MOIL 2023-24 Annual Report Analysis

Wed, 21 Aug

MOIL 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.

MOIL Income Statement Analysis

• Operating income during the year rose 8.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 30.2% in FY24 as against 27.7% in FY23.
• Depreciation charges increased by 26.2% increased by 0.0% YoY, respectively.
• Other income grew by 21.7% YoY.
• Net profit for the year grew by 17.1% YoY.
• Net profit margins during the year grew from 18.7% in FY23 to 20.2% in FY24.

MOIL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	13,416	14,494	8.0%
Other income	Rs m	769	935	21.7%
Total Revenues	Rs m	14,185	15,430	8.8%
Gross profit	Rs m	3,719	4,377	17.7%
Depreciation	Rs m	1,143	1,442	26.2%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	3,344	3,870	15.7%
Tax	Rs m	839	937	11.7%
Profit after tax	Rs m	2,506	2,933	17.1%
Gross profit margin	%	27.7	30.2
Effective tax rate	%	25.1	24.2
Net profit margin	%	18.7	20.2

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

MOIL Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 4 billion in FY23, thereby witnessing an decrease of -6.3%.
• Current assets rose 5% and stood at Rs 15 billion, while fixed assets rose 9% and stood at Rs 14 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 29 billion as against Rs 27 billion during FY23, thereby witnessing a growth of 7%.

MOIL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	22,443	24,531	9.3
Current Liabilities	Rs m	3,799	3,561	-6.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	26,660	28,600	7.3
Current assets	Rs m	13,913	14,628	5.1
Fixed Assets	Rs m	12,747	13,958	9.5
Total Assets	Rs m	26,660	28,600	7.3

MOIL Cash Flow Statement Analysis

• MOIL's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion, an improvement of 19.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 39.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -852 million, an improvement of 30% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 269 million from the Rs -117 million net cash flows seen during FY23.

MOIL 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	2,121	2,534	19.5%
Cash Flow from Investing Activities	Rs m	-1,017	-1,413	-
Cash Flow from Financing Activities	Rs m	-1,221	-852	-
Net Cash Flow	Rs m	-117	269	-

Current Valuations for MOIL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.4, an improvement from the EPS of Rs 12.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 401.5, stands at 22.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 5.6 times.
• The company's price to cash flow (P/CF) ratio stood at 11.9 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	65.9	71.2
TTM Earnings per share	Rs	12.3	14.4
Diluted earnings per share	Rs	12.3	14.4
Price to Cash Flow	x	7.9	11.9
TTM P/E ratio	x	11.6	22.8
Price / Book Value ratio	x	1.5	2.1
Market Cap	Rs m	34,211	52,107
Dividends per share (Unadj.)	Rs	3.7	6.1

Ratio Analysis for MOIL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.1x during FY24, from 3.7x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 12.0% during FY24, from 11.2% 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 improved and stood at 15.8% during FY24, from 14.9% 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 10.3% during FY24, from 9.4% 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	3.7	4.1
Debtors’ Days	Days	390	527
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.4	10.3
Return on equity	%	11.2	12.0
Return on capital employed	%	14.9	15.8

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

MOIL Share Price Performance

Over the last one year, MOIL share price has moved up from Rs 209.3 to Rs 401.5, registering a gain of Rs 192.3 or around 91.9%.

Overall, the S&P BSE SENSEX is up 23.8% over the year.

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