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GPT INFRA 2023-24 Annual Report Analysis

Mon, 8 Jul

GPT INFRA 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.

GPT INFRA Income Statement Analysis

• Operating income during the year rose 23.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 28.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.5% in FY24 as against 11.0% in FY23.
• Depreciation charges decreased by 24.6% and finance costs decreased by 14.7% YoY, respectively.
• Other income grew by 198.5% YoY.
• Net profit for the year grew by 104.1% YoY.
• Net profit margins during the year grew from 3.7% in FY23 to 6.1% in FY24.

GPT INFRA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,091	9,961	23.1%
Other income	Rs m	46	137	198.5%
Total Revenues	Rs m	8,137	10,098	24.1%
Gross profit	Rs m	887	1,142	28.7%
Depreciation	Rs m	187	141	-24.6%
Interest	Rs m	374	319	-14.7%
Profit before tax	Rs m	372	819	120.2%
Tax	Rs m	74	212	184.8%
Profit after tax	Rs m	298	607	104.1%
Gross profit margin	%	11.0	11.5
Effective tax rate	%	20.0	25.8
Net profit margin	%	3.7	6.1

For Investors: Our Big Prediction

GPT INFRA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 4 billion in FY23, thereby witnessing an decrease of -20.1%.
• Long-term debt down at Rs 236 million as compared to Rs 367 million during FY23, a fall of 35.7%.
• Current assets fell 10% and stood at Rs 5 billion, while fixed assets fell 6% 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 8%.

GPT INFRA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,771	2,898	4.6
Current Liabilities	Rs m	4,375	3,497	-20.1
Long-term Debt	Rs m	367	236	-35.7
Total Liabilities	Rs m	7,918	7,249	-8.5
Current assets	Rs m	5,629	5,088	-9.6
Fixed Assets	Rs m	2,289	2,161	-5.6
Total Assets	Rs m	7,918	7,249	-8.5

GPT INFRA Cash Flow Statement Analysis

• GPT INFRA's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -81 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 -24 million from the Rs 33 million net cash flows seen during FY23.

GPT INFRA 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	1,191	1,146	-3.8%
Cash Flow from Investing Activities	Rs m	-597	-81	-
Cash Flow from Financing Activities	Rs m	-562	-1,089	-
Net Cash Flow	Rs m	33	-24	-

Current Valuations for GPT INFRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.4, an improvement from the EPS of Rs 5.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 164.9, stands at 33.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.6 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 4.9 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	139.1	171.2
TTM Earnings per share	Rs	5.1	10.4
Diluted earnings per share	Rs	2.6	5.2
Price to Cash Flow	x	5.3	4.9
TTM P/E ratio	x	8.9	33.9
Price / Book Value ratio	x	1.1	1.3
Market Cap	Rs m	3,090	3,678
Dividends per share (Unadj.)	Rs	2.5	3.0

Ratio Analysis for GPT INFRA

• 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 improved and stood at 3.6x during FY24, from 2.0x 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 21.0% during FY24, from 10.7% 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 36.3% during FY24, from 23.8% 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 12.8% during FY24, from 8.5% 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	1.3	1.5
Debtors’ Days	Days	176	246
Interest coverage	x	2.0	3.6
Debt to equity ratio	x	0.1	0.1
Return on assets	%	8.5	12.8
Return on equity	%	10.7	21.0
Return on capital employed	%	23.8	36.3

To see how GPT INFRA has performed over the last 5 years, please visit here.

GPT INFRA Share Price Performance

Over the last one year, GPT INFRA share price has moved up from Rs 35.0 to Rs 164.9, registering a gain of Rs 129.8 or around 370.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,702.5 (down 0.4%). Over the last one year it has moved up from 4,251.3 to 8,702.5, a gain of 4,451 points (up 104.7%).

Overall, the S&P BSE SENSEX is up 21.9% over the year.

(To know more, check out historical annual results for GPT INFRA and quarterly results for GPT INFRA)