FROG CELLSAT 2023-24 Annual Report Analysis

Wed, 24 Jul

FROG CELLSAT 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.

FROG CELLSAT Income Statement Analysis

• Operating income during the year rose 16.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 5.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.0% in FY24 as against 16.0% in FY23.
• Depreciation charges increased by 93.6% and finance costs decreased by 16.7% YoY, respectively.
• Other income grew by 192.1% YoY.
• Net profit for the year grew by 2.8% YoY.
• Net profit margins during the year declined from 11.2% in FY23 to 9.8% in FY24.

FROG CELLSAT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,352	1,577	16.7%
Other income	Rs m	11	32	192.1%
Total Revenues	Rs m	1,363	1,609	18.1%
Gross profit	Rs m	216	205	-5.2%
Depreciation	Rs m	16	31	93.6%
Interest	Rs m	6	5	-16.7%
Profit before tax	Rs m	205	201	-2.1%
Tax	Rs m	54	46	-15.8%
Profit after tax	Rs m	151	155	2.8%
Gross profit margin	%	16.0	13.0
Effective tax rate	%	26.4	22.7
Net profit margin	%	11.2	9.8

Don't Miss: Key Information for Long-term Investors

FROG CELLSAT Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 229 million as compared to Rs 193 million in FY23, thereby witnessing an increase of 18.6%.
• Long-term debt stood at Rs 0 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets fell 9% and stood at Rs 722 million, while fixed assets rose 55% and stood at Rs 838 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 17%.

FROG CELLSAT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,165	1,321	13.4
Current Liabilities	Rs m	193	229	18.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,334	1,559	16.9
Current assets	Rs m	795	722	-9.2
Fixed Assets	Rs m	539	838	55.4
Total Assets	Rs m	1,334	1,559	16.9

FROG CELLSAT Cash Flow Statement Analysis

• FROG CELLSAT's cash flow from operating activities (CFO) during FY24 stood at Rs 71 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -303 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 44 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -188 million from the Rs 75 million net cash flows seen during FY23.

FROG CELLSAT 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	72	71	-1.0%
Cash Flow from Investing Activities	Rs m	-346	-303	-
Cash Flow from Financing Activities	Rs m	349	44	-87.5%
Net Cash Flow	Rs m	75	-188	-

Current Valuations for FROG CELLSAT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.1, an improvement from the EPS of Rs 9.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 326.1, stands at 36.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 3.2 times.
• The company's price to cash flow (P/CF) ratio stood at 18.4 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	87.9	102.2
TTM Earnings per share	Rs	9.8	10.1
Diluted earnings per share	Rs	9.8	10.1
Price to Cash Flow	x	0.0	18.4
TTM P/E ratio	x	0.0	36.0
Price / Book Value ratio	x	2.9	2.6
Market Cap	Rs m	3,338	3,419
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for FROG CELLSAT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.2x during FY24, from 4.1x 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 43.3x during FY24, from 37.0x 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 11.7% during FY24, from 12.9% 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 15.6% during FY24, from 18.1% 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 declined and down at 10.3% during FY24, from 11.7% 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	4.1	3.2
Debtors’ Days	Days	752	713
Interest coverage	x	37.0	43.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.7	10.3
Return on equity	%	12.9	11.7
Return on capital employed	%	18.1	15.6

To see how FROG CELLSAT has performed over the last 5 years, please visit here.

FROG CELLSAT Share Price Performance

Over the last one year, FROG CELLSAT share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 0.6% over the year.

(To know more, check out historical annual results for FROG CELLSAT and quarterly results for FROG CELLSAT)