HALDYN GLASS GUJ. 2023-24 Annual Report Analysis

Tue, 1 Oct

HALDYN GLASS GUJ. 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.

HALDYN GLASS GUJ. Income Statement Analysis

• Operating income during the year fell 6.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.2% in FY24 as against 11.9% in FY23.
• Depreciation charges increased by 149.2% and finance costs increased by 448.7% YoY, respectively.
• Other income grew by 411.6% YoY.
• Net profit for the year declined by 8.7% YoY.
• Net profit margins during the year declined from 8.4% in FY23 to 8.2% in FY24.

HALDYN GLASS GUJ. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,199	2,988	-6.6%
Other income	Rs m	44	224	411.6%
Total Revenues	Rs m	3,243	3,211	-1.0%
Gross profit	Rs m	379	394	3.9%
Depreciation	Rs m	75	188	149.2%
Interest	Rs m	19	105	448.7%
Profit before tax	Rs m	329	325	-1.2%
Tax	Rs m	59	79	33.0%
Profit after tax	Rs m	269	246	-8.7%
Gross profit margin	%	11.9	13.2
Effective tax rate	%	18.1	24.3
Net profit margin	%	8.4	8.2

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HALDYN GLASS GUJ. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 630 million in FY23, thereby witnessing an increase of 125.8%.
• Long-term debt stood at Rs 667 million as compared to Rs 257 million during FY23, a growth of 159.4%.
• Current assets rose 16% and stood at Rs 1 billion, while fixed assets rose 107% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 67%.

HALDYN GLASS GUJ. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,769	1,993	12.6
Current Liabilities	Rs m	630	1,422	125.8
Long-term Debt	Rs m	257	667	159.4
Total Liabilities	Rs m	2,691	4,496	67.1
Current assets	Rs m	1,182	1,366	15.6
Fixed Assets	Rs m	1,509	3,130	107.4
Total Assets	Rs m	2,691	4,496	67.1

HALDYN GLASS GUJ. Cash Flow Statement Analysis

• HALDYN GLASS GUJ.'s cash flow from operating activities (CFO) during FY24 stood at Rs 190 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -855 million, an improvement of 46.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 645 million, an improvement of 113% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -20 million from the Rs 32 million net cash flows seen during FY23.

HALDYN GLASS GUJ. 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	312	190	-39.3%
Cash Flow from Investing Activities	Rs m	-583	-855	-
Cash Flow from Financing Activities	Rs m	303	645	112.8%
Net Cash Flow	Rs m	32	-20	-

Current Valuations for HALDYN GLASS GUJ.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.6, an decline from the EPS of Rs 5.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 165.0, stands at 55.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 3.0 times.
• The company's price to cash flow (P/CF) ratio stood at 15.6 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	59.5	55.6
TTM Earnings per share	Rs	5.0	4.6
Diluted earnings per share	Rs	5.0	4.6
Price to Cash Flow	x	9.8	15.6
TTM P/E ratio	x	16.9	55.9
Price / Book Value ratio	x	1.8	3.4
Market Cap	Rs m	3,104	6,757
Dividends per share (Unadj.)	Rs	0.7	0.7

Ratio Analysis for HALDYN GLASS GUJ.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.9x 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 deteriorated and stood at 4.1x during FY24, from 18.1x 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 12.3% during FY24, from 15.2% 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 declined and down at 16.2% during FY24, from 17.2% 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 declined and down at 7.8% during FY24, from 10.7% 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	1.9	1.0
Debtors’ Days	Days	676	782
Interest coverage	x	18.1	4.1
Debt to equity ratio	x	0.1	0.3
Return on assets	%	10.7	7.8
Return on equity	%	15.2	12.3
Return on capital employed	%	17.2	16.2

To see how HALDYN GLASS GUJ. has performed over the last 5 years, please visit here.

HALDYN GLASS GUJ. Share Price Performance

Over the last one year, HALDYN GLASS GUJ. share price has moved up from Rs 105.0 to Rs 165.0, registering a gain of Rs 60.0 or around 57.1%.

Overall, the S&P BSE SENSEX is up 27.5% over the year.

(To know more, check out historical annual results for HALDYN GLASS GUJ. and quarterly results for HALDYN GLASS GUJ.)