6,599	33.5
Current Liabilities	Rs m	3,905	3,089	-20.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	9,123	9,951	9.1
Current assets	Rs m	6,713	7,483	11.5
Fixed Assets	Rs m	2,410	2,468	2.4
Total Assets	Rs m	9,123	9,951	9.1

DDEV PLASTIKS Cash Flow Statement Analysis

• DDEV PLASTIKS's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -179 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -285 million, an improvement of 74% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 698 million from the Rs 9 million net cash flows seen during FY23.

DDEV PLASTIKS 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	1,451	1,162	-19.9%
Cash Flow from Investing Activities	Rs m	-352	-179	-
Cash Flow from Financing Activities	Rs m	-1,090	-285	-
Net Cash Flow	Rs m	9	698	7,546.8%

Current Valuations for DDEV PLASTIKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.6, an improvement from the EPS of Rs 11.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 325.0, stands at 18.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.1 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 8.4 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	266.2	234.9
TTM Earnings per share	Rs	11.1	17.6
Diluted earnings per share	Rs	10.1	17.6
Price to Cash Flow	x	7.0	8.4
TTM P/E ratio	x	7.9	18.1
Price / Book Value ratio	x	1.4	2.5
Market Cap	Rs m	6,731	16,533
Dividends per share (Unadj.)	Rs	1.0	1.5

Ratio Analysis for DDEV PLASTIKS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x 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 improved and stood at 11.6x during FY24, from 5.2x 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 27.5% during FY24, from 21.1% 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 40.6% during FY24, from 35.1% 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 20.6% during FY24, from 15.1% 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	2.4
Debtors’ Days	Days	529	598
Interest coverage	x	5.2	11.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.1	20.6
Return on equity	%	21.1	27.5
Return on capital employed	%	35.1	40.6

To see how DDEV PLASTIKS has performed over the last 5 years, please visit here.

DDEV PLASTIKS Share Price Performance

Over the last one year, DDEV PLASTIKS share price has moved up from Rs 208.5 to Rs 325.0, registering a gain of Rs 116.5 or around 55.9%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for DDEV PLASTIKS and quarterly results for DDEV PLASTIKS)