MANAKSIA COATED METALS 2023-24 Annual Report Analysis

Wed, 25 Sep

MANAKSIA COATED METALS 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.

MANAKSIA COATED METALS Income Statement Analysis

• Operating income during the year rose 13.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 35.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.8% in FY24 as against 5.7% in FY23.
• Depreciation charges increased by 0.2% and finance costs increased by 50.0% YoY, respectively.
• Other income grew by 18.6% YoY.
• Net profit for the year grew by 20.1% YoY.
• Net profit margins during the year grew from 1.4% in FY23 to 1.5% in FY24.

MANAKSIA COATED METALS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,518	7,397	13.5%
Other income	Rs m	55	65	18.6%
Total Revenues	Rs m	6,573	7,462	13.5%
Gross profit	Rs m	373	503	35.0%
Depreciation	Rs m	92	92	0.2%
Interest	Rs m	218	328	50.0%
Profit before tax	Rs m	118	149	26.7%
Tax	Rs m	24	37	52.6%
Profit after tax	Rs m	94	112	20.1%
Gross profit margin	%	5.7	6.8
Effective tax rate	%	20.5	24.6
Net profit margin	%	1.4	1.5

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MANAKSIA COATED METALS 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 -8.5%.
• Long-term debt down at Rs 602 million as compared to Rs 769 million during FY23, a fall of 21.7%.
• Current assets fell 3% and stood at Rs 4 billion, while fixed assets fell 1% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 5 billion during FY23, thereby witnessing a fall of 2%.

MANAKSIA COATED METALS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,193	1,462	22.6
Current Liabilities	Rs m	3,326	3,043	-8.5
Long-term Debt	Rs m	769	602	-21.7
Total Liabilities	Rs m	5,482	5,372	-2.0
Current assets	Rs m	3,770	3,675	-2.5
Fixed Assets	Rs m	1,712	1,697	-0.9
Total Assets	Rs m	5,482	5,372	-2.0

MANAKSIA COATED METALS Cash Flow Statement Analysis

• MANAKSIA COATED METALS's cash flow from operating activities (CFO) during FY24 stood at Rs 216 million, an improvement of 165.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -62 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -156 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs -42 million net cash flows seen during FY23.

MANAKSIA COATED METALS 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	81	216	165.1%
Cash Flow from Investing Activities	Rs m	-80	-62	-
Cash Flow from Financing Activities	Rs m	-56	-156	-
Net Cash Flow	Rs m	-42	0	-

Current Valuations for MANAKSIA COATED METALS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.5, an improvement from the EPS of Rs 1.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 71.7, stands at 37.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 10.7 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	99.5	99.6
TTM Earnings per share	Rs	1.4	1.5
Diluted earnings per share	Rs	1.3	1.5
Price to Cash Flow	x	6.0	10.7
TTM P/E ratio	x	11.8	37.8
Price / Book Value ratio	x	1.2	1.5
Market Cap	Rs m	1,445	2,179
Dividends per share (Unadj.)	Rs	0.0	0.1

Ratio Analysis for MANAKSIA COATED METALS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 1.1x 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 1.5x 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 7.7% during FY24, from 7.8% 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 improved and stood at 23.1% during FY24, from 17.1% 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 improved and stood at 8.2% during FY24, from 5.7% 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	1.1	1.2
Debtors’ Days	Days	244	274
Interest coverage	x	1.5	1.5
Debt to equity ratio	x	0.6	0.4
Return on assets	%	5.7	8.2
Return on equity	%	7.8	7.7
Return on capital employed	%	17.1	23.1

To see how MANAKSIA COATED METALS has performed over the last 5 years, please visit here.

MANAKSIA COATED METALS Share Price Performance

Over the last one year, MANAKSIA COATED METALS share price has moved up from Rs 23.0 to Rs 71.7, registering a gain of Rs 48.7 or around 211.9%.

Overall, the S&P BSE SENSEX is up 28.5% over the year.

(To know more, check out historical annual results for MANAKSIA COATED METALS and quarterly results for MANAKSIA COATED METALS)