MAITHAN ALLOYS 2023-24 Annual Report Analysis

Thu, 26 Sep

MAITHAN ALLOYS 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.

MAITHAN ALLOYS Income Statement Analysis

• Operating income during the year fell 40.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 76.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.7% in FY24 as against 16.9% in FY23.
• Depreciation charges increased by 2.8% and finance costs decreased by 36.6% YoY, respectively.
• Other income grew by 104.4% YoY.
• Net profit for the year declined by 30.1% YoY.
• Net profit margins during the year grew from 17.3% in FY23 to 20.2% in FY24.

MAITHAN ALLOYS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	28,850	17,286	-40.1%
Other income	Rs m	1,749	3,575	104.4%
Total Revenues	Rs m	30,599	20,862	-31.8%
Gross profit	Rs m	4,869	1,158	-76.2%
Depreciation	Rs m	202	208	2.8%
Interest	Rs m	48	30	-36.6%
Profit before tax	Rs m	6,368	4,495	-29.4%
Tax	Rs m	1,378	1,006	-27.0%
Profit after tax	Rs m	4,990	3,490	-30.1%
Gross profit margin	%	16.9	6.7
Effective tax rate	%	21.6	22.4
Net profit margin	%	17.3	20.2

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MAITHAN ALLOYS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -14.4%.
• Long-term debt stood at Rs 130 million as compared to Rs 80 million during FY23, a growth of 62.5%.
• Current assets rose 9% and stood at Rs 30 billion, while fixed assets rose 23% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 35 billion as against Rs 31 billion during FY23, thereby witnessing a growth of 10%.

MAITHAN ALLOYS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	28,043	31,419	12.0
Current Liabilities	Rs m	2,933	2,512	-14.4
Long-term Debt	Rs m	80	130	62.5
Total Liabilities	Rs m	31,400	34,681	10.4
Current assets	Rs m	27,800	30,303	9.0
Fixed Assets	Rs m	3,567	4,377	22.7
Total Assets	Rs m	31,400	34,681	10.4

MAITHAN ALLOYS Cash Flow Statement Analysis

• MAITHAN ALLOYS's cash flow from operating activities (CFO) during FY24 stood at Rs -4 billion 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 -87 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -487 million from the Rs 11 million net cash flows seen during FY23.

MAITHAN ALLOYS 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	9,681	-4,113	-
Cash Flow from Investing Activities	Rs m	-9,619	3,714	-
Cash Flow from Financing Activities	Rs m	-51	-87	-
Net Cash Flow	Rs m	11	-487	-

Current Valuations for MAITHAN ALLOYS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 119.9, an decline from the EPS of Rs 171.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,186.6, stands at 4.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 8.4 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	991.1	593.8
TTM Earnings per share	Rs	171.4	119.9
Diluted earnings per share	Rs	171.4	119.9
Price to Cash Flow	x	4.5	8.4
TTM P/E ratio	x	4.6	4.6
Price / Book Value ratio	x	1.2	1.0
Market Cap	Rs m	34,358	31,054
Dividends per share (Unadj.)	Rs	6.0	6.0

Ratio Analysis for MAITHAN ALLOYS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 12.1x during FY24, from 9.5x 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 149.4x during FY24, from 134.2x 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 declined and down at 11.1% during FY24, from 17.8% 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 14.3% during FY24, from 22.8% 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 declined and down at 10.1% during FY24, from 16.0% 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	9.5	12.1
Debtors’ Days	Days	5	8
Interest coverage	x	134.2	149.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.0	10.1
Return on equity	%	17.8	11.1
Return on capital employed	%	22.8	14.3

To see how MAITHAN ALLOYS has performed over the last 5 years, please visit here.

MAITHAN ALLOYS Share Price Performance

Over the last one year, MAITHAN ALLOYS share price has moved up from Rs 1,050.1 to Rs 1,186.6, registering a gain of Rs 136.5 or around 13.0%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 33,207.8 (up 0.4%). Over the last one year it has moved up from 22,801.3 to 33,207.8, a gain of 10,407 points (up 45.6%).

Overall, the S&P BSE SENSEX is up 29.0% over the year.

(To know more, check out historical annual results for MAITHAN ALLOYS and quarterly results for MAITHAN ALLOYS)