MANALI PETRO 2023-24 Annual Report Analysis

Thu, 12 Sep

MANALI PETRO 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.

MANALI PETRO Income Statement Analysis

• Operating income during the year fell 12.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 47.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 3.8% in FY24 as against 6.3% in FY23.
• Depreciation charges increased by 9.3% and finance costs increased by 4.1% YoY, respectively.
• Other income grew by 3.9% YoY.
• Net profit for the year declined by 62.1% YoY.
• Net profit margins during the year declined from 4.3% in FY23 to 1.9% in FY24.

MANALI PETRO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	11,771	10,324	-12.3%
Other income	Rs m	281	292	3.9%
Total Revenues	Rs m	12,052	10,615	-11.9%
Gross profit	Rs m	743	391	-47.4%
Depreciation	Rs m	232	253	9.3%
Interest	Rs m	92	96	4.1%
Profit before tax	Rs m	700	334	-52.3%
Tax	Rs m	193	141	-26.8%
Profit after tax	Rs m	507	192	-62.1%
Gross profit margin	%	6.3	3.8
Effective tax rate	%	27.6	42.4
Net profit margin	%	4.3	1.9

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MANALI PETRO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 11.0%.
• Current assets rose 4% and stood at Rs 7 billion, while fixed assets rose 1% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 13 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 3%.

MANALI PETRO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,444	10,617	1.7
Current Liabilities	Rs m	1,467	1,627	11.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	12,742	13,084	2.7
Current assets	Rs m	6,739	7,015	4.1
Fixed Assets	Rs m	6,002	6,069	1.1
Total Assets	Rs m	12,742	13,084	2.7

MANALI PETRO Cash Flow Statement Analysis

• MANALI PETRO's cash flow from operating activities (CFO) during FY24 stood at Rs 630 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -816 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -68 million, an improvement of 89% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -142 million from the Rs -2 billion net cash flows seen during FY23.

MANALI PETRO 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	919	630	-31.4%
Cash Flow from Investing Activities	Rs m	-2,667	-816	-
Cash Flow from Financing Activities	Rs m	-643	-68	-
Net Cash Flow	Rs m	-2,342	-142	-

Current Valuations for MANALI PETRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.1, an decline from the EPS of Rs 2.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 85.6, stands at 52.3 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 27.6 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	68.4	60.0
TTM Earnings per share	Rs	2.9	1.1
Diluted earnings per share	Rs	2.9	1.1
Price to Cash Flow	x	14.0	27.6
TTM P/E ratio	x	20.4	52.3
Price / Book Value ratio	x	1.7	1.2
Market Cap	Rs m	17,737	12,302
Dividends per share (Unadj.)	Rs	0.8	0.8

Ratio Analysis for MANALI PETRO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.3x during FY24, from 4.6x 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 4.5x during FY24, from 8.6x 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 1.8% during FY24, from 4.9% 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 4.0% during FY24, from 7.6% 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 2.2% during FY24, from 4.7% 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	4.6	4.3
Debtors’ Days	Days	494	428
Interest coverage	x	8.6	4.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.7	2.2
Return on equity	%	4.9	1.8
Return on capital employed	%	7.6	4.0

To see how MANALI PETRO has performed over the last 5 years, please visit here.

MANALI PETRO Share Price Performance

Over the last one year, MANALI PETRO share price has moved up from Rs 67.5 to Rs 85.6, registering a gain of Rs 18.0 or around 26.7%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 30,811.6 (up 1.5%). Over the last one year it has moved up from 18,978.5 to 30,811.6, a gain of 11,833 points (up 62.3%).

Overall, the S&P BSE SENSEX is up 23.6% over the year.

(To know more, check out historical annual results for MANALI PETRO and quarterly results for MANALI PETRO)