ORIANA POWER 2023-24 Annual Report Analysis

Mon, 11 Nov

ORIANA POWER 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.

ORIANA POWER Income Statement Analysis

• Operating income during the year rose 184.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 316.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.1% in FY24 as against 14.4% in FY23.
• Depreciation charges increased by 74.8% and finance costs increased by 77.5% YoY, respectively.
• Other income grew by 166.2% YoY.
• Net profit for the year grew by 413.9% YoY.
• Net profit margins during the year grew from 7.8% in FY23 to 14.2% in FY24.

ORIANA POWER Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,347	3,829	184.2%
Other income	Rs m	11	30	166.2%
Total Revenues	Rs m	1,358	3,859	184.1%
Gross profit	Rs m	194	807	316.1%
Depreciation	Rs m	12	20	74.8%
Interest	Rs m	34	60	77.5%
Profit before tax	Rs m	160	756	373.9%
Tax	Rs m	54	214	295.6%
Profit after tax	Rs m	106	543	413.9%
Gross profit margin	%	14.4	21.1
Effective tax rate	%	33.8	28.2
Net profit margin	%	7.8	14.2

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

ORIANA POWER Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 537 million in FY23, thereby witnessing an increase of 131.0%.
• Long-term debt stood at Rs 1 billion as compared to Rs 565 million during FY23, a growth of 134.8%.
• Current assets rose 257% and stood at Rs 2 billion, while fixed assets rose 136% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 185%.

ORIANA POWER Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	317	1,462	361.0
Current Liabilities	Rs m	537	1,240	131.0
Long-term Debt	Rs m	565	1,327	134.8
Total Liabilities	Rs m	1,441	4,102	184.6
Current assets	Rs m	580	2,068	256.8
Fixed Assets	Rs m	862	2,034	136.0
Total Assets	Rs m	1,441	4,102	184.6

ORIANA POWER Cash Flow Statement Analysis

• ORIANA POWER's cash flow from operating activities (CFO) during FY24 stood at Rs 27 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 183.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 1 billion, an improvement of 398% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 205 million from the Rs 13 million net cash flows seen during FY23.

ORIANA POWER 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	157	27	-82.8%
Cash Flow from Investing Activities	Rs m	-413	-1,170	-
Cash Flow from Financing Activities	Rs m	270	1,344	398.1%
Net Cash Flow	Rs m	13	205	1,461.5%

Current Valuations for ORIANA POWER

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.3, an improvement from the EPS of Rs 15.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,572.0, stands at 96.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 35.7 times, while the price to sales ratio stands at 12.9 times.
• The company's price to cash flow (P/CF) ratio stood at 20.3 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	200.8	199.6
TTM Earnings per share	Rs	15.7	28.3
Diluted earnings per share	Rs	5.2	26.7
Price to Cash Flow	x	0.0	20.3
TTM P/E ratio	x	0.0	96.3
Price / Book Value ratio	x	0.0	7.8
Market Cap	Rs m	0	11,429
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ORIANA POWER

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.1x 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 13.6x during FY24, from 5.7x 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 37.1% during FY24, from 33.3% 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 29.3% during FY24, from 21.9% 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 14.7% during FY24, from 9.7% 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	1.1	1.7
Debtors’ Days	Days	993	749
Interest coverage	x	5.7	13.6
Debt to equity ratio	x	1.8	0.9
Return on assets	%	9.7	14.7
Return on equity	%	33.3	37.1
Return on capital employed	%	21.9	29.3

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

ORIANA POWER Share Price Performance

Over the last one year, ORIANA POWER share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 7,764.5 (up 0.8%). Over the last one year it has moved up from 4,583.5 to 7,764.5, a gain of 3,181 points (up 69.4%).

Overall, the NIFTY 50 is up 0.5% over the year.

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