GREENPANEL INDUSTRIES 2023-24 Annual Report Analysis

Mon, 3 Jun

GREENPANEL INDUSTRIES 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.

GREENPANEL INDUSTRIES Income Statement Analysis

• Operating income during the year fell 12.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 41.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.7% in FY24 as against 23.7% in FY23.
• Depreciation charges increased by 1.3% and finance costs decreased by 35.6% YoY, respectively.
• Other income grew by 14.4% YoY.
• Net profit for the year declined by 44.4% YoY.
• Net profit margins during the year declined from 14.4% in FY23 to 9.1% in FY24.

GREENPANEL INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	17,829	15,673	-12.1%
Other income	Rs m	194	221	14.4%
Total Revenues	Rs m	18,022	15,894	-11.8%
Gross profit	Rs m	4,226	2,462	-41.7%
Depreciation	Rs m	720	729	1.3%
Interest	Rs m	190	123	-35.6%
Profit before tax	Rs m	3,510	1,832	-47.8%
Tax	Rs m	944	405	-57.1%
Profit after tax	Rs m	2,565	1,427	-44.4%
Gross profit margin	%	23.7	15.7
Effective tax rate	%	26.9	22.1
Net profit margin	%	14.4	9.1

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GREENPANEL INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -12.6%.
• Long-term debt stood at Rs 2 billion as compared to Rs 1 billion during FY23, a growth of 86.9%.
• Current assets fell 16% and stood at Rs 5 billion, while fixed assets rose 27% and stood at Rs 14 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 19 billion as against Rs 17 billion during FY23, thereby witnessing a growth of 11%.

GREENPANEL INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	11,939	13,171	10.3
Current Liabilities	Rs m	2,340	2,044	-12.6
Long-term Debt	Rs m	1,271	2,375	86.9
Total Liabilities	Rs m	17,048	18,907	10.9
Current assets	Rs m	6,339	5,294	-16.5
Fixed Assets	Rs m	10,709	13,613	27.1
Total Assets	Rs m	17,048	18,907	10.9

GREENPANEL INDUSTRIES Cash Flow Statement Analysis

• GREENPANEL INDUSTRIES'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 -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 503 million, an improvement of 138% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 268 million from the Rs -441 million net cash flows seen during FY23.

GREENPANEL INDUSTRIES 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	3,374	1,349	-60.0%
Cash Flow from Investing Activities	Rs m	-2,478	-1,585	-
Cash Flow from Financing Activities	Rs m	-1,336	503	-
Net Cash Flow	Rs m	-441	268	-

Current Valuations for GREENPANEL INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.6, an decline from the EPS of Rs 20.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 295.8, stands at 25.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at 20.5 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	145.4	127.8
TTM Earnings per share	Rs	20.9	11.6
Diluted earnings per share	Rs	20.9	11.6
Price to Cash Flow	x	10.2	20.5
TTM P/E ratio	x	13.0	25.4
Price / Book Value ratio	x	4.5	3.3
Market Cap	Rs m	53,956	44,106
Dividends per share (Unadj.)	Rs	1.5	1.5

Ratio Analysis for GREENPANEL INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.6x during FY24, from 2.7x 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 15.9x during FY24, from 19.4x 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 10.8% during FY24, from 21.5% 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 12.6% during FY24, from 28.0% 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 8.2% during FY24, from 16.2% 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	2.7	2.6
Debtors’ Days	Days	91	68
Interest coverage	x	19.4	15.9
Debt to equity ratio	x	0.1	0.2
Return on assets	%	16.2	8.2
Return on equity	%	21.5	10.8
Return on capital employed	%	28.0	12.6

To see how GREENPANEL INDUSTRIES has performed over the last 5 years, please visit here.

GREENPANEL INDUSTRIES Share Price Performance

Over the last one year, GREENPANEL INDUSTRIES share price has moved down from Rs 319.5 to Rs 295.8, registering a loss of Rs 23.7 or around 7.4%.

Overall, the S&P BSE SENSEX is up 20.4% over the year.

(To know more, check out historical annual results for GREENPANEL INDUSTRIES and quarterly results for GREENPANEL INDUSTRIES)