GOKUL REFOILS 2023-24 Annual Report Analysis

Tue, 5 Nov

GOKUL REFOILS 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.

GOKUL REFOILS Income Statement Analysis

• Operating income during the year fell 3.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 50.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.9% in FY24 as against 1.8% in FY23.
• Depreciation charges increased by 34.8% and finance costs increased by 23.0% YoY, respectively.
• Other income grew by 78.9% YoY.
• Net profit for the year declined by 92.5% YoY.
• Net profit margins during the year declined from 0.8% in FY23 to 0.1% in FY24.

GOKUL REFOILS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	31,366	30,199	-3.7%
Other income	Rs m	103	185	78.9%
Total Revenues	Rs m	31,469	30,384	-3.4%
Gross profit	Rs m	558	278	-50.1%
Depreciation	Rs m	77	104	34.8%
Interest	Rs m	271	333	23.0%
Profit before tax	Rs m	314	27	-91.5%
Tax	Rs m	72	9	-88.2%
Profit after tax	Rs m	241	18	-92.5%
Gross profit margin	%	1.8	0.9
Effective tax rate	%	23.1	32.1
Net profit margin	%	0.8	0.1

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

GOKUL REFOILS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -20.9%.
• Long-term debt down at Rs 148 million as compared to Rs 180 million during FY23, a fall of 17.8%.
• Current assets fell 13% and stood at Rs 6 billion, while fixed assets fell 10% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 8 billion during FY23, thereby witnessing a fall of 12%.

GOKUL REFOILS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,282	3,299	0.5
Current Liabilities	Rs m	4,890	3,868	-20.9
Long-term Debt	Rs m	180	148	-17.8
Total Liabilities	Rs m	8,439	7,391	-12.4
Current assets	Rs m	6,556	5,696	-13.1
Fixed Assets	Rs m	1,883	1,695	-10.0
Total Assets	Rs m	8,439	7,391	-12.4

GOKUL REFOILS Cash Flow Statement Analysis

• GOKUL REFOILS's cash flow from operating activities (CFO) during FY24 stood at Rs 556 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 168 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 -507 million from the Rs 969 million net cash flows seen during FY23.

GOKUL REFOILS 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	920	556	-39.6%
Cash Flow from Investing Activities	Rs m	-219	168	-
Cash Flow from Financing Activities	Rs m	268	-1,230	-
Net Cash Flow	Rs m	969	-507	-

Current Valuations for GOKUL REFOILS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, an decline from the EPS of Rs 2.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 58.5, stands at 334.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.2 times.
• The company's price to cash flow (P/CF) ratio stood at 36.8 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	316.8	305.0
TTM Earnings per share	Rs	2.4	0.2
Diluted earnings per share	Rs	2.4	0.2
Price to Cash Flow	x	8.2	36.8
TTM P/E ratio	x	10.9	334.7
Price / Book Value ratio	x	1.1	1.4
Market Cap	Rs m	3,712	4,484
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GOKUL REFOILS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x 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 deteriorated and stood at 1.1x during FY24, from 2.2x 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 0.5% during FY24, from 7.4% 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 10.4% during FY24, from 16.9% 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 4.8% during FY24, from 6.1% 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	1.3	1.5
Debtors’ Days	Days	161	157
Interest coverage	x	2.2	1.1
Debt to equity ratio	x	0.1	0.0
Return on assets	%	6.1	4.8
Return on equity	%	7.4	0.5
Return on capital employed	%	16.9	10.4

To see how GOKUL REFOILS has performed over the last 5 years, please visit here.

GOKUL REFOILS Share Price Performance

Over the last one year, GOKUL REFOILS share price has moved up from Rs 40.7 to Rs 58.5, registering a gain of Rs 17.8 or around 43.7%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for GOKUL REFOILS and quarterly results for GOKUL REFOILS)