MAHARASHTRA SEAMLESS 2023-24 Annual Report Analysis

Thu, 8 Aug

MAHARASHTRA SEAMLESS 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.

MAHARASHTRA SEAMLESS Income Statement Analysis

• Operating income during the year fell 5.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 19.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.2% in FY24 as against 17.6% in FY23.
• Depreciation charges decreased by 20.3% and finance costs decreased by 77.9% YoY, respectively.
• Other income grew by 54.1% YoY.
• Net profit for the year grew by 24.0% YoY.
• Net profit margins during the year grew from 13.4% in FY23 to 17.6% in FY24.

MAHARASHTRA SEAMLESS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	57,164	54,041	-5.5%
Other income	Rs m	922	1,422	54.1%
Total Revenues	Rs m	58,086	55,463	-4.5%
Gross profit	Rs m	10,075	11,988	19.0%
Depreciation	Rs m	1,377	1,097	-20.3%
Interest	Rs m	383	85	-77.9%
Profit before tax	Rs m	9,237	12,228	32.4%
Tax	Rs m	1,560	2,712	73.8%
Profit after tax	Rs m	7,676	9,517	24.0%
Gross profit margin	%	17.6	22.2
Effective tax rate	%	16.9	22.2
Net profit margin	%	13.4	17.6

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

MAHARASHTRA SEAMLESS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -20.8%.
• Current assets rose 13% and stood at Rs 36 billion, while fixed assets rose 12% and stood at Rs 30 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 66 billion as against Rs 59 billion during FY23, thereby witnessing a growth of 12%.

MAHARASHTRA SEAMLESS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	47,740	57,307	20.0
Current Liabilities	Rs m	5,433	4,301	-20.8
Long-term Debt	Rs m	1,618	0	-100.0
Total Liabilities	Rs m	58,588	65,879	12.4
Current assets	Rs m	32,075	36,137	12.7
Fixed Assets	Rs m	26,512	29,742	12.2
Total Assets	Rs m	58,588	65,879	12.4

MAHARASHTRA SEAMLESS Cash Flow Statement Analysis

• MAHARASHTRA SEAMLESS's cash flow from operating activities (CFO) during FY24 stood at Rs 10 billion, an improvement of 14.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -7 billion, an improvement of 88.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -3 billion, an improvement of 41% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs -166 million net cash flows seen during FY23.

MAHARASHTRA SEAMLESS 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	9,118	10,414	14.2%
Cash Flow from Investing Activities	Rs m	-3,822	-7,216	-
Cash Flow from Financing Activities	Rs m	-5,421	-3,197	-
Net Cash Flow	Rs m	-166	1	-

Current Valuations for MAHARASHTRA SEAMLESS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 71.0, an improvement from the EPS of Rs 57.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 584.3, stands at 8.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.4 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	426.6	403.3
TTM Earnings per share	Rs	57.3	71.0
Diluted earnings per share	Rs	57.3	71.0
Price to Cash Flow	x	5.3	9.2
TTM P/E ratio	x	5.6	8.8
Price / Book Value ratio	x	1.0	1.7
Market Cap	Rs m	48,072	97,394
Dividends per share (Unadj.)	Rs	5.0	10.0

Ratio Analysis for MAHARASHTRA SEAMLESS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 8.4x during FY24, from 5.9x 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 improved and stood at 145.4x during FY24, from 25.1x 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 16.6% during FY24, from 16.1% 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 21.5% during FY24, from 19.5% 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 14.6% during FY24, from 13.8% 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	5.9	8.4
Debtors’ Days	Days	4	4
Interest coverage	x	25.1	145.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.8	14.6
Return on equity	%	16.1	16.6
Return on capital employed	%	19.5	21.5

To see how MAHARASHTRA SEAMLESS has performed over the last 5 years, please visit here.

MAHARASHTRA SEAMLESS Share Price Performance

Over the last one year, MAHARASHTRA SEAMLESS share price has moved up from Rs 478.4 to Rs 584.3, registering a gain of Rs 105.9 or around 22.1%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 31,061.9 (down 1.1%). Over the last one year it has moved up from 21,426.3 to 31,061.9, a gain of 9,636 points (up 45.0%).

Overall, the S&P BSE SENSEX is up 19.8% over the year.

(To know more, check out historical annual results for MAHARASHTRA SEAMLESS and quarterly results for MAHARASHTRA SEAMLESS)