G R INFRAPROJECTS 2023-24 Annual Report Analysis

Mon, 19 Aug

G R INFRAPROJECTS 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.

G R INFRAPROJECTS Income Statement Analysis

• Operating income during the year fell 17.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 1.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 32.1% in FY24 as against 26.8% in FY23.
• Depreciation charges decreased by 0.6% and finance costs decreased by 76.1% YoY, respectively.
• Other income grew by 144.2% YoY.
• Net profit for the year grew by 36.0% YoY.
• Net profit margins during the year grew from 15.3% in FY23 to 25.4% in FY24.

G R INFRAPROJECTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	94,815	77,880	-17.9%
Other income	Rs m	1,002	2,446	144.2%
Total Revenues	Rs m	95,817	80,326	-16.2%
Gross profit	Rs m	25,455	24,997	-1.8%
Depreciation	Rs m	2,457	2,442	-0.6%
Interest	Rs m	4,477	1,071	-76.1%
Profit before tax	Rs m	19,523	23,930	22.6%
Tax	Rs m	4,979	4,155	-16.5%
Profit after tax	Rs m	14,544	19,774	36.0%
Gross profit margin	%	26.8	32.1
Effective tax rate	%	25.5	17.4
Net profit margin	%	15.3	25.4

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G R INFRAPROJECTS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 16 billion as compared to Rs 22 billion in FY23, thereby witnessing an decrease of -26.1%.
• Long-term debt down at Rs 4 billion as compared to Rs 49 billion during FY23, a fall of 92.8%.
• Current assets fell 28% and stood at Rs 42 billion, while fixed assets fell 35% and stood at Rs 52 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 94 billion as against Rs 138 billion during FY23, thereby witnessing a fall of 32%.

G R INFRAPROJECTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	62,651	71,886	14.7
Current Liabilities	Rs m	22,186	16,391	-26.1
Long-term Debt	Rs m	48,960	3,525	-92.8
Total Liabilities	Rs m	137,817	93,945	-31.8
Current assets	Rs m	57,760	41,729	-27.8
Fixed Assets	Rs m	80,057	52,216	-34.8
Total Assets	Rs m	137,817	93,945	-31.8

G R INFRAPROJECTS Cash Flow Statement Analysis

• G R INFRAPROJECTS's cash flow from operating activities (CFO) during FY24 stood at Rs 8 billion, an improvement of 359.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion 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 2 billion from the Rs -4 billion net cash flows seen during FY23.

G R INFRAPROJECTS 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	1,844	8,475	359.6%
Cash Flow from Investing Activities	Rs m	-5,567	-2,648	-
Cash Flow from Financing Activities	Rs m	-203	-4,243	-
Net Cash Flow	Rs m	-3,927	1,584	-

Current Valuations for G R INFRAPROJECTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 204.5, an improvement from the EPS of Rs 150.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,598.0, stands at 13.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 5.1 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	980.6	805.5
TTM Earnings per share	Rs	150.4	204.5
Diluted earnings per share	Rs	150.4	204.5
Price to Cash Flow	x	5.7	5.1
TTM P/E ratio	x	6.7	13.9
Price / Book Value ratio	x	2.0	1.6
Market Cap	Rs m	123,491	113,445
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for G R INFRAPROJECTS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.5x during FY24, from 2.6x 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 23.3x during FY24, from 5.4x 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 improved and stood at 27.5% during FY24, from 23.2% 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 33.2% during FY24, from 21.5% 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 improved and stood at 22.2% during FY24, from 13.8% 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	2.6	2.5
Debtors’ Days	Days	178	807
Interest coverage	x	5.4	23.3
Debt to equity ratio	x	0.8	0.0
Return on assets	%	13.8	22.2
Return on equity	%	23.2	27.5
Return on capital employed	%	21.5	33.2

To see how G R INFRAPROJECTS has performed over the last 5 years, please visit here.

G R INFRAPROJECTS Share Price Performance

Over the last one year, G R INFRAPROJECTS share price has moved up from Rs 1,225.6 to Rs 1,598.0, registering a gain of Rs 372.4 or around 30.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 72,985.7 (up 0.2%). Over the last one year it has moved up from 43,172.9 to 72,985.7, a gain of 29,813 points (up 69.1%).

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for G R INFRAPROJECTS and quarterly results for G R INFRAPROJECTS)