PDS MULTI. 2023-24 Annual Report Analysis

Mon, 8 Jul

PDS MULTI. 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.

PDS MULTI. Income Statement Analysis

• Operating income during the year fell 1.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 11.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 4.0% in FY24 as against 4.5% in FY23.
• Depreciation charges increased by 16.5% and finance costs increased by 43.9% YoY, respectively.
• Other income declined by 32.7% YoY.
• Net profit for the year declined by 38.0% YoY.
• Net profit margins during the year declined from 3.1% in FY23 to 2.0% in FY24.

PDS MULTI. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	105,770	103,727	-1.9%
Other income	Rs m	515	347	-32.7%
Total Revenues	Rs m	106,285	104,073	-2.1%
Gross profit	Rs m	4,745	4,193	-11.6%
Depreciation	Rs m	802	934	16.5%
Interest	Rs m	891	1,282	43.9%
Profit before tax	Rs m	3,568	2,324	-34.9%
Tax	Rs m	300	297	-0.9%
Profit after tax	Rs m	3,268	2,027	-38.0%
Gross profit margin	%	4.5	4.0
Effective tax rate	%	8.4	12.8
Net profit margin	%	3.1	2.0

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PDS MULTI. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 27 billion as compared to Rs 19 billion in FY23, thereby witnessing an increase of 40.8%.
• Long-term debt stood at Rs 455 million as compared to Rs 19 million during FY23, a growth of 2254.9%.
• Current assets rose 33% and stood at Rs 30 billion, while fixed assets rose 25% and stood at Rs 11 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 41 billion as against Rs 31 billion during FY23, thereby witnessing a growth of 31%.

PDS MULTI. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,180	11,262	10.6
Current Liabilities	Rs m	18,917	26,642	40.8
Long-term Debt	Rs m	19	455	2,254.9
Total Liabilities	Rs m	31,007	40,511	30.7
Current assets	Rs m	22,231	29,506	32.7
Fixed Assets	Rs m	8,775	11,006	25.4
Total Assets	Rs m	31,007	40,511	30.7

PDS MULTI. Cash Flow Statement Analysis

• PDS MULTI.'s cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 128.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -385 million, an improvement of 89% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -2 billion from the Rs 431 million net cash flows seen during FY23.

PDS MULTI. 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	5,099	1,895	-62.8%
Cash Flow from Investing Activities	Rs m	-1,374	-3,145	-
Cash Flow from Financing Activities	Rs m	-3,369	-385	-
Net Cash Flow	Rs m	431	-1,578	-

Current Valuations for PDS MULTI.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.4, an decline from the EPS of Rs 25.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 535.5, stands at 36.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.3 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 21.6 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	808.6	787.4
TTM Earnings per share	Rs	25.0	15.4
Diluted earnings per share	Rs	24.7	15.3
Price to Cash Flow	x	10.8	21.6
TTM P/E ratio	x	13.4	36.0
Price / Book Value ratio	x	4.3	5.7
Market Cap	Rs m	43,447	63,896
Dividends per share (Unadj.)	Rs	5.1	4.8

Ratio Analysis for PDS MULTI.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY24, from 1.2x 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 2.8x during FY24, from 5.0x 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 18.0% during FY24, from 32.1% 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 30.8% during FY24, from 43.7% 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 8.2% during FY24, from 13.4% 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	1.2	1.1
Debtors’ Days	Days	338	590
Interest coverage	x	5.0	2.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.4	8.2
Return on equity	%	32.1	18.0
Return on capital employed	%	43.7	30.8

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

PDS MULTI. Share Price Performance

Over the last one year, PDS MULTI. share price has moved up from Rs 354.3 to Rs 535.5, registering a gain of Rs 181.2 or around 51.2%.

Overall, the S&P BSE SENSEX is up 22.1% over the year.

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