GOA CARBON 2023-24 Annual Report Analysis

Mon, 19 Aug

GOA CARBON 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.

GOA CARBON Income Statement Analysis

• Operating income during the year fell 22.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 11.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.1% in FY24 as against 10.6% in FY23.
• Depreciation charges increased by 13.6% and finance costs decreased by 48.5% YoY, respectively.
• Other income grew by 12.5% YoY.
• Net profit for the year grew by 5.9% YoY.
• Net profit margins during the year grew from 5.9% in FY23 to 8.1% in FY24.

GOA CARBON Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	13,644	10,573	-22.5%
Other income	Rs m	126	142	12.5%
Total Revenues	Rs m	13,770	10,715	-22.2%
Gross profit	Rs m	1,441	1,278	-11.3%
Depreciation	Rs m	22	25	13.6%
Interest	Rs m	462	238	-48.5%
Profit before tax	Rs m	1,082	1,157	6.9%
Tax	Rs m	275	302	9.9%
Profit after tax	Rs m	808	855	5.9%
Gross profit margin	%	10.6	12.1
Effective tax rate	%	25.4	26.1
Net profit margin	%	5.9	8.1

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GOA CARBON Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 6 billion in FY23, thereby witnessing an decrease of -37.6%.
• Long-term debt down at Rs 71 million as compared to Rs 90 million during FY23, a fall of 21.6%.
• Current assets fell 22% and stood at Rs 6 billion, while fixed assets rose 5% and stood at Rs 537 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 8 billion during FY23, thereby witnessing a fall of 20%.

GOA CARBON Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,860	2,476	33.1
Current Liabilities	Rs m	5,723	3,570	-37.6
Long-term Debt	Rs m	90	71	-21.6
Total Liabilities	Rs m	7,732	6,177	-20.1
Current assets	Rs m	7,220	5,640	-21.9
Fixed Assets	Rs m	512	537	5.0
Total Assets	Rs m	7,732	6,177	-20.1

GOA CARBON Cash Flow Statement Analysis

• GOA CARBON'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 995 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 billion from the Rs -87 million net cash flows seen during FY23.

GOA CARBON 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	-1,156	1,961	-
Cash Flow from Investing Activities	Rs m	-197	995	-
Cash Flow from Financing Activities	Rs m	1,267	-1,375	-
Net Cash Flow	Rs m	-87	1,580	-

Current Valuations for GOA CARBON

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 93.4, an improvement from the EPS of Rs 88.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 719.9, stands at 8.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 7.0 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	1,491.1	1,155.5
TTM Earnings per share	Rs	88.3	93.4
Diluted earnings per share	Rs	88.2	93.4
Price to Cash Flow	x	4.5	7.0
TTM P/E ratio	x	4.6	8.7
Price / Book Value ratio	x	2.5	2.5
Market Cap	Rs m	4,591	6,151
Dividends per share (Unadj.)	Rs	17.5	20.0

Ratio Analysis for GOA CARBON

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x 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 5.9x during FY24, from 3.3x 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 34.5% during FY24, from 43.4% 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 54.8% during FY24, from 79.2% 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 17.7% during FY24, from 16.4% 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	1.6
Debtors’ Days	Days	415	210
Interest coverage	x	3.3	5.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.4	17.7
Return on equity	%	43.4	34.5
Return on capital employed	%	79.2	54.8

To see how GOA CARBON has performed over the last 5 years, please visit here.

GOA CARBON Share Price Performance

Over the last one year, GOA CARBON share price has moved up from Rs 504.8 to Rs 719.9, registering a gain of Rs 215.1 or around 42.6%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for GOA CARBON and quarterly results for GOA CARBON)