MORGANITE CRUC 2023-24 Annual Report Analysis

Wed, 24 Jul

MORGANITE CRUC 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.

MORGANITE CRUC Income Statement Analysis

• Operating income during the year rose 8.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 39.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.0% in FY24 as against 16.3% in FY23.
• Depreciation charges increased by 8.9% increased by 0.0% YoY, respectively.
• Other income grew by 26.3% YoY.
• Net profit for the year grew by 45.7% YoY.
• Net profit margins during the year grew from 10.4% in FY23 to 14.0% in FY24.

MORGANITE CRUC Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,546	1,679	8.6%
Other income	Rs m	48	61	26.3%
Total Revenues	Rs m	1,594	1,740	9.2%
Gross profit	Rs m	252	353	39.7%
Depreciation	Rs m	78	84	8.9%
Interest	Rs m	0	1	0.0%
Profit before tax	Rs m	223	328	46.9%
Tax	Rs m	62	93	50.0%
Profit after tax	Rs m	161	235	45.7%
Gross profit margin	%	16.3	21.0
Effective tax rate	%	27.8	28.4
Net profit margin	%	10.4	14.0

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MORGANITE CRUC Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 449 million as compared to Rs 341 million in FY23, thereby witnessing an increase of 31.4%.
• Current assets rose 2% and stood at Rs 1 billion, while fixed assets rose 18% and stood at Rs 705 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 8%.

MORGANITE CRUC Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,270	1,283	1.1
Current Liabilities	Rs m	341	449	31.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,602	1,727	7.8
Current assets	Rs m	1,003	1,022	1.9
Fixed Assets	Rs m	599	705	17.8
Total Assets	Rs m	1,602	1,727	7.8

MORGANITE CRUC Cash Flow Statement Analysis

• MORGANITE CRUC's cash flow from operating activities (CFO) during FY24 stood at Rs 432 million, an improvement of 35.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -165 million, an improvement of 59.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -224 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 42 million from the Rs 95 million net cash flows seen during FY23.

MORGANITE CRUC 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	318	432	35.7%
Cash Flow from Investing Activities	Rs m	-104	-165	-
Cash Flow from Financing Activities	Rs m	-119	-224	-
Net Cash Flow	Rs m	95	42	-55.4%

Current Valuations for MORGANITE CRUC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 41.9, an improvement from the EPS of Rs 28.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,495.0, stands at 35.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.5 times, while the price to sales ratio stands at 5.0 times.
• The company's price to cash flow (P/CF) ratio stood at 23.1 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	276.1	299.9
TTM Earnings per share	Rs	28.8	41.9
Diluted earnings per share	Rs	28.8	41.9
Price to Cash Flow	x	20.4	23.1
TTM P/E ratio	x	30.2	35.6
Price / Book Value ratio	x	4.5	5.7
Market Cap	Rs m	5,747	7,378
Dividends per share (Unadj.)	Rs	20.0	40.0

Ratio Analysis for MORGANITE CRUC

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY24, from 2.9x 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 231.9x during FY24, from 0.0x 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 18.3% during FY24, from 12.7% 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 25.7% during FY24, from 17.6% 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 13.7% during FY24, from 10.1% 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	2.9	2.3
Debtors’ Days	Days	639	581
Interest coverage	x	0.0	231.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.1	13.7
Return on equity	%	12.7	18.3
Return on capital employed	%	17.6	25.7

To see how MORGANITE CRUC has performed over the last 5 years, please visit here.

MORGANITE CRUC Share Price Performance

Over the last one year, MORGANITE CRUC share price has moved up from Rs 1,000.3 to Rs 1,495.0, registering a gain of Rs 494.8 or around 49.5%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 31,711.1 (up 0.6%). Over the last one year it has moved up from 21,065.4 to 31,711.1, a gain of 10,646 points (up 50.5%).

Overall, the S&P BSE SENSEX is up 20.3% over the year.

(To know more, check out historical annual results for MORGANITE CRUC and quarterly results for MORGANITE CRUC)