OSWAL GREENTECH 2023-24 Annual Report Analysis

Wed, 17 Jul

OSWAL GREENTECH 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 GREENTECH Income Statement Analysis

• Operating income during the year rose 171.2% 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 down at 35.6% in FY24 as against 73.1% in FY23.
• Depreciation charges increased by 10.4% and finance costs decreased by 35.5% YoY, respectively.
• Other income declined by 54.7% YoY.
• Net profit for the year declined by 83.2% YoY.
• Net profit margins during the year declined from 184.8% in FY23 to 11.5% in FY24.

OSWAL GREENTECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	205	556	171.2%
Other income	Rs m	784	355	-54.7%
Total Revenues	Rs m	989	911	-7.9%
Gross profit	Rs m	-150	-198	NA
Depreciation	Rs m	41	45	10.4%
Interest	Rs m	11	7	-35.5%
Profit before tax	Rs m	583	105	-81.9%
Tax	Rs m	204	42	-79.6%
Profit after tax	Rs m	379	64	-83.2%
Gross profit margin	%	-73.1	-35.6
Effective tax rate	%	35.0	39.5
Net profit margin	%	184.8	11.5

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OSWAL GREENTECH Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 381 million as compared to Rs 477 million in FY23, thereby witnessing an decrease of -20.2%.
• Current assets rose 31% and stood at Rs 14 billion, while fixed assets fell 23% and stood at Rs 11 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 25 billion as against Rs 25 billion during FY23, thereby witnessing a growth of 0%.

OSWAL GREENTECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	24,828	24,894	0.3
Current Liabilities	Rs m	477	381	-20.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	25,191	25,215	0.1
Current assets	Rs m	10,654	13,982	31.2
Fixed Assets	Rs m	14,538	11,232	-22.7
Total Assets	Rs m	25,191	25,215	0.1

OSWAL GREENTECH Cash Flow Statement Analysis

• OSWAL GREENTECH's cash flow from operating activities (CFO) during FY24 stood at Rs -5 billion, an improvement of 221.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 5 billion, an improvement of 154.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -30 million, an improvement of 93% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 48 million from the Rs -3 million net cash flows seen during FY23.

OSWAL GREENTECH 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	-1,451	-4,663	-
Cash Flow from Investing Activities	Rs m	1,865	4,741	154.2%
Cash Flow from Financing Activities	Rs m	-416	-30	-
Net Cash Flow	Rs m	-3	48	-

Current Valuations for OSWAL GREENTECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, an decline from the EPS of Rs 1.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 35.6, stands at 143.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 16.4 times.
• The company's price to cash flow (P/CF) ratio stood at 81.4 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	0.8	2.2
TTM Earnings per share	Rs	1.5	0.2
Diluted earnings per share	Rs	1.5	0.2
Price to Cash Flow	x	12.3	81.4
TTM P/E ratio	x	13.6	143.4
Price / Book Value ratio	x	0.3	0.4
Market Cap	Rs m	6,454	8,855
Dividends per share (Unadj.)	Rs	1.5	0.0

Ratio Analysis for OSWAL GREENTECH

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 36.7x during FY24, from 22.3x 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 16.3x during FY24, from 55.7x 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 declined and down at 0.3% during FY24, from 1.5% 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 2.4% 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 0.3% during FY24, from 1.5% 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	22.3	36.7
Debtors’ Days	Days	0	20
Interest coverage	x	55.7	16.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.5	0.3
Return on equity	%	1.5	0.3
Return on capital employed	%	2.4	0.5

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

OSWAL GREENTECH Share Price Performance

Over the last one year, OSWAL GREENTECH share price has moved up from Rs 23.4 to Rs 35.6, registering a gain of Rs 12.2 or around 52.2%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

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