PAGE INDUSTRIES 2023-24 Annual Report Analysis

Tue, 16 Jul

PAGE INDUSTRIES 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.

PAGE INDUSTRIES Income Statement Analysis

• Operating income during the year fell 2.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.1% in FY24 as against 17.5% in FY23.
• Depreciation charges increased by 16.3% and finance costs increased by 8.7% YoY, respectively.
• Other income grew by 22.8% YoY.
• Net profit for the year declined by 0.4% YoY.
• Net profit margins during the year grew from 11.6% in FY23 to 11.8% in FY24.

PAGE INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	49,262	48,253	-2.0%
Other income	Rs m	163	200	22.8%
Total Revenues	Rs m	49,424	48,453	-2.0%
Gross profit	Rs m	8,612	8,723	1.3%
Depreciation	Rs m	781	908	16.3%
Interest	Rs m	413	449	8.7%
Profit before tax	Rs m	7,581	7,565	-0.2%
Tax	Rs m	1,869	1,873	0.2%
Profit after tax	Rs m	5,712	5,692	-0.4%
Gross profit margin	%	17.5	18.1
Effective tax rate	%	24.6	24.8
Net profit margin	%	11.6	11.8

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PAGE INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 9 billion as compared to Rs 12 billion in FY23, thereby witnessing an decrease of -21.4%.
• Current assets fell 4% and stood at Rs 19 billion, while fixed assets rose 10% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 27 billion as against Rs 27 billion during FY23, thereby witnessing a fall of 1%.

PAGE INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	13,710	15,969	16.5
Current Liabilities	Rs m	11,936	9,382	-21.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	26,877	26,733	-0.5
Current assets	Rs m	19,616	18,755	-4.4
Fixed Assets	Rs m	7,261	7,978	9.9
Total Assets	Rs m	26,877	26,733	-0.5

PAGE INDUSTRIES Cash Flow Statement Analysis

• PAGE INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs 11 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -6 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 891 million from the Rs -1 billion net cash flows seen during FY23.

PAGE INDUSTRIES 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	-16	10,805	-
Cash Flow from Investing Activities	Rs m	308	-3,699	-
Cash Flow from Financing Activities	Rs m	-1,741	-6,214	-
Net Cash Flow	Rs m	-1,449	891	-

Current Valuations for PAGE INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 510.5, an decline from the EPS of Rs 512.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 41,317.8, stands at 81.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 28.9 times, while the price to sales ratio stands at 9.5 times.
• The company's price to cash flow (P/CF) ratio stood at 64.8 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	4,418.1	4,327.7
TTM Earnings per share	Rs	512.3	510.5
Diluted earnings per share	Rs	512.2	510.3
Price to Cash Flow	x	65.2	64.8
TTM P/E ratio	x	74.1	81.0
Price / Book Value ratio	x	36.6	26.8
Market Cap	Rs m	501,158	427,746
Dividends per share (Unadj.)	Rs	250.0	370.0

Ratio Analysis for PAGE INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY24, from 1.6x 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 17.9x during FY24, from 19.4x 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 35.6% during FY24, from 41.7% 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 50.2% during FY24, from 58.3% 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 23.0% during FY24, from 22.8% 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	1.6	2.0
Debtors’ Days	Days	11	12
Interest coverage	x	19.4	17.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	22.8	23.0
Return on equity	%	41.7	35.6
Return on capital employed	%	58.3	50.2

To see how PAGE INDUSTRIES has performed over the last 5 years, please visit here.

PAGE INDUSTRIES Share Price Performance

Over the last one year, PAGE INDUSTRIES share price has moved up from Rs 36,680.2 to Rs 41,317.8, registering a gain of Rs 4,637.6 or around 12.6%.

Overall, the S&P BSE SENSEX is up 23.6% over the year.

(To know more, check out historical annual results for PAGE INDUSTRIES and quarterly results for PAGE INDUSTRIES)