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INDO THAI 2023-24 Annual Report Analysis
Mon, 11 Nov

INDO THAI 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.

INDO THAI Income Statement Analysis

  • Operating income during the year rose 313.9% on a year-on-year (YoY) basis.
  • The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 64.6% in FY24 as against 116.6% in FY23.
  • Depreciation charges decreased by 1.0% and finance costs increased by 275.6% YoY, respectively.
  • Other income grew by 28.0% YoY.
  • Net profit for the year declined by NA YoY.
  • Net profit margins during the year grew from 93.9% in FY23 to 48.9% in FY24.

INDO THAI Income Statement 2023-24

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change
Net Sales Rs m 76 313 313.9%
Other income Rs m 7 9 28.0%
Total Revenues Rs m 82 321 290.6%
Gross profit Rs m -88 202 NA
Depreciation Rs m 5 5 -1.0%
Interest Rs m 2 9 275.6%
Profit before tax Rs m -89 197 NA
Tax Rs m -18 44 NA
Profit after tax Rs m -71 153 NA
Gross profit margin % -116.6 64.6
Effective tax rate % 20.3 22.2
Net profit margin % -93.9 48.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Must See: These Segments are Witnessing Incredible Growth with Modi's Push

INDO THAI Balance Sheet Analysis

  • The company's current liabilities during FY24 down at Rs 445 million as compared to Rs 454 million in FY23, thereby witnessing an decrease of -1.9%.
  • Current assets rose 4% and stood at Rs 775 million, while fixed assets rose 41% and stood at Rs 434 million in FY24.
  • Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 15%.

INDO THAI Balance Sheet as on March 2024

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change
Networth Rs m 585 730 24.7
 
Current Liabilities Rs m 454 445 -1.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 1,051 1,209 15.0
 
Current assets Rs m 743 775 4.2
Fixed Assets Rs m 307 434 41.3
Total Assets Rs m 1,051 1,209 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INDO THAI Cash Flow Statement Analysis

  • INDO THAI's cash flow from operating activities (CFO) during FY24 stood at Rs -27 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY24 stood at Rs 34 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY24 stood at Rs 2 million on a YoY basis.
  • Overall, net cash flows for the company during FY24 stood at Rs 8 million from the Rs 2 million net cash flows seen during FY23.

INDO THAI 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 13 -27 -
Cash Flow from Investing Activities Rs m -16 34 -
Cash Flow from Financing Activities Rs m 4 2 -61.9%
Net Cash Flow Rs m 2 8 372.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INDO THAI

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.3, an improvement from the EPS of Rs -7.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,065.0, stands at 62.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 14.8 times, while the price to sales ratio stands at 34.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.6 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 7.6 31.3
TTM Earnings per share Rs -7.1 15.3
Diluted earnings per share Rs -7.0 15.1
Price to Cash Flow x -32.3 17.6
TTM P/E ratio x -29.9 62.2
Price / Book Value ratio x 5.4 3.8
Market Cap Rs m 3,137 2,781
Dividends per share (Unadj.) Rs 1.0 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INDO THAI

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.6x 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 23.4x during FY24, from -37.1x 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 21.0% during FY24, from -12.1% 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 28.1% during FY24, from -14.8% 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 13.4% during FY24, from -6.5% 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 1.6 1.7
Debtors’ Days Days 1,381 906
Interest coverage x -37.1 23.4
Debt to equity ratio x 0.0 0.0
Return on assets % -6.5 13.4
Return on equity % -12.1 21.0
Return on capital employed % -14.8 28.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how INDO THAI has performed over the last 5 years, please visit here.

INDO THAI Share Price Performance

Over the last one year, INDO THAI share price has moved up from Rs 223.5 to Rs 1,065.0, registering a gain of Rs 841.6 or around 376.6%.

Overall, the S&P BSE SENSEX is up 22.4% over the year.

(To know more, check out historical annual results for INDO THAI and quarterly results for INDO THAI)

Annual Report FAQs

What is the current share price of INDO THAI?

INDO THAI currently trades at Rs 1,048.0 per share. You can check out the latest share price performance of INDO THAI here...

What was the revenue of INDO THAI in FY24? How does it compare to earlier years?

The revenues of INDO THAI stood at Rs 321 m in FY24, which was up 290.6% compared to Rs 82 m reported in FY23.

INDO THAI's revenue has grown from Rs 99 m in FY20 to Rs 321 m in FY24.

Over the past 5 years, the revenue of INDO THAI has grown at a CAGR of 34.1%.

What was the net profit of INDO THAI in FY24? How does it compare to earlier years?

The net profit of INDO THAI stood at Rs 153 m in FY24, which was NA compared to Rs -71 m reported in FY23.

This compares to a net profit of Rs 97 m in FY22 and a net profit of Rs 102 m in FY21.

Over the past 5 years, INDO THAI net profit has grown at a CAGR of NaN%.

What does the cash flow statement of INDO THAI reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of INDO THAI reveals:

  • Cash flow from operations decreased in FY24 and stood at Rs -27 m as compared to Rs 13 m in FY23.
  • Cash flow from investments increased in FY24 and stood at Rs 34 m as compared to Rs -16 m in FY23.
  • Cash flow from financial activity decreased in FY24 and stood at Rs 2 m as compared to Rs 4 m in FY23.

Here's the cash flow statement of INDO THAI for the past 5 years.

(Rs m)FY20FY21FY22FY23FY24
From Operations131444913-27
From Investments-14138-85-1634
From Financial Activity-18-71-642
Net Cashflow-2710-4328

What does the Key Ratio analysis of INDO THAI reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of INDO THAI reveals:

  • Operating profit margins witnessed a fall and down at 64.6% in FY24 as against 116.6% in FY23.
  • Net profit margins grew from 93.9% in FY23 to 48.9% in FY24.
  • Debt to Equity ratio for FY24 stood at 0.0 as compared to 0.0 in FY23.

Here's the ratio/financial analysis of INDO THAI for the past 5 years.

 FY20FY21FY22FY23FY24
Operating Profit Margin (%)-128.775.959.8-116.664.6
Net Profit Margin (%)-115.746.447.5-93.948.9
Debt to Equity Ratio (x)0.00.00.00.00.0

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