MAYUR UNIQUOTERS 2023-24 Annual Report Analysis

Tue, 27 Aug

MAYUR UNIQUOTERS 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.

MAYUR UNIQUOTERS Income Statement Analysis

• Operating income during the year rose 3.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 14.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.8% in FY24 as against 17.8% in FY23.
• Depreciation charges increased by 31.4% and finance costs increased by 4.8% YoY, respectively.
• Other income grew by 75.1% YoY.
• Net profit for the year grew by 17.5% YoY.
• Net profit margins during the year grew from 13.4% in FY23 to 15.3% in FY24.

MAYUR UNIQUOTERS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,756	8,030	3.5%
Other income	Rs m	182	318	75.1%
Total Revenues	Rs m	7,938	8,348	5.2%
Gross profit	Rs m	1,383	1,588	14.9%
Depreciation	Rs m	223	293	31.4%
Interest	Rs m	25	26	4.8%
Profit before tax	Rs m	1,317	1,588	20.6%
Tax	Rs m	275	364	32.2%
Profit after tax	Rs m	1,042	1,225	17.5%
Gross profit margin	%	17.8	19.8
Effective tax rate	%	20.9	22.9
Net profit margin	%	13.4	15.3

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MAYUR UNIQUOTERS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 824 million as compared to Rs 996 million in FY23, thereby witnessing an decrease of -17.3%.
• Long-term debt down at Rs 74 million as compared to Rs 136 million during FY23, a fall of 45.2%.
• Current assets rose 16% and stood at Rs 7 billion, while fixed assets fell 1% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 11%.

MAYUR UNIQUOTERS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,536	8,671	15.1
Current Liabilities	Rs m	996	824	-17.3
Long-term Debt	Rs m	136	74	-45.2
Total Liabilities	Rs m	8,687	9,600	10.5
Current assets	Rs m	5,711	6,648	16.4
Fixed Assets	Rs m	2,976	2,952	-0.8
Total Assets	Rs m	8,687	9,600	10.5

MAYUR UNIQUOTERS Cash Flow Statement Analysis

• MAYUR UNIQUOTERS's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -782 million, an improvement of 144.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -209 million, an improvement of 69% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 136 million from the Rs 225 million net cash flows seen during FY23.

MAYUR UNIQUOTERS 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	1,212	1,126	-7.1%
Cash Flow from Investing Activities	Rs m	-320	-782	-
Cash Flow from Financing Activities	Rs m	-666	-209	-
Net Cash Flow	Rs m	225	136	-39.5%

Current Valuations for MAYUR UNIQUOTERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.9, an improvement from the EPS of Rs 23.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 640.0, stands at 21.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 3.5 times.
• The company's price to cash flow (P/CF) ratio stood at 15.1 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	176.5	182.7
TTM Earnings per share	Rs	23.7	27.9
Diluted earnings per share	Rs	23.7	27.9
Price to Cash Flow	x	14.6	15.1
TTM P/E ratio	x	17.7	21.8
Price / Book Value ratio	x	2.5	2.6
Market Cap	Rs m	19,044	22,875
Dividends per share (Unadj.)	Rs	2.0	3.0

Ratio Analysis for MAYUR UNIQUOTERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 8.1x during FY24, from 5.7x 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 62.0x during FY24, from 54.0x 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 improved and stood at 14.1% during FY24, from 13.8% 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 18.5% during FY24, from 17.5% 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 13.0% during FY24, from 12.3% 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	5.7	8.1
Debtors’ Days	Days	629	720
Interest coverage	x	54.0	62.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.3	13.0
Return on equity	%	13.8	14.1
Return on capital employed	%	17.5	18.5

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

MAYUR UNIQUOTERS Share Price Performance

Over the last one year, MAYUR UNIQUOTERS share price has moved up from Rs 553.7 to Rs 640.0, registering a gain of Rs 86.3 or around 15.6%.

Overall, the S&P BSE SENSEX is up 25.1% over the year.

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