GATEWAY DISTRIPARKS 2023-24 Annual Report Analysis

Thu, 29 Aug

GATEWAY DISTRIPARKS 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.

GATEWAY DISTRIPARKS Income Statement Analysis

• Operating income during the year rose 8.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 25.1% in FY24 as against 26.3% in FY23.
• Depreciation charges decreased by 8.7% and finance costs increased by 1.2% YoY, respectively.
• Other income declined by 22.8% YoY.
• Net profit for the year grew by 6.8% YoY.
• Net profit margins during the year declined from 17.0% in FY23 to 16.8% in FY24.

GATEWAY DISTRIPARKS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,209	15,361	8.1%
Other income	Rs m	221	171	-22.8%
Total Revenues	Rs m	14,430	15,532	7.6%
Gross profit	Rs m	3,742	3,858	3.1%
Depreciation	Rs m	1,039	949	-8.7%
Interest	Rs m	461	467	1.2%
Profit before tax	Rs m	2,463	2,613	6.1%
Tax	Rs m	44	30	-31.0%
Profit after tax	Rs m	2,419	2,583	6.8%
Gross profit margin	%	26.3	25.1
Effective tax rate	%	1.8	1.2
Net profit margin	%	17.0	16.8

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GATEWAY DISTRIPARKS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -6.3%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY23, a fall of 23.2%.
• Current assets fell 7% and stood at Rs 2 billion, while fixed assets rose 4% and stood at Rs 22 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 25 billion as against Rs 24 billion during FY23, thereby witnessing a growth of 4%.

GATEWAY DISTRIPARKS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	17,766	19,326	8.8
Current Liabilities	Rs m	3,266	3,061	-6.3
Long-term Debt	Rs m	2,914	2,239	-23.2
Total Liabilities	Rs m	23,813	24,870	4.4
Current assets	Rs m	2,433	2,257	-7.2
Fixed Assets	Rs m	21,381	22,311	4.3
Total Assets	Rs m	23,813	24,870	4.4

GATEWAY DISTRIPARKS Cash Flow Statement Analysis

• GATEWAY DISTRIPARKS's cash flow from operating activities (CFO) during FY24 stood at Rs 3 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 -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -666 million from the Rs -978 million net cash flows seen during FY23.

GATEWAY DISTRIPARKS 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	3,242	3,212	-0.9%
Cash Flow from Investing Activities	Rs m	-2,073	-1,157	-
Cash Flow from Financing Activities	Rs m	-2,147	-2,721	-
Net Cash Flow	Rs m	-978	-666	-

Current Valuations for GATEWAY DISTRIPARKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.2, an improvement from the EPS of Rs 4.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 100.6, stands at 21.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 3.3 times.
• The company's price to cash flow (P/CF) ratio stood at 12.8 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	28.4	30.7
TTM Earnings per share	Rs	4.8	5.2
Diluted earnings per share	Rs	4.8	5.2
Price to Cash Flow	x	9.1	12.8
TTM P/E ratio	x	13.2	21.1
Price / Book Value ratio	x	2.0	2.3
Market Cap	Rs m	36,324	45,383
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for GATEWAY DISTRIPARKS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY24, from 0.7x 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 6.6x during FY24, from 6.3x 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 13.4% during FY24, from 13.6% 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 14.3% during FY24, from 14.1% 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 12.3% during FY24, from 12.1% 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	0.7	0.7
Debtors’ Days	Days	352	369
Interest coverage	x	6.3	6.6
Debt to equity ratio	x	0.2	0.1
Return on assets	%	12.1	12.3
Return on equity	%	13.6	13.4
Return on capital employed	%	14.1	14.3

To see how GATEWAY DISTRIPARKS has performed over the last 5 years, please visit here.

GATEWAY DISTRIPARKS Share Price Performance

Over the last one year, GATEWAY DISTRIPARKS share price has moved up from Rs 86.3 to Rs 100.6, registering a gain of Rs 14.3 or around 16.6%.

Overall, the S&P BSE SENSEX is up 25.9% over the year.

(To know more, check out historical annual results for GATEWAY DISTRIPARKS and quarterly results for GATEWAY DISTRIPARKS)