PAUSHAK. 2023-24 Annual Report Analysis

Mon, 8 Jul

PAUSHAK. 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.

PAUSHAK. Income Statement Analysis

• Operating income during the year fell 2.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 16.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 31.3% in FY24 as against 36.2% in FY23.
• Depreciation charges increased by 3.1% and finance costs decreased by 51.1% YoY, respectively.
• Other income grew by 126.4% YoY.
• Net profit for the year grew by 0.6% YoY.
• Net profit margins during the year grew from 25.4% in FY23 to 26.4% in FY24.

PAUSHAK. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,123	2,063	-2.9%
Other income	Rs m	91	205	126.4%
Total Revenues	Rs m	2,214	2,268	2.4%
Gross profit	Rs m	769	645	-16.1%
Depreciation	Rs m	134	138	3.1%
Interest	Rs m	3	2	-51.1%
Profit before tax	Rs m	722	710	-1.7%
Tax	Rs m	182	166	-8.7%
Profit after tax	Rs m	540	544	0.6%
Gross profit margin	%	36.2	31.3
Effective tax rate	%	25.2	23.4
Net profit margin	%	25.4	26.4

Dear Reader: If You Invest in Midcap Stocks, this is for You

PAUSHAK. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 260 million as compared to Rs 223 million in FY23, thereby witnessing an increase of 16.4%.
• Current assets rose 46% and stood at Rs 2 billion, while fixed assets fell 1% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 16%.

PAUSHAK. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,537	4,081	15.4
Current Liabilities	Rs m	223	260	16.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,147	4,813	16.1
Current assets	Rs m	1,473	2,155	46.4
Fixed Assets	Rs m	2,675	2,658	-0.6
Total Assets	Rs m	4,147	4,813	16.1

PAUSHAK. Cash Flow Statement Analysis

• PAUSHAK.'s cash flow from operating activities (CFO) during FY24 stood at Rs 560 million, an improvement of 31.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -505 million, an improvement of 32.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -54 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs 5 million net cash flows seen during FY23.

PAUSHAK. 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	427	560	31.2%
Cash Flow from Investing Activities	Rs m	-382	-505	-
Cash Flow from Financing Activities	Rs m	-40	-54	-
Net Cash Flow	Rs m	5	1	-78.6%

Current Valuations for PAUSHAK.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 176.5, an improvement from the EPS of Rs 175.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 5,766.2, stands at 32.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 8.6 times.
• The company's price to cash flow (P/CF) ratio stood at 27.8 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	689.4	669.7
TTM Earnings per share	Rs	175.3	176.5
Diluted earnings per share	Rs	175.2	176.4
Price to Cash Flow	x	28.4	27.8
TTM P/E ratio	x	35.5	32.7
Price / Book Value ratio	x	8.1	4.6
Market Cap	Rs m	28,633	18,938
Dividends per share (Unadj.)	Rs	17.5	20.0

Ratio Analysis for PAUSHAK.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 8.3x during FY24, from 6.6x 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 improved and stood at 468.1x during FY24, from 233.2x 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 13.3% during FY24, from 15.3% 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 declined and down at 17.4% during FY24, from 20.5% 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 11.3% during FY24, from 13.1% 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	6.6	8.3
Debtors’ Days	Days	902	897
Interest coverage	x	233.2	468.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.1	11.3
Return on equity	%	15.3	13.3
Return on capital employed	%	20.5	17.4

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

PAUSHAK. Share Price Performance

Over the last one year, PAUSHAK. share price has moved down from Rs 6,677.8 to Rs 5,766.2, registering a loss of Rs 911.6 or around 13.7%.

Overall, the S&P BSE SENSEX is up 22.0% over the year.

(To know more, check out historical annual results for PAUSHAK. and quarterly results for PAUSHAK.)