GALAXY SURFACTANTS 2023-24 Annual Report Analysis

Wed, 17 Jul

GALAXY SURFACTANTS 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.

GALAXY SURFACTANTS Income Statement Analysis

• Operating income during the year fell 15.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 18.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.1% in FY24 as against 12.7% in FY23.
• Depreciation charges increased by 19.6% and finance costs increased by 3.2% YoY, respectively.
• Other income grew by 241.7% YoY.
• Net profit for the year declined by 20.9% YoY.
• Net profit margins during the year declined from 8.5% in FY23 to 7.9% in FY24.

GALAXY SURFACTANTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	44,640	37,944	-15.0%
Other income	Rs m	108	369	241.7%
Total Revenues	Rs m	44,748	38,313	-14.4%
Gross profit	Rs m	5,673	4,608	-18.8%
Depreciation	Rs m	835	998	19.6%
Interest	Rs m	217	224	3.2%
Profit before tax	Rs m	4,730	3,755	-20.6%
Tax	Rs m	920	740	-19.5%
Profit after tax	Rs m	3,810	3,015	-20.9%
Gross profit margin	%	12.7	12.1
Effective tax rate	%	19.4	19.7
Net profit margin	%	8.5	7.9

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

GALAXY SURFACTANTS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 6 billion as compared to Rs 7 billion in FY23, thereby witnessing an decrease of -11.3%.
• Long-term debt down at Rs 457 million as compared to Rs 891 million during FY23, a fall of 48.7%.
• Current assets rose 6% and stood at Rs 17 billion, while fixed assets rose 7% and stood at Rs 12 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 29 billion as against Rs 27 billion during FY23, thereby witnessing a growth of 7%.

GALAXY SURFACTANTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	18,826	21,793	15.8
Current Liabilities	Rs m	6,800	6,031	-11.3
Long-term Debt	Rs m	891	457	-48.7
Total Liabilities	Rs m	27,277	29,059	6.5
Current assets	Rs m	16,019	17,020	6.2
Fixed Assets	Rs m	11,258	12,039	6.9
Total Assets	Rs m	27,277	29,059	6.5

GALAXY SURFACTANTS Cash Flow Statement Analysis

• GALAXY SURFACTANTS 's cash flow from operating activities (CFO) during FY24 stood at Rs 5 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 131.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion, an improvement of 29% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -114 million from the Rs 2 billion net cash flows seen during FY23.

GALAXY SURFACTANTS 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	5,730	5,184	-9.5%
Cash Flow from Investing Activities	Rs m	-1,486	-3,439	-
Cash Flow from Financing Activities	Rs m	-2,643	-1,889	-
Net Cash Flow	Rs m	1,681	-114	-

Current Valuations for GALAXY SURFACTANTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 85.0, an decline from the EPS of Rs 107.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,899.7, stands at 34.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.7 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at 23.1 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	1,259.2	1,070.3
TTM Earnings per share	Rs	107.5	85.0
Diluted earnings per share	Rs	107.5	85.0
Price to Cash Flow	x	17.8	23.1
TTM P/E ratio	x	21.7	34.1
Price / Book Value ratio	x	5.3	4.3
Market Cap	Rs m	100,381	92,722
Dividends per share (Unadj.)	Rs	22.0	22.0

Ratio Analysis for GALAXY SURFACTANTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.8x during FY24, from 2.4x 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 17.8x during FY24, from 22.8x 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 13.8% during FY24, from 20.2% 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 17.9% during FY24, from 25.1% 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 11.1% during FY24, from 14.8% 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	2.4	2.8
Debtors’ Days	Days	5	6
Interest coverage	x	22.8	17.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	14.8	11.1
Return on equity	%	20.2	13.8
Return on capital employed	%	25.1	17.9

To see how GALAXY SURFACTANTS has performed over the last 5 years, please visit here.

GALAXY SURFACTANTS Share Price Performance

Over the last one year, GALAXY SURFACTANTS share price has moved up from Rs 2,607.5 to Rs 2,899.7, registering a gain of Rs 292.2 or around 11.2%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for GALAXY SURFACTANTS and quarterly results for GALAXY SURFACTANTS )