MOLD-TEK TECH. 2023-24 Annual Report Analysis

Tue, 8 Oct

MOLD-TEK TECH. 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.

MOLD-TEK TECH. Income Statement Analysis

• Operating income during the year rose 9.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 0.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 26.2% in FY24 as against 28.8% in FY23.
• Depreciation charges increased by 35.8% and finance costs increased by 33.8% YoY, respectively.
• Other income grew by 26.3% YoY.
• Net profit for the year declined by 4.8% YoY.
• Net profit margins during the year declined from 19.9% in FY23 to 17.3% in FY24.

MOLD-TEK TECH. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,469	1,607	9.4%
Other income	Rs m	19	24	26.3%
Total Revenues	Rs m	1,488	1,632	9.7%
Gross profit	Rs m	424	421	-0.7%
Depreciation	Rs m	47	64	35.8%
Interest	Rs m	8	10	33.8%
Profit before tax	Rs m	388	371	-4.4%
Tax	Rs m	96	92	-3.2%
Profit after tax	Rs m	293	278	-4.8%
Gross profit margin	%	28.8	26.2
Effective tax rate	%	24.6	24.9
Net profit margin	%	19.9	17.3

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MOLD-TEK TECH. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 532 million as compared to Rs 563 million in FY23, thereby witnessing an decrease of -5.5%.
• Current assets rose 13% and stood at Rs 1 billion, while fixed assets rose 4% and stood at Rs 526 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 10%.

MOLD-TEK TECH. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,037	1,204	16.1
Current Liabilities	Rs m	563	532	-5.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,659	1,828	10.2
Current assets	Rs m	1,151	1,302	13.1
Fixed Assets	Rs m	508	526	3.7
Total Assets	Rs m	1,659	1,828	10.2

MOLD-TEK TECH. Cash Flow Statement Analysis

• MOLD-TEK TECH.'s cash flow from operating activities (CFO) during FY24 stood at Rs 325 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -45 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -106 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 174 million from the Rs 192 million net cash flows seen during FY23.

MOLD-TEK TECH. 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	339	325	-4.0%
Cash Flow from Investing Activities	Rs m	-114	-45	-
Cash Flow from Financing Activities	Rs m	-33	-106	-
Net Cash Flow	Rs m	192	174	-9.6%

Current Valuations for MOLD-TEK TECH.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.8, an decline from the EPS of Rs 10.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 228.7, stands at 24.4 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 4.0 times.
• The company's price to cash flow (P/CF) ratio stood at 24.0 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	52.0	56.6
TTM Earnings per share	Rs	10.4	9.8
Diluted earnings per share	Rs	10.2	9.7
Price to Cash Flow	x	20.5	24.0
TTM P/E ratio	x	23.8	24.4
Price / Book Value ratio	x	4.8	6.8
Market Cap	Rs m	5,024	8,211
Dividends per share (Unadj.)	Rs	3.4	3.4

Ratio Analysis for MOLD-TEK TECH.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY24, from 2.0x 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 deteriorated and stood at 36.9x during FY24, from 51.3x 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 23.1% during FY24, from 28.2% 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 31.7% during FY24, from 38.2% 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 15.8% during FY24, from 18.1% 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	2.0	2.4
Debtors’ Days	Days	816	700
Interest coverage	x	51.3	36.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	18.1	15.8
Return on equity	%	28.2	23.1
Return on capital employed	%	38.2	31.7

To see how MOLD-TEK TECH. has performed over the last 5 years, please visit here.

MOLD-TEK TECH. Share Price Performance

Over the last one year, MOLD-TEK TECH. share price has moved down from Rs 358.8 to Rs 228.7, registering a loss of Rs 130.1 or around 36.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 70,731.1 (up 2.8%). Over the last one year it has moved up from 48,205.1 to 70,731.1, a gain of 22,526 points (up 46.7%).

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

(To know more, check out historical annual results for MOLD-TEK TECH. and quarterly results for MOLD-TEK TECH.)