GRETEX CORPORATE 2023-24 Annual Report Analysis

Thu, 1 Aug

GRETEX CORPORATE 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.

GRETEX CORPORATE Income Statement Analysis

• Operating income during the year rose 763.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 88.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 37.7% in FY24 as against 172.5% in FY23.
• Depreciation charges increased by 247.0% and finance costs increased by 377.6% YoY, respectively.
• Other income grew by 223.6% YoY.
• Net profit for the year grew by 68.4% YoY.
• Net profit margins during the year declined from 172.4% in FY23 to 33.6% in FY24.

GRETEX CORPORATE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	126	1,090	763.3%
Other income	Rs m	28	90	223.6%
Total Revenues	Rs m	154	1,180	666.0%
Gross profit	Rs m	218	411	88.8%
Depreciation	Rs m	5	16	247.0%
Interest	Rs m	3	14	377.6%
Profit before tax	Rs m	238	471	98.0%
Tax	Rs m	20	105	412.3%
Profit after tax	Rs m	218	366	68.4%
Gross profit margin	%	172.5	37.7
Effective tax rate	%	8.6	22.3
Net profit margin	%	172.4	33.6

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

GRETEX CORPORATE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 171 million as compared to Rs 58 million in FY23, thereby witnessing an increase of 194.0%.
• Current assets rose 486% and stood at Rs 855 million, while fixed assets rose 169% and stood at Rs 910 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 484 million during FY23, thereby witnessing a growth of 264%.

GRETEX CORPORATE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	386	1,087	181.8
Current Liabilities	Rs m	58	171	194.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	484	1,765	264.3
Current assets	Rs m	146	855	485.9
Fixed Assets	Rs m	339	910	168.9
Total Assets	Rs m	484	1,765	264.3

GRETEX CORPORATE Cash Flow Statement Analysis

• GRETEX CORPORATE's cash flow from operating activities (CFO) during FY24 stood at Rs -186 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -372 million, an improvement of 391.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 674 million, an improvement of 3,166% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 115 million from the Rs 7 million net cash flows seen during FY23.

GRETEX CORPORATE 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	105	-186	-
Cash Flow from Investing Activities	Rs m	-76	-372	-
Cash Flow from Financing Activities	Rs m	-22	674	-
Net Cash Flow	Rs m	7	115	1,480.5%

Current Valuations for GRETEX CORPORATE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.8, an improvement from the EPS of Rs 21.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 506.0, stands at 15.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 5.3 times.
• The company's price to cash flow (P/CF) ratio stood at 9.5 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	12.3	94.6
TTM Earnings per share	Rs	21.3	31.8
Diluted earnings per share	Rs	18.9	31.8
Price to Cash Flow	x	10.4	9.5
TTM P/E ratio	x	10.6	15.9
Price / Book Value ratio	x	3.0	3.4
Market Cap	Rs m	1,150	3,648
Dividends per share (Unadj.)	Rs	0.5	0.3

Ratio Analysis for GRETEX CORPORATE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.0x during FY24, from 2.5x 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 35.5x during FY24, from 84.3x 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 33.7% during FY24, from 56.4% 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 44.6% during FY24, from 62.5% 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 21.5% during FY24, from 45.5% 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	2.5	5.0
Debtors’ Days	Days	166	72
Interest coverage	x	84.3	35.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	45.5	21.5
Return on equity	%	56.4	33.7
Return on capital employed	%	62.5	44.6

To see how GRETEX CORPORATE has performed over the last 5 years, please visit here.

GRETEX CORPORATE Share Price Performance

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(To know more, check out historical annual results for GRETEX CORPORATE and quarterly results for GRETEX CORPORATE)