FILATEX INDIA 2023-24 Annual Report Analysis

Thu, 26 Sep

FILATEX INDIA 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.

FILATEX INDIA Income Statement Analysis

• Operating income during the year fell 0.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 2.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.5% in FY24 as against 5.4% in FY23.
• Depreciation charges increased by 5.6% and finance costs decreased by 51.0% YoY, respectively.
• Other income declined by 20.1% YoY.
• Net profit for the year grew by 23.1% YoY.
• Net profit margins during the year grew from 2.1% in FY23 to 2.6% in FY24.

FILATEX INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	43,039	42,859	-0.4%
Other income	Rs m	181	145	-20.1%
Total Revenues	Rs m	43,220	43,004	-0.5%
Gross profit	Rs m	2,320	2,376	2.4%
Depreciation	Rs m	687	725	5.6%
Interest	Rs m	594	291	-51.0%
Profit before tax	Rs m	1,221	1,504	23.2%
Tax	Rs m	322	398	23.6%
Profit after tax	Rs m	899	1,107	23.1%
Gross profit margin	%	5.4	5.5
Effective tax rate	%	26.4	26.4
Net profit margin	%	2.1	2.6

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FILATEX INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 5 billion as compared to Rs 6 billion in FY23, thereby witnessing an decrease of -13.4%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY23, a fall of 21.6%.
• Current assets fell 2% and stood at Rs 7 billion, while fixed assets fell 0% and stood at Rs 14 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 21 billion as against Rs 21 billion during FY23, thereby witnessing a fall of 1%.

FILATEX INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,984	12,035	9.6
Current Liabilities	Rs m	5,825	5,047	-13.4
Long-term Debt	Rs m	2,486	1,948	-21.6
Total Liabilities	Rs m	21,132	20,976	-0.7
Current assets	Rs m	7,422	7,282	-1.9
Fixed Assets	Rs m	13,710	13,695	-0.1
Total Assets	Rs m	21,132	20,976	-0.7

FILATEX INDIA Cash Flow Statement Analysis

• FILATEX INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 29% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -476 million from the Rs 511 million net cash flows seen during FY23.

FILATEX INDIA 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	3,254	1,679	-48.4%
Cash Flow from Investing Activities	Rs m	-1,138	-1,022	-
Cash Flow from Financing Activities	Rs m	-1,604	-1,132	-
Net Cash Flow	Rs m	511	-476	-

Current Valuations for FILATEX INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.5, an improvement from the EPS of Rs 2.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 62.2, stands at 22.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 13.4 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	97.2	96.6
TTM Earnings per share	Rs	2.0	2.5
Diluted earnings per share	Rs	2.0	2.5
Price to Cash Flow	x	9.1	13.4
TTM P/E ratio	x	16.0	22.0
Price / Book Value ratio	x	3.4	2.0
Market Cap	Rs m	37,656	24,536
Dividends per share (Unadj.)	Rs	0.2	0.2

Ratio Analysis for FILATEX INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x during FY24, from 1.3x 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 6.2x during FY24, from 3.1x 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 improved and stood at 9.2% during FY24, from 8.2% 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 12.8% during FY24, from 13.5% 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 6.7% during FY24, from 7.1% 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	1.3	1.4
Debtors’ Days	Days	111	101
Interest coverage	x	3.1	6.2
Debt to equity ratio	x	0.2	0.2
Return on assets	%	7.1	6.7
Return on equity	%	8.2	9.2
Return on capital employed	%	13.5	12.8

To see how FILATEX INDIA has performed over the last 5 years, please visit here.

FILATEX INDIA Share Price Performance

Over the last one year, FILATEX INDIA share price has moved up from Rs 47.1 to Rs 62.2, registering a gain of Rs 15.2 or around 32.2%.

Overall, the S&P BSE SENSEX is up 29.0% over the year.

(To know more, check out historical annual results for FILATEX INDIA and quarterly results for FILATEX INDIA)