OSWAL AGRO MILLS 2023-24 Annual Report Analysis

Tue, 16 Jul

OSWAL AGRO MILLS 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.

OSWAL AGRO MILLS Income Statement Analysis

• Operating income during the year fell 93.3% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 339.2% in FY24 as against 33.7% in FY23.
• Depreciation charges decreased by 0.3% increased by 0.0% YoY, respectively.
• Other income declined by 58.7% YoY.
• Net profit for the year declined by 81.3% YoY.
• Net profit margins during the year grew from 33.6% in FY23 to 93.9% in FY24.

OSWAL AGRO MILLS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	280	19	-93.3%
Other income	Rs m	259	107	-58.7%
Total Revenues	Rs m	539	126	-76.6%
Gross profit	Rs m	-94	-63	NA
Depreciation	Rs m	4	4	-0.3%
Interest	Rs m	1	1	0.0%
Profit before tax	Rs m	160	39	-75.6%
Tax	Rs m	67	22	-67.6%
Profit after tax	Rs m	94	18	-81.3%
Gross profit margin	%	-33.7	-339.2
Effective tax rate	%	41.5	55.1
Net profit margin	%	33.6	93.9

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OSWAL AGRO MILLS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 49 million as compared to Rs 49 million in FY23, thereby witnessing an decrease of -0.2%.
• Current assets fell 24% and stood at Rs 2 billion, while fixed assets rose 11% and stood at Rs 7 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 8 billion during FY23, thereby witnessing a growth of 1%.

OSWAL AGRO MILLS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,329	8,377	0.6
Current Liabilities	Rs m	49	49	-0.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	8,340	8,404	0.8
Current assets	Rs m	2,453	1,869	-23.8
Fixed Assets	Rs m	5,887	6,536	11.0
Total Assets	Rs m	8,340	8,404	0.8

OSWAL AGRO MILLS Cash Flow Statement Analysis

• OSWAL AGRO MILLS's cash flow from operating activities (CFO) during FY24 stood at Rs -818 million, an improvement of 410.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 513 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 million, an improvement of 1% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -307 million from the Rs -2 billion net cash flows seen during FY23.

OSWAL AGRO MILLS 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	-160	-818	-
Cash Flow from Investing Activities	Rs m	-1,381	513	-
Cash Flow from Financing Activities	Rs m	-1	-1	-
Net Cash Flow	Rs m	-1,543	-307	-

Current Valuations for OSWAL AGRO MILLS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 0.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 44.5, stands at 340.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 319.7 times.
• The company's price to cash flow (P/CF) ratio stood at 262.9 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	2.1	0.1
TTM Earnings per share	Rs	0.7	0.1
Diluted earnings per share	Rs	0.7	0.1
Price to Cash Flow	x	35.5	262.9
TTM P/E ratio	x	36.9	340.9
Price / Book Value ratio	x	0.6	0.7
Market Cap	Rs m	5,275	5,567
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for OSWAL AGRO MILLS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 38.4x during FY24, from 50.3x 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 35.9x during FY24, from 144.2x 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 0.2% during FY24, from 1.1% 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 0.5% during FY24, from 1.9% 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 declined and down at 0.2% during FY24, from 1.1% 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	50.3	38.4
Debtors’ Days	Days	73,822	0
Interest coverage	x	144.2	35.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.1	0.2
Return on equity	%	1.1	0.2
Return on capital employed	%	1.9	0.5

To see how OSWAL AGRO MILLS has performed over the last 5 years, please visit here.

OSWAL AGRO MILLS Share Price Performance

Over the last one year, OSWAL AGRO MILLS share price has moved up from Rs 29.7 to Rs 44.5, registering a gain of Rs 14.7 or around 49.6%.

Overall, the S&P BSE SENSEX is up 23.4% over the year.

(To know more, check out historical annual results for OSWAL AGRO MILLS and quarterly results for OSWAL AGRO MILLS)