HEXA TRADEX 2023-24 Annual Report Analysis

Mon, 29 Jul

HEXA TRADEX 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.

HEXA TRADEX Income Statement Analysis

• Operating income during the year rose 12421.8% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 97.5% in FY24 as against 1502.2% in FY23.
• Depreciation charges increased by 100.0% and finance costs decreased by 79.9% YoY, respectively.
• Other income declined by 100.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 2406.9% in FY23 to 69.3% in FY24.

HEXA TRADEX Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	11	1,332	12,421.8%
Other income	Rs m	94	0	-100.0%
Total Revenues	Rs m	105	1,332	1,172.4%
Gross profit	Rs m	-160	1,299	NA
Depreciation	Rs m	0	0	100.0%
Interest	Rs m	616	124	-79.9%
Profit before tax	Rs m	-681	1,175	NA
Tax	Rs m	-425	253	NA
Profit after tax	Rs m	-256	923	NA
Gross profit margin	%	-1,502.2	97.5
Effective tax rate	%	62.4	21.5
Net profit margin	%	-2,406.9	69.3

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HEXA TRADEX Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 81 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -92.3%.
• Long-term debt down at Rs 455 million as compared to Rs 5 billion during FY23, a fall of 90.8%.
• Current assets rose 6% and stood at Rs 286 million, while fixed assets rose 43% and stood at Rs 47 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 47 billion as against Rs 33 billion during FY23, thereby witnessing a growth of 42%.

HEXA TRADEX Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	22,506	38,321	70.3
Current Liabilities	Rs m	1,046	81	-92.3
Long-term Debt	Rs m	4,936	455	-90.8
Total Liabilities	Rs m	33,306	47,457	42.5
Current assets	Rs m	270	286	5.8
Fixed Assets	Rs m	33,035	47,171	42.8
Total Assets	Rs m	33,306	47,457	42.5

HEXA TRADEX Cash Flow Statement Analysis

• HEXA TRADEX's cash flow from operating activities (CFO) during FY24 stood at Rs 963 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 5 billion, an improvement of 271,676.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -6 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -4 million from the Rs -1 million net cash flows seen during FY23.

HEXA TRADEX 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	-230	963	-
Cash Flow from Investing Activities	Rs m	2	4,566	271,676.2%
Cash Flow from Financing Activities	Rs m	227	-5,533	-
Net Cash Flow	Rs m	-1	-4	-

Current Valuations for HEXA TRADEX

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.7, an improvement from the EPS of Rs -4.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 201.5, stands at 40.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 8.4 times.
• The company's price to cash flow (P/CF) ratio stood at 9.3 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	0.2	24.1
TTM Earnings per share	Rs	-4.6	16.7
Diluted earnings per share	Rs	-4.6	16.7
Price to Cash Flow	x	-31.7	9.3
TTM P/E ratio	x	-31.7	40.3
Price / Book Value ratio	x	0.5	0.2
Market Cap	Rs m	10,390	8,584
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for HEXA TRADEX

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.5x during FY24, from 0.3x 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 10.5x during FY24, from -0.1x 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 improved and stood at 2.4% during FY24, from -1.1% 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 3.4% during FY24, from -0.2% 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 improved and stood at 2.2% during FY24, from 1.1% 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	0.3	3.5
Debtors’ Days	Days	0	0
Interest coverage	x	-0.1	10.5
Debt to equity ratio	x	0.2	0.0
Return on assets	%	1.1	2.2
Return on equity	%	-1.1	2.4
Return on capital employed	%	-0.2	3.4

To see how HEXA TRADEX has performed over the last 5 years, please visit here.

HEXA TRADEX Share Price Performance

Over the last one year, HEXA TRADEX share price has moved up from Rs 144.0 to Rs 201.5, registering a gain of Rs 57.5 or around 39.9%.

Overall, the S&P BSE SENSEX is up 22.6% over the year.

(To know more, check out historical annual results for HEXA TRADEX and quarterly results for HEXA TRADEX)