MAAN ALUMINIUN 2023-24 Annual Report Analysis

Fri, 20 Sep

MAAN ALUMINIUN 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.

MAAN ALUMINIUN Income Statement Analysis

• Operating income during the year rose 17.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 37.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.7% in FY24 as against 8.8% in FY23.
• Depreciation charges increased by 4.8% and finance costs decreased by 25.5% YoY, respectively.
• Other income grew by 50.0% YoY.
• Net profit for the year declined by 34.5% YoY.
• Net profit margins during the year declined from 6.1% in FY23 to 3.4% in FY24.

MAAN ALUMINIUN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,139	9,530	17.1%
Other income	Rs m	52	77	50.0%
Total Revenues	Rs m	8,190	9,608	17.3%
Gross profit	Rs m	713	446	-37.4%
Depreciation	Rs m	45	47	4.8%
Interest	Rs m	49	37	-25.5%
Profit before tax	Rs m	670	440	-34.4%
Tax	Rs m	171	112	-34.2%
Profit after tax	Rs m	500	327	-34.5%
Gross profit margin	%	8.8	4.7
Effective tax rate	%	25.5	25.5
Net profit margin	%	6.1	3.4

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

MAAN ALUMINIUN Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 581 million as compared to Rs 899 million in FY23, thereby witnessing an decrease of -35.3%.
• Long-term debt down at Rs 4 million as compared to Rs 10 million during FY23, a fall of 58.4%.
• Current assets fell 13% and stood at Rs 1 billion, while fixed assets rose 43% and stood at Rs 768 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 0%.

MAAN ALUMINIUN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,303	1,631	25.2
Current Liabilities	Rs m	899	581	-35.3
Long-term Debt	Rs m	10	4	-58.4
Total Liabilities	Rs m	2,249	2,251	0.1
Current assets	Rs m	1,712	1,483	-13.4
Fixed Assets	Rs m	537	768	43.0
Total Assets	Rs m	2,249	2,251	0.1

MAAN ALUMINIUN Cash Flow Statement Analysis

• MAAN ALUMINIUN's cash flow from operating activities (CFO) during FY24 stood at Rs 335 million, an improvement of 15.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -63 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -272 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY23.

MAAN ALUMINIUN 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	290	335	15.3%
Cash Flow from Investing Activities	Rs m	-102	-63	-
Cash Flow from Financing Activities	Rs m	-189	-272	-
Net Cash Flow	Rs m	0	0	-

Current Valuations for MAAN ALUMINIUN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.1, an decline from the EPS of Rs 37.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 141.1, stands at 29.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.7 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 15.8 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	602.0	176.2
TTM Earnings per share	Rs	37.0	6.1
Diluted earnings per share	Rs	9.2	6.1
Price to Cash Flow	x	4.3	15.8
TTM P/E ratio	x	4.7	29.4
Price / Book Value ratio	x	1.9	3.6
Market Cap	Rs m	2,418	5,899
Dividends per share (Unadj.)	Rs	1.5	0.0

Ratio Analysis for MAAN ALUMINIUN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x during FY24, from 1.9x 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 12.9x during FY24, from 14.6x 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 20.1% during FY24, from 38.4% 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 29.1% during FY24, from 54.8% 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 16.2% during FY24, from 24.4% 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	1.9	2.6
Debtors’ Days	Days	518	342
Interest coverage	x	14.6	12.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	24.4	16.2
Return on equity	%	38.4	20.1
Return on capital employed	%	54.8	29.1

To see how MAAN ALUMINIUN has performed over the last 5 years, please visit here.

MAAN ALUMINIUN Share Price Performance

Over the last one year, MAAN ALUMINIUN share price has moved up from Rs 93.0 to Rs 141.1, registering a gain of Rs 48.0 or around 51.6%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 31,969.1 (up 1.8%). Over the last one year it has moved up from 22,980.9 to 31,969.1, a gain of 8,988 points (up 39.1%).

Overall, the S&P BSE SENSEX is up 25.2% over the year.

(To know more, check out historical annual results for MAAN ALUMINIUN and quarterly results for MAAN ALUMINIUN)