MAN INFRACONST. 2023-24 Annual Report Analysis

Tue, 16 Jul

MAN INFRACONST. 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.

MAN INFRACONST. Income Statement Analysis

• Operating income during the year fell 33.2% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 17.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.4% in FY24 as against 22.2% in FY23.
• Depreciation charges decreased by 11.4% and finance costs decreased by 39.9% YoY, respectively.
• Other income grew by 101.9% YoY.
• Net profit for the year grew by 5.0% YoY.
• Net profit margins during the year grew from 15.3% in FY23 to 24.0% in FY24.

MAN INFRACONST. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	18,903	12,635	-33.2%
Other income	Rs m	479	968	101.9%
Total Revenues	Rs m	19,383	13,602	-29.8%
Gross profit	Rs m	4,188	3,456	-17.5%
Depreciation	Rs m	112	100	-11.4%
Interest	Rs m	585	352	-39.9%
Profit before tax	Rs m	3,970	3,972	0.1%
Tax	Rs m	1,081	939	-13.1%
Profit after tax	Rs m	2,890	3,033	5.0%
Gross profit margin	%	22.2	27.4
Effective tax rate	%	27.2	23.6
Net profit margin	%	15.3	24.0

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MAN INFRACONST. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 6 billion as compared to Rs 6 billion in FY23, thereby witnessing an decrease of -9.3%.
• Long-term debt stood at Rs 634 million as compared to Rs 123 million during FY23, a growth of 415.4%.
• Current assets rose 35% and stood at Rs 19 billion, while fixed assets fell 26% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 21 billion as against Rs 17 billion during FY23, thereby witnessing a growth of 23%.

MAN INFRACONST. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,894	13,276	21.9
Current Liabilities	Rs m	6,078	5,514	-9.3
Long-term Debt	Rs m	123	634	415.4
Total Liabilities	Rs m	17,392	21,385	23.0
Current assets	Rs m	13,967	18,836	34.9
Fixed Assets	Rs m	3,424	2,523	-26.3
Total Assets	Rs m	17,392	21,385	23.0

MAN INFRACONST. Cash Flow Statement Analysis

• MAN INFRACONST.'s cash flow from operating activities (CFO) during FY24 stood at Rs 6 billion, an improvement of 27.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 290.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -279 million, an improvement of 94% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs -1 billion net cash flows seen during FY23.

MAN INFRACONST. 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	4,480	5,726	27.8%
Cash Flow from Investing Activities	Rs m	-1,016	-3,966	-
Cash Flow from Financing Activities	Rs m	-4,578	-279	-
Net Cash Flow	Rs m	-1,114	1,479	-

Current Valuations for MAN INFRACONST.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs 7.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 196.1, stands at 25.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.5 times, while the price to sales ratio stands at 5.8 times.
• The company's price to cash flow (P/CF) ratio stood at 18.9 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	50.9	34.0
TTM Earnings per share	Rs	7.8	8.2
Diluted earnings per share	Rs	7.8	8.2
Price to Cash Flow	x	8.4	18.9
TTM P/E ratio	x	8.9	25.6
Price / Book Value ratio	x	3.2	4.5
Market Cap	Rs m	35,389	59,103
Dividends per share (Unadj.)	Rs	0.9	1.6

Ratio Analysis for MAN INFRACONST.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.4x during FY24, from 2.3x 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 12.3x during FY24, from 7.8x 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 22.8% during FY24, from 26.5% 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 31.1% during FY24, from 41.3% 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 20.0% 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	2.3	3.4
Debtors’ Days	Days	642	416
Interest coverage	x	7.8	12.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	20.0	15.8
Return on equity	%	26.5	22.8
Return on capital employed	%	41.3	31.1

To see how MAN INFRACONST. has performed over the last 5 years, please visit here.

MAN INFRACONST. Share Price Performance

Over the last one year, MAN INFRACONST. share price has moved up from Rs 111.9 to Rs 196.1, registering a gain of Rs 84.3 or around 75.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,806.7 (up 1.7%). Over the last one year it has moved up from 4,322.8 to 8,806.7, a gain of 4,484 points (up 103.7%).

Overall, the S&P BSE SENSEX is up 23.4% over the year.

(To know more, check out historical annual results for MAN INFRACONST. and quarterly results for MAN INFRACONST.)