ITD CEMENTATION INDIA 2023-24 Annual Report Analysis

Wed, 7 Aug

ITD CEMENTATION INDIA 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.

ITD CEMENTATION INDIA Income Statement Analysis

• Operating income during the year rose 51.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 75.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.9% in FY24 as against 8.5% in FY23.
• Depreciation charges increased by 83.1% and finance costs increased by 31.8% YoY, respectively.
• Other income grew by 67.8% YoY.
• Net profit for the year grew by 119.8% YoY.
• Net profit margins during the year grew from 2.5% in FY23 to 3.6% in FY24.

ITD CEMENTATION INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	50,909	77,179	51.6%
Other income	Rs m	286	480	67.8%
Total Revenues	Rs m	51,195	77,659	51.7%
Gross profit	Rs m	4,342	7,609	75.3%
Depreciation	Rs m	1,135	2,079	83.1%
Interest	Rs m	1,654	2,180	31.8%
Profit before tax	Rs m	1,839	3,830	108.3%
Tax	Rs m	591	1,089	84.0%
Profit after tax	Rs m	1,247	2,742	119.8%
Gross profit margin	%	8.5	9.9
Effective tax rate	%	32.2	28.4
Net profit margin	%	2.5	3.6

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

ITD CEMENTATION INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 44 billion as compared to Rs 37 billion in FY23, thereby witnessing an increase of 19.2%.
• Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY23, a fall of 20.9%.
• Current assets rose 24% and stood at Rs 46 billion, while fixed assets rose 3% and stood at Rs 15 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 61 billion as against Rs 51 billion during FY23, thereby witnessing a growth of 18%.

ITD CEMENTATION INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	12,375	14,937	20.7
Current Liabilities	Rs m	36,698	43,758	19.2
Long-term Debt	Rs m	1,683	1,332	-20.9
Total Liabilities	Rs m	51,407	60,509	17.7
Current assets	Rs m	36,833	45,523	23.6
Fixed Assets	Rs m	14,573	14,986	2.8
Total Assets	Rs m	51,407	60,509	17.7

ITD CEMENTATION INDIA Cash Flow Statement Analysis

• ITD CEMENTATION INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 7 billion, an improvement of 49.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 billion from the Rs 607 million net cash flows seen during FY23.

ITD CEMENTATION INDIA 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	4,711	7,043	49.5%
Cash Flow from Investing Activities	Rs m	-4,381	-4,189	-
Cash Flow from Financing Activities	Rs m	278	-1,230	-
Net Cash Flow	Rs m	607	1,625	167.6%

Current Valuations for ITD CEMENTATION INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.0, an improvement from the EPS of Rs 7.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 471.3, stands at 31.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 8.5 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	296.3	449.3
TTM Earnings per share	Rs	7.3	16.0
Diluted earnings per share	Rs	7.3	16.0
Price to Cash Flow	x	7.5	8.5
TTM P/E ratio	x	19.9	31.3
Price / Book Value ratio	x	1.4	2.7
Market Cap	Rs m	17,385	41,062
Dividends per share (Unadj.)	Rs	0.8	1.7

Ratio Analysis for ITD CEMENTATION INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during FY24, from 1.0x 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 2.1x 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 18.4% during FY24, from 10.1% 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 36.9% during FY24, from 24.8% 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 8.1% during FY24, from 5.6% 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	1.0	1.0
Debtors’ Days	Days	774	573
Interest coverage	x	2.1	2.8
Debt to equity ratio	x	0.1	0.1
Return on assets	%	5.6	8.1
Return on equity	%	10.1	18.4
Return on capital employed	%	24.8	36.9

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

ITD CEMENTATION INDIA Share Price Performance

Over the last one year, ITD CEMENTATION INDIA share price has moved up from Rs 180.6 to Rs 471.3, registering a gain of Rs 290.7 or around 161.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 7,931.2 (up 1.4%). Over the last one year it has moved up from 4,341.4 to 7,931.2, a gain of 3,590 points (up 82.7%).

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

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