ELPRO INTER 2023-24 Annual Report Analysis

Tue, 29 Oct

ELPRO INTER 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.

ELPRO INTER Income Statement Analysis

• Operating income during the year rose 108.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 136.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 41.9% in FY24 as against 36.9% in FY23.
• Depreciation charges increased by 8.8% and finance costs increased by 447.8% YoY, respectively.
• Other income declined by 0.3% YoY.
• Net profit for the year grew by 78.3% YoY.
• Net profit margins during the year declined from 38.9% in FY23 to 33.3% in FY24.

ELPRO INTER Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,231	2,565	108.4%
Other income	Rs m	301	300	-0.3%
Total Revenues	Rs m	1,532	2,865	87.0%
Gross profit	Rs m	454	1,075	136.8%
Depreciation	Rs m	49	53	8.8%
Interest	Rs m	46	252	447.8%
Profit before tax	Rs m	660	1,070	62.1%
Tax	Rs m	181	215	19.2%
Profit after tax	Rs m	479	855	78.3%
Gross profit margin	%	36.9	41.9
Effective tax rate	%	27.4	20.1
Net profit margin	%	38.9	33.3

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ELPRO INTER Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 22.2%.
• Long-term debt stood at Rs 2 billion as compared to Rs 27 million during FY23, a growth of 6872.0%.
• Current assets fell 18% and stood at Rs 2 billion, while fixed assets rose 51% and stood at Rs 19 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 21 billion as against Rs 15 billion during FY23, thereby witnessing a growth of 41%.

ELPRO INTER Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	12,636	16,074	27.2
Current Liabilities	Rs m	1,984	2,425	22.2
Long-term Debt	Rs m	27	1,849	6,872.0
Total Liabilities	Rs m	15,131	21,271	40.6
Current assets	Rs m	2,332	1,922	-17.6
Fixed Assets	Rs m	12,799	19,349	51.2
Total Assets	Rs m	15,131	21,271	40.6

ELPRO INTER Cash Flow Statement Analysis

• ELPRO INTER'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 -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 236% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 7 million from the Rs -419 million net cash flows seen during FY23.

ELPRO INTER 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	-1,359	1,407	-
Cash Flow from Investing Activities	Rs m	338	-3,447	-
Cash Flow from Financing Activities	Rs m	602	2,025	236.2%
Net Cash Flow	Rs m	-419	7	-

Current Valuations for ELPRO INTER

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.0, an improvement from the EPS of Rs 2.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 102.6, stands at 15.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 6.8 times.
• The company's price to cash flow (P/CF) ratio stood at 14.4 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	7.3	15.1
TTM Earnings per share	Rs	2.8	5.0
Diluted earnings per share	Rs	2.8	5.0
Price to Cash Flow	x	19.2	14.4
TTM P/E ratio	x	21.3	15.3
Price / Book Value ratio	x	0.9	0.8
Market Cap	Rs m	11,800	13,084
Dividends per share (Unadj.)	Rs	0.2	0.6

Ratio Analysis for ELPRO INTER

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY24, from 1.2x 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 5.3x during FY24, from 15.4x 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 5.3% during FY24, from 3.8% 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 improved and stood at 7.4% during FY24, from 5.6% 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 5.2% during FY24, from 3.5% 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	1.2	0.8
Debtors’ Days	Days	542	96
Interest coverage	x	15.4	5.3
Debt to equity ratio	x	0.0	0.1
Return on assets	%	3.5	5.2
Return on equity	%	3.8	5.3
Return on capital employed	%	5.6	7.4

To see how ELPRO INTER has performed over the last 5 years, please visit here.

ELPRO INTER Share Price Performance

Over the last one year, ELPRO INTER share price has moved up from Rs 74.3 to Rs 102.6, registering a gain of Rs 28.3 or around 38.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 66,496.3 (up 0.1%). Over the last one year it has moved up from 45,766.8 to 66,496.3, a gain of 20,729 points (up 45.3%).

Overall, the S&P BSE SENSEX is up 24.6% over the year.

(To know more, check out historical annual results for ELPRO INTER and quarterly results for ELPRO INTER)