AGI GREENPAC 2023-24 Annual Report Analysis

Thu, 29 Aug

AGI GREENPAC 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.

AGI GREENPAC Income Statement Analysis

• Operating income during the year rose 6.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 22.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.3% in FY24 as against 20.1% in FY23.
• Depreciation charges increased by 27.8% and finance costs increased by 52.5% YoY, respectively.
• Other income declined by 15.1% YoY.
• Net profit for the year grew by 1.0% YoY.
• Net profit margins during the year declined from 10.9% in FY23 to 10.4% in FY24.

AGI GREENPAC Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	22,815	24,209	6.1%
Other income	Rs m	285	242	-15.1%
Total Revenues	Rs m	23,100	24,451	5.8%
Gross profit	Rs m	4,590	5,641	22.9%
Depreciation	Rs m	1,263	1,613	27.8%
Interest	Rs m	571	870	52.5%
Profit before tax	Rs m	3,042	3,399	11.7%
Tax	Rs m	554	886	59.9%
Profit after tax	Rs m	2,488	2,513	1.0%
Gross profit margin	%	20.1	23.3
Effective tax rate	%	18.2	26.1
Net profit margin	%	10.9	10.4

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AGI GREENPAC Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 8 billion as compared to Rs 7 billion in FY23, thereby witnessing an increase of 12.9%.
• Long-term debt down at Rs 5 billion as compared to Rs 6 billion during FY23, a fall of 11.6%.
• Current assets rose 14% and stood at Rs 12 billion, while fixed assets rose 4% and stood at Rs 22 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 34 billion as against Rs 31 billion during FY23, thereby witnessing a growth of 8%.

AGI GREENPAC Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	16,066	18,146	12.9
Current Liabilities	Rs m	6,881	7,767	12.9
Long-term Debt	Rs m	5,623	4,974	-11.6
Total Liabilities	Rs m	31,195	33,570	7.6
Current assets	Rs m	10,530	12,023	14.2
Fixed Assets	Rs m	20,620	21,503	4.3
Total Assets	Rs m	31,195	33,570	7.6

AGI GREENPAC Cash Flow Statement Analysis

• AGI GREENPAC's cash flow from operating activities (CFO) during FY24 stood at Rs 6 billion, an improvement of 12.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion, an improvement of 58% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 21 million from the Rs 2 billion net cash flows seen during FY23.

AGI GREENPAC 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	5,225	5,884	12.6%
Cash Flow from Investing Activities	Rs m	2,220	-3,517	-
Cash Flow from Financing Activities	Rs m	-5,541	-2,346	-
Net Cash Flow	Rs m	1,904	21	-98.9%

Current Valuations for AGI GREENPAC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 38.8, an improvement from the EPS of Rs 38.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 921.1, stands at 23.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 2.5 times.
• The company's price to cash flow (P/CF) ratio stood at 11.1 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	352.6	374.2
TTM Earnings per share	Rs	38.5	38.8
Diluted earnings per share	Rs	38.5	38.8
Price to Cash Flow	x	5.6	11.1
TTM P/E ratio	x	8.4	23.7
Price / Book Value ratio	x	1.2	2.5
Market Cap	Rs m	18,963	45,696
Dividends per share (Unadj.)	Rs	5.0	6.0

Ratio Analysis for AGI GREENPAC

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY24, from 1.5x 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 4.9x during FY24, from 6.3x 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 13.9% during FY24, from 15.5% 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 improved and stood at 18.5% during FY24, from 16.7% 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 10.1% during FY24, from 9.8% 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	1.5	1.5
Debtors’ Days	Days	548	484
Interest coverage	x	6.3	4.9
Debt to equity ratio	x	0.4	0.3
Return on assets	%	9.8	10.1
Return on equity	%	15.5	13.9
Return on capital employed	%	16.7	18.5

To see how AGI GREENPAC has performed over the last 5 years, please visit here.

AGI GREENPAC Share Price Performance

Over the last one year, AGI GREENPAC share price has moved up from Rs 737.4 to Rs 921.1, registering a gain of Rs 183.7 or around 24.9%.

Overall, the S&P BSE SENSEX is up 25.9% over the year.

(To know more, check out historical annual results for AGI GREENPAC and quarterly results for AGI GREENPAC)