INDIA GLYCOLS 2023-24 Annual Report Analysis

Mon, 5 Aug

INDIA GLYCOLS 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.

INDIA GLYCOLS Income Statement Analysis

• Operating income during the year was NA on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.1% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 31.4% in FY24 as against 25.0% in FY23.
• Depreciation charges increased by 7.2% and finance costs increased by 19.5% YoY, respectively.
• Other income grew by 4.8% YoY.
• Net profit for the year grew by 22.7% YoY.
• Net profit margins during the year declined from 10.5% in FY23 to 13.0% in FY24.

INDIA GLYCOLS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	-13,399	-13,336	NA
Other income	Rs m	272	285	4.8%
Total Revenues	Rs m	-13,127	-13,051	NA
Gross profit	Rs m	3,350	4,190	25.1%
Depreciation	Rs m	940	1,008	7.2%
Interest	Rs m	1,033	1,235	19.5%
Profit before tax	Rs m	1,650	2,233	35.3%
Tax	Rs m	240	503	110.0%
Profit after tax	Rs m	1,410	1,730	22.7%
Gross profit margin	%	-25.0	-31.4
Effective tax rate	%	14.5	22.5
Net profit margin	%	-10.5	-13.0

Don't Miss: Key Information for Long-term Investors

INDIA GLYCOLS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 24 billion as compared to Rs 19 billion in FY23, thereby witnessing an increase of 27.3%.
• Long-term debt stood at Rs 7 billion as compared to Rs 6 billion during FY23, a growth of 31.6%.
• Current assets rose 18% and stood at Rs 19 billion, while fixed assets rose 14% and stood at Rs 37 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 56 billion as against Rs 49 billion during FY23, thereby witnessing a growth of 16%.

INDIA GLYCOLS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	19,014	20,510	7.9
Current Liabilities	Rs m	18,649	23,747	27.3
Long-term Debt	Rs m	5,508	7,251	31.6
Total Liabilities	Rs m	48,583	56,168	15.6
Current assets	Rs m	16,462	19,447	18.1
Fixed Assets	Rs m	32,114	36,721	14.3
Total Assets	Rs m	48,583	56,168	15.6

INDIA GLYCOLS Cash Flow Statement Analysis

• INDIA GLYCOLS's cash flow from operating activities (CFO) during FY24 stood at Rs 4 billion, an improvement of 34.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -5 billion, an improvement of 52.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 899 million, an improvement of 17,834% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 250 million from the Rs -51 million net cash flows seen during FY23.

INDIA GLYCOLS 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	3,257	4,385	34.6%
Cash Flow from Investing Activities	Rs m	-3,303	-5,035	-
Cash Flow from Financing Activities	Rs m	-5	899	-
Net Cash Flow	Rs m	-51	250	-

Current Valuations for INDIA GLYCOLS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 55.9, an improvement from the EPS of Rs 45.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,163.0, stands at 22.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at -2.7 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	-432.8	-430.8
TTM Earnings per share	Rs	45.6	55.9
Diluted earnings per share	Rs	45.6	55.9
Price to Cash Flow	x	8.1	8.4
TTM P/E ratio	x	14.7	22.4
Price / Book Value ratio	x	1.4	1.1
Market Cap	Rs m	26,598	23,111
Dividends per share (Unadj.)	Rs	7.5	8.0

Ratio Analysis for INDIA GLYCOLS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY24, from 0.9x 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 improved and stood at 2.8x during FY24, from 2.6x 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 8.4% during FY24, from 7.4% 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 12.5% during FY24, from 10.9% 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 5.3% during FY24, from 5.0% 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	0.9	0.8
Debtors’ Days	Days	-1,172	-1,051
Interest coverage	x	2.6	2.8
Debt to equity ratio	x	0.3	0.4
Return on assets	%	5.0	5.3
Return on equity	%	7.4	8.4
Return on capital employed	%	10.9	12.5

To see how INDIA GLYCOLS has performed over the last 5 years, please visit here.

INDIA GLYCOLS Share Price Performance

Over the last one year, INDIA GLYCOLS share price has moved up from Rs 638.1 to Rs 1,163.0, registering a gain of Rs 525.0 or around 82.3%.

Overall, the S&P BSE SENSEX is up 18.5% over the year.

(To know more, check out historical annual results for INDIA GLYCOLS and quarterly results for INDIA GLYCOLS)