INOX INDIA LTD. 2023-24 Annual Report Analysis

Thu, 23 May

INOX INDIA LTD. 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.

INOX INDIA LTD. Income Statement Analysis

• Operating income during the year rose 17.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 22.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.1% in FY24 as against 21.2% in FY23.
• Depreciation charges increased by 30.4% and finance costs increased by 53.9% YoY, respectively.
• Other income grew by 55.2% YoY.
• Net profit for the year grew by 26.7% YoY.
• Net profit margins during the year grew from 16.0% in FY23 to 17.3% in FY24.

INOX INDIA LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	9,659	11,312	17.1%
Other income	Rs m	202	313	55.2%
Total Revenues	Rs m	9,861	11,625	17.9%
Gross profit	Rs m	2,044	2,503	22.5%
Depreciation	Rs m	139	181	30.4%
Interest	Rs m	37	57	53.9%
Profit before tax	Rs m	2,069	2,578	24.6%
Tax	Rs m	522	618	18.3%
Profit after tax	Rs m	1,547	1,960	26.7%
Gross profit margin	%	21.2	22.1
Effective tax rate	%	25.2	24.0
Net profit margin	%	16.0	17.3

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INOX INDIA LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 5 billion as compared to Rs 6 billion in FY23, thereby witnessing an decrease of -9.0%.
• Current assets fell 4% and stood at Rs 9 billion, while fixed assets rose 54% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 4%.

INOX INDIA LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,495	6,437	17.1
Current Liabilities	Rs m	5,704	5,189	-9.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	11,478	11,989	4.4
Current assets	Rs m	9,624	9,195	-4.5
Fixed Assets	Rs m	1,749	2,686	53.6
Total Assets	Rs m	11,478	11,989	4.4

INOX INDIA LTD. Cash Flow Statement Analysis

• INOX INDIA LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -281 million, an improvement of 132.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 33% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -63 million from the Rs 100 million net cash flows seen during FY23.

INOX INDIA LTD. 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	1,767	1,256	-28.9%
Cash Flow from Investing Activities	Rs m	-121	-281	-
Cash Flow from Financing Activities	Rs m	-1,536	-1,030	-
Net Cash Flow	Rs m	100	-63	-

Current Valuations for INOX INDIA LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.6, an improvement from the EPS of Rs 17.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,344.3, stands at 62.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 19.0 times, while the price to sales ratio stands at 10.8 times.
• The company's price to cash flow (P/CF) ratio stood at 45.0 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	106.4	124.6
TTM Earnings per share	Rs	17.0	21.6
Diluted earnings per share	Rs	17.0	21.6
Price to Cash Flow	x	0.0	45.0
TTM P/E ratio	x	0.0	62.2
Price / Book Value ratio	x	0.0	15.0
Market Cap	Rs m	0	96,445
Dividends per share (Unadj.)	Rs	11.0	11.0

Ratio Analysis for INOX INDIA LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.7x 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 46.5x during FY24, from 57.2x 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 30.5% during FY24, from 28.2% 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 40.9% during FY24, from 38.3% 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 16.8% during FY24, from 13.8% 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	1.7	1.8
Debtors’ Days	Days	540	517
Interest coverage	x	57.2	46.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.8	16.8
Return on equity	%	28.2	30.5
Return on capital employed	%	38.3	40.9

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

INOX INDIA LTD. Share Price Performance

Over the last one year, INOX INDIA LTD. share price has moved up from Rs 0.0 to Rs 1,344.3, registering a gain of Rs 1,344.3 or around 0.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 69,029.7 (up 1.5%). Over the last one year it has moved up from 36,527.6 to 69,029.7, a gain of 32,502 points (up 89.0%).

Overall, the S&P BSE SENSEX is up 20.2% over the year.

(To know more, check out historical annual results for INOX INDIA LTD. and quarterly results for INOX INDIA LTD.)