JINDAL POLYFILMS 2023-24 Annual Report Analysis

Mon, 21 Oct

JINDAL POLYFILMS 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.

JINDAL POLYFILMS Income Statement Analysis

• Operating income during the year fell 16.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 99.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.0% in FY24 as against 2.9% in FY23.
• Depreciation charges increased by 22.9% and finance costs increased by 13.6% YoY, respectively.
• Other income declined by 26.2% YoY.
• Net profit for the year declined by 77.6% YoY.
• Net profit margins during the year declined from 6.8% in FY23 to 1.8% in FY24.

JINDAL POLYFILMS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	46,969	39,256	-16.4%
Other income	Rs m	6,473	4,779	-26.2%
Total Revenues	Rs m	53,442	44,035	-17.6%
Gross profit	Rs m	1,349	4	-99.7%
Depreciation	Rs m	1,743	2,142	22.9%
Interest	Rs m	1,525	1,732	13.6%
Profit before tax	Rs m	4,554	909	-80.0%
Tax	Rs m	1,365	194	-85.8%
Profit after tax	Rs m	3,189	715	-77.6%
Gross profit margin	%	2.9	0.0
Effective tax rate	%	30.0	21.4
Net profit margin	%	6.8	1.8

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JINDAL POLYFILMS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 20 billion as compared to Rs 13 billion in FY23, thereby witnessing an increase of 61.9%.
• Long-term debt down at Rs 31 billion as compared to Rs 33 billion during FY23, a fall of 4.8%.
• Current assets rose 23% and stood at Rs 65 billion, while fixed assets fell 9% and stood at Rs 39 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 104 billion as against Rs 95 billion during FY23, thereby witnessing a growth of 9%.

JINDAL POLYFILMS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	42,075	39,945	-5.1
Current Liabilities	Rs m	12,659	20,488	61.9
Long-term Debt	Rs m	32,909	31,319	-4.8
Total Liabilities	Rs m	95,388	103,787	8.8
Current assets	Rs m	53,172	65,269	22.7
Fixed Assets	Rs m	42,215	38,518	-8.8
Total Assets	Rs m	95,388	103,787	8.8

JINDAL POLYFILMS Cash Flow Statement Analysis

• JINDAL POLYFILMS'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 -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -444 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 62 million from the Rs -783 million net cash flows seen during FY23.

JINDAL POLYFILMS 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	-5,655	1,329	-
Cash Flow from Investing Activities	Rs m	-23,688	-1,034	-
Cash Flow from Financing Activities	Rs m	28,560	-444	-
Net Cash Flow	Rs m	-783	62	-

Current Valuations for JINDAL POLYFILMS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.3, an decline from the EPS of Rs 72.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 791.6, stands at 24.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 9.2 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	1,072.6	896.5
TTM Earnings per share	Rs	72.8	16.3
Diluted earnings per share	Rs	72.8	16.3
Price to Cash Flow	x	4.4	9.2
TTM P/E ratio	x	6.8	24.3
Price / Book Value ratio	x	0.9	0.7
Market Cap	Rs m	37,547	26,161
Dividends per share (Unadj.)	Rs	4.3	5.5

Ratio Analysis for JINDAL POLYFILMS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.2x during FY24, from 4.2x 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 1.5x during FY24, from 4.0x 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 1.8% during FY24, from 7.6% 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 declined and down at 3.7% during FY24, from 8.1% 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 2.4% during FY24, from 4.9% 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	4.2	3.2
Debtors’ Days	Days	192	330
Interest coverage	x	4.0	1.5
Debt to equity ratio	x	0.8	0.8
Return on assets	%	4.9	2.4
Return on equity	%	7.6	1.8
Return on capital employed	%	8.1	3.7

To see how JINDAL POLYFILMS has performed over the last 5 years, please visit here.

JINDAL POLYFILMS Share Price Performance

Over the last one year, JINDAL POLYFILMS share price has moved up from Rs 699.0 to Rs 791.6, registering a gain of Rs 92.7 or around 13.3%.

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

(To know more, check out historical annual results for JINDAL POLYFILMS and quarterly results for JINDAL POLYFILMS)