INTERNATIONAL TRAVEL 2023-24 Annual Report Analysis

Thu, 8 Aug

INTERNATIONAL TRAVEL 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.

INTERNATIONAL TRAVEL Income Statement Analysis

• Operating income during the year rose 18.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 57.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.9% in FY24 as against 11.9% in FY23.
• Depreciation charges increased by 23.4% and finance costs increased by 17.4% YoY, respectively.
• Other income grew by 37.6% YoY.
• Net profit for the year declined by 20.7% YoY.
• Net profit margins during the year declined from 15.4% in FY23 to 10.4% in FY24.

INTERNATIONAL TRAVEL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,840	2,173	18.1%
Other income	Rs m	29	39	37.6%
Total Revenues	Rs m	1,869	2,213	18.4%
Gross profit	Rs m	220	345	57.1%
Depreciation	Rs m	60	74	23.4%
Interest	Rs m	5	6	17.4%
Profit before tax	Rs m	183	304	66.2%
Tax	Rs m	-101	79	NA
Profit after tax	Rs m	284	225	-20.7%
Gross profit margin	%	11.9	15.9
Effective tax rate	%	-55.0	26.1
Net profit margin	%	15.4	10.4

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

INTERNATIONAL TRAVEL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 587 million as compared to Rs 527 million in FY23, thereby witnessing an increase of 11.4%.
• Current assets rose 27% and stood at Rs 2 billion, while fixed assets fell 4% and stood at Rs 371 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 20%.

INTERNATIONAL TRAVEL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,232	1,425	15.7
Current Liabilities	Rs m	527	587	11.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,683	2,015	19.7
Current assets	Rs m	1,298	1,643	26.6
Fixed Assets	Rs m	385	371	-3.6
Total Assets	Rs m	1,683	2,015	19.7

INTERNATIONAL TRAVEL Cash Flow Statement Analysis

• INTERNATIONAL TRAVEL's cash flow from operating activities (CFO) during FY24 stood at Rs 492 million, an improvement of 434.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -371 million, an improvement of 544.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -32 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 88 million from the Rs 31 million net cash flows seen during FY23.

INTERNATIONAL TRAVEL 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	92	492	434.3%
Cash Flow from Investing Activities	Rs m	-58	-371	-
Cash Flow from Financing Activities	Rs m	-3	-32	-
Net Cash Flow	Rs m	31	88	181.4%

Current Valuations for INTERNATIONAL TRAVEL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.2, an decline from the EPS of Rs 35.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 600.0, stands at 20.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 12.8 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	230.3	272.0
TTM Earnings per share	Rs	35.5	28.2
Diluted earnings per share	Rs	35.5	28.1
Price to Cash Flow	x	4.9	12.8
TTM P/E ratio	x	5.9	20.5
Price / Book Value ratio	x	1.2	2.7
Market Cap	Rs m	1,509	3,818
Dividends per share (Unadj.)	Rs	3.5	5.0

Ratio Analysis for INTERNATIONAL TRAVEL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.8x during FY24, from 2.5x 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 improved and stood at 50.1x during FY24, from 35.7x 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 15.8% during FY24, from 23.0% 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 21.8% during FY24, from 15.3% 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 declined and down at 11.5% during FY24, from 17.2% 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	2.5	2.8
Debtors’ Days	Days	1,437	1,039
Interest coverage	x	35.7	50.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	17.2	11.5
Return on equity	%	23.0	15.8
Return on capital employed	%	15.3	21.8

To see how INTERNATIONAL TRAVEL has performed over the last 5 years, please visit here.

INTERNATIONAL TRAVEL Share Price Performance

Over the last one year, INTERNATIONAL TRAVEL share price has moved up from Rs 329.6 to Rs 600.0, registering a gain of Rs 270.5 or around 82.1%.

Overall, the S&P BSE SENSEX is up 20.0% over the year.

(To know more, check out historical annual results for INTERNATIONAL TRAVEL and quarterly results for INTERNATIONAL TRAVEL)