GUJARAT PIPAVAV PORT 2023-24 Annual Report Analysis

Fri, 2 Aug

GUJARAT PIPAVAV PORT 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.

GUJARAT PIPAVAV PORT Income Statement Analysis

• Operating income during the year rose 7.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 8.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 53.5% in FY24 as against 53.0% in FY23.
• Depreciation charges decreased by 0.5% and finance costs increased by 17.2% YoY, respectively.
• Other income grew by 48.5% YoY.
• Net profit for the year grew by 9.2% YoY.
• Net profit margins during the year grew from 34.2% in FY23 to 34.6% in FY24.

GUJARAT PIPAVAV PORT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	9,170	9,884	7.8%
Other income	Rs m	510	758	48.5%
Total Revenues	Rs m	9,680	10,642	9.9%
Gross profit	Rs m	4,863	5,287	8.7%
Depreciation	Rs m	1,162	1,156	-0.5%
Interest	Rs m	80	93	17.2%
Profit before tax	Rs m	4,132	4,795	16.0%
Tax	Rs m	1,001	1,375	37.4%
Profit after tax	Rs m	3,131	3,420	9.2%
Gross profit margin	%	53.0	53.5
Effective tax rate	%	24.2	28.7
Net profit margin	%	34.2	34.6

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GUJARAT PIPAVAV PORT Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 8 billion as compared to Rs 6 billion in FY23, thereby witnessing an increase of 44.6%.
• Current assets rose 19% and stood at Rs 16 billion, while fixed assets fell 0% and stood at Rs 23 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 39 billion as against Rs 37 billion during FY23, thereby witnessing a growth of 6%.

GUJARAT PIPAVAV PORT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	23,107	23,133	0.1
Current Liabilities	Rs m	5,622	8,130	44.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	36,649	39,011	6.4
Current assets	Rs m	13,254	15,711	18.5
Fixed Assets	Rs m	23,395	23,300	-0.4
Total Assets	Rs m	36,649	39,011	6.4

GUJARAT PIPAVAV PORT Cash Flow Statement Analysis

• GUJARAT PIPAVAV PORT's cash flow from operating activities (CFO) during FY24 stood at Rs 5 billion, an improvement of 32.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 36.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 79 million from the Rs 154 million net cash flows seen during FY23.

GUJARAT PIPAVAV PORT 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	3,701	4,888	32.1%
Cash Flow from Investing Activities	Rs m	-817	-1,112	-
Cash Flow from Financing Activities	Rs m	-2,731	-3,697	-
Net Cash Flow	Rs m	154	79	-48.8%

Current Valuations for GUJARAT PIPAVAV PORT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.1, an improvement from the EPS of Rs 6.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 232.0, stands at 33.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.8 times, while the price to sales ratio stands at 11.3 times.
• The company's price to cash flow (P/CF) ratio stood at 17.4 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	19.0	20.4
TTM Earnings per share	Rs	6.5	7.1
Diluted earnings per share	Rs	6.5	7.1
Price to Cash Flow	x	13.1	17.4
TTM P/E ratio	x	19.3	33.7
Price / Book Value ratio	x	2.0	3.4
Market Cap	Rs m	45,576	79,574
Dividends per share (Unadj.)	Rs	6.1	7.3

Ratio Analysis for GUJARAT PIPAVAV PORT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x 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 52.4x during FY24, from 52.9x 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 improved and stood at 14.8% 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 21.1% during FY24, from 18.2% 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 9.0% during FY24, from 8.8% 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	1.9
Debtors’ Days	Days	34	21
Interest coverage	x	52.9	52.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.8	9.0
Return on equity	%	13.6	14.8
Return on capital employed	%	18.2	21.1

To see how GUJARAT PIPAVAV PORT has performed over the last 5 years, please visit here.

GUJARAT PIPAVAV PORT Share Price Performance

Over the last one year, GUJARAT PIPAVAV PORT share price has moved down from Rs 121.2 to Rs 0.0, registering a loss of Rs 121.2 or around 100.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,326.3 (down 0.8%). Over the last one year it has moved up from 4,392.3 to 8,326.3, a gain of 3,934 points (up 89.6%).

Overall, the NIFTY 50 is down 0.9% over the year.

(To know more, check out historical annual results for GUJARAT PIPAVAV PORT and quarterly results for GUJARAT PIPAVAV PORT)