ORBIT EXPORTS 2023-24 Annual Report Analysis

Wed, 9 Oct

ORBIT EXPORTS 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.

ORBIT EXPORTS Income Statement Analysis

• Operating income during the year rose 1.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 4.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 27.7% in FY24 as against 29.4% in FY23.
• Depreciation charges increased by 4.4% and finance costs decreased by 15.2% YoY, respectively.
• Other income grew by 95.4% YoY.
• Net profit for the year declined by 0.9% YoY.
• Net profit margins during the year declined from 17.4% in FY23 to 17.0% in FY24.

ORBIT EXPORTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,971	2,001	1.5%
Other income	Rs m	31	61	95.4%
Total Revenues	Rs m	2,002	2,061	2.9%
Gross profit	Rs m	580	554	-4.5%
Depreciation	Rs m	141	147	4.4%
Interest	Rs m	34	29	-15.2%
Profit before tax	Rs m	437	439	0.5%
Tax	Rs m	93	99	5.8%
Profit after tax	Rs m	344	341	-0.9%
Gross profit margin	%	29.4	27.7
Effective tax rate	%	21.3	22.5
Net profit margin	%	17.4	17.0

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

ORBIT EXPORTS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 313 million as compared to Rs 285 million in FY23, thereby witnessing an increase of 9.6%.
• Long-term debt down at Rs 96 million as compared to Rs 174 million during FY23, a fall of 45.1%.
• Current assets rose 13% and stood at Rs 978 million, while fixed assets fell 1% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 3%.

ORBIT EXPORTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,172	2,330	7.3
Current Liabilities	Rs m	285	313	9.6
Long-term Debt	Rs m	174	96	-45.1
Total Liabilities	Rs m	2,870	2,955	3.0
Current assets	Rs m	869	978	12.6
Fixed Assets	Rs m	2,001	1,977	-1.2
Total Assets	Rs m	2,870	2,955	3.0

ORBIT EXPORTS Cash Flow Statement Analysis

• ORBIT EXPORTS's cash flow from operating activities (CFO) during FY24 stood at Rs 417 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -88 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -306 million, an improvement of 2% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 23 million from the Rs -5 million net cash flows seen during FY23.

ORBIT EXPORTS 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	490	417	-15.1%
Cash Flow from Investing Activities	Rs m	-193	-88	-
Cash Flow from Financing Activities	Rs m	-311	-306	-
Net Cash Flow	Rs m	-5	23	-

Current Valuations for ORBIT EXPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.9, an improvement from the EPS of Rs 12.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 180.5, stands at 17.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 2.4 times.
• The company's price to cash flow (P/CF) ratio stood at 9.4 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	73.1	75.7
TTM Earnings per share	Rs	12.7	12.9
Diluted earnings per share	Rs	13.0	12.9
Price to Cash Flow	x	6.4	9.4
TTM P/E ratio	x	10.0	17.0
Price / Book Value ratio	x	1.8	2.0
Market Cap	Rs m	3,952	4,558
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ORBIT EXPORTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.1x during FY24, from 3.0x 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 improved and stood at 16.3x during FY24, from 13.9x 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 14.6% during FY24, from 15.8% 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 declined and down at 19.3% during FY24, from 20.1% 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 12.5% during FY24, from 13.2% 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	3.0	3.1
Debtors’ Days	Days	386	437
Interest coverage	x	13.9	16.3
Debt to equity ratio	x	0.1	0.0
Return on assets	%	13.2	12.5
Return on equity	%	15.8	14.6
Return on capital employed	%	20.1	19.3

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

ORBIT EXPORTS Share Price Performance

Over the last one year, ORBIT EXPORTS share price has moved up from Rs 172.1 to Rs 180.5, registering a gain of Rs 8.4 or around 4.9%.

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

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