RATTANINDIA POWER 2023-24 Annual Report Analysis

Fri, 8 Nov

RATTANINDIA POWER 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.

RATTANINDIA POWER Income Statement Analysis

• Operating income during the year rose 4.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1428.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 335.3% in FY24 as against 22.8% in FY23.
• Depreciation charges decreased by 5.5% and finance costs decreased by 5.9% YoY, respectively.
• Other income grew by 3.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 57.9% in FY23 to 264.5% in FY24.

RATTANINDIA POWER Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	32,312	33,640	4.1%
Other income	Rs m	3,282	3,408	3.8%
Total Revenues	Rs m	35,594	37,048	4.1%
Gross profit	Rs m	7,383	112,809	1,428.0%
Depreciation	Rs m	4,044	3,819	-5.5%
Interest	Rs m	25,116	23,634	-5.9%
Profit before tax	Rs m	-18,495	88,764	NA
Tax	Rs m	204	-204	NA
Profit after tax	Rs m	-18,699	88,967	NA
Gross profit margin	%	22.8	335.3
Effective tax rate	%	-1.1	-0.2
Net profit margin	%	-57.9	264.5

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RATTANINDIA POWER Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 13 billion as compared to Rs 184 billion in FY23, thereby witnessing an decrease of -93.2%.
• Long-term debt stood at Rs 31 billion as compared to Rs 26 billion during FY23, a growth of 21.4%.
• Current assets fell 8% and stood at Rs 29 billion, while fixed assets fell 53% and stood at Rs 67 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 96 billion as against Rs 174 billion during FY23, thereby witnessing a fall of 45%.

RATTANINDIA POWER Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-45,329	43,639	NA
Current Liabilities	Rs m	184,203	12,558	-93.2
Long-term Debt	Rs m	25,539	30,994	21.4
Total Liabilities	Rs m	173,719	95,657	-44.9
Current assets	Rs m	31,107	28,629	-8.0
Fixed Assets	Rs m	142,612	67,027	-53.0
Total Assets	Rs m	173,719	95,657	-44.9

RATTANINDIA POWER Cash Flow Statement Analysis

• RATTANINDIA POWER's cash flow from operating activities (CFO) during FY24 stood at Rs 13 billion, an improvement of 28.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -5 billion, an improvement of 8,628.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -9 billion, an improvement of 8% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -576 million from the Rs 332 million net cash flows seen during FY23.

RATTANINDIA POWER 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	10,154	13,058	28.6%
Cash Flow from Investing Activities	Rs m	-53	-4,617	-
Cash Flow from Financing Activities	Rs m	-9,770	-9,018	-
Net Cash Flow	Rs m	332	-576	-

Current Valuations for RATTANINDIA POWER

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.6, an improvement from the EPS of Rs -3.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 13.9, stands at 0.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 0.4 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	6.0	6.3
TTM Earnings per share	Rs	-3.5	16.6
Diluted earnings per share	Rs	-3.5	16.6
Price to Cash Flow	x	-1.1	0.4
TTM P/E ratio	x	-0.8	0.7
Price / Book Value ratio	x	-0.6	0.9
Market Cap	Rs m	25,427	40,893
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for RATTANINDIA POWER

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 0.2x 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 4.8x during FY24, from 0.3x 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 improved and stood at 203.9% during FY24, from 41.3% 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 150.6% during FY24, from -33.5% 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 117.7% during FY24, from 3.7% 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	0.2	2.3
Debtors’ Days	Days	2,815	2,240
Interest coverage	x	0.3	4.8
Debt to equity ratio	x	-0.6	0.7
Return on assets	%	3.7	117.7
Return on equity	%	41.3	203.9
Return on capital employed	%	-33.5	150.6

To see how RATTANINDIA POWER has performed over the last 5 years, please visit here.

RATTANINDIA POWER Share Price Performance

Over the last one year, RATTANINDIA POWER share price has moved up from Rs 7.8 to Rs 13.9, registering a gain of Rs 6.1 or around 79.0%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 7,723.4 (down 1.3%). Over the last one year it has moved up from 4,534.1 to 7,723.4, a gain of 3,189 points (up 70.3%).

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for RATTANINDIA POWER and quarterly results for RATTANINDIA POWER)