INTL.CONVEYORS 2023-24 Annual Report Analysis

Mon, 23 Sep

INTL.CONVEYORS 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.

INTL.CONVEYORS Income Statement Analysis

• Operating income during the year fell 37.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 24.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.9% in FY24 as against 13.0% in FY23.
• Depreciation charges decreased by 14.5% and finance costs increased by 128.6% YoY, respectively.
• Other income grew by 335.0% YoY.
• Net profit for the year grew by 117.2% YoY.
• Net profit margins during the year grew from 13.4% in FY23 to 46.6% in FY24.

INTL.CONVEYORS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,150	1,339	-37.7%
Other income	Rs m	153	666	335.0%
Total Revenues	Rs m	2,303	2,006	-12.9%
Gross profit	Rs m	281	213	-24.0%
Depreciation	Rs m	23	19	-14.5%
Interest	Rs m	39	90	128.6%
Profit before tax	Rs m	372	770	107.2%
Tax	Rs m	85	146	73.3%
Profit after tax	Rs m	287	624	117.2%
Gross profit margin	%	13.0	15.9
Effective tax rate	%	22.7	19.0
Net profit margin	%	13.4	46.6

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INTL.CONVEYORS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 953 million in FY23, thereby witnessing an increase of 65.4%.
• Long-term debt stood at Rs 1 million as compared to Rs 0 million during FY23, a growth of 315.4%.
• Current assets rose 76% and stood at Rs 3 billion, while fixed assets fell 16% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 35%.

INTL.CONVEYORS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,139	2,718	27.1
Current Liabilities	Rs m	953	1,577	65.4
Long-term Debt	Rs m	0	1	315.4
Total Liabilities	Rs m	3,581	4,819	34.6
Current assets	Rs m	1,969	3,470	76.2
Fixed Assets	Rs m	1,612	1,349	-16.3
Total Assets	Rs m	3,581	4,819	34.6

INTL.CONVEYORS Cash Flow Statement Analysis

• INTL.CONVEYORS's cash flow from operating activities (CFO) during FY24 stood at Rs 120 million, an improvement of 234.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -476 million, an improvement of 157.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 345 million, an improvement of 125% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -11 million from the Rs 4 million net cash flows seen during FY23.

INTL.CONVEYORS 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	36	120	234.1%
Cash Flow from Investing Activities	Rs m	-185	-476	-
Cash Flow from Financing Activities	Rs m	153	345	125.5%
Net Cash Flow	Rs m	4	-11	-

Current Valuations for INTL.CONVEYORS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.8, an improvement from the EPS of Rs 4.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 101.1, stands at 8.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 4.8 times.
• The company's price to cash flow (P/CF) ratio stood at 8.4 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	33.2	21.1
TTM Earnings per share	Rs	4.4	9.8
Diluted earnings per share	Rs	4.5	9.8
Price to Cash Flow	x	9.8	8.4
TTM P/E ratio	x	10.6	8.0
Price / Book Value ratio	x	2.0	2.0
Market Cap	Rs m	4,206	5,434
Dividends per share (Unadj.)	Rs	1.1	1.1

Ratio Analysis for INTL.CONVEYORS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 2.1x 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 9.6x during FY24, from 10.5x 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 23.0% during FY24, from 13.4% 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 31.6% during FY24, from 19.2% 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 14.8% during FY24, from 9.1% 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	2.1	2.2
Debtors’ Days	Days	292	563
Interest coverage	x	10.5	9.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.1	14.8
Return on equity	%	13.4	23.0
Return on capital employed	%	19.2	31.6

To see how INTL.CONVEYORS has performed over the last 5 years, please visit here.

INTL.CONVEYORS Share Price Performance

Over the last one year, INTL.CONVEYORS share price has moved up from Rs 81.4 to Rs 101.1, registering a gain of Rs 19.7 or around 24.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 73,907.8 (up 0.7%). Over the last one year it has moved up from 46,719.8 to 73,907.8, a gain of 27,188 points (up 58.2%).

Overall, the S&P BSE SENSEX is up 27.1% over the year.

(To know more, check out historical annual results for INTL.CONVEYORS and quarterly results for INTL.CONVEYORS)