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PG ELECTROPLAST 2023-24 Annual Report Analysis

Thu, 12 Sep

PG ELECTROPLAST 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.

PG ELECTROPLAST Income Statement Analysis

• Operating income during the year rose 27.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 48.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.2% in FY24 as against 7.9% in FY23.
• Depreciation charges increased by 33.4% and finance costs increased by 7.9% YoY, respectively.
• Other income grew by 123.9% YoY.
• Net profit for the year grew by 76.9% YoY.
• Net profit margins during the year grew from 3.6% in FY23 to 5.0% in FY24.

PG ELECTROPLAST Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	21,599	27,465	27.2%
Other income	Rs m	95	212	123.9%
Total Revenues	Rs m	21,694	27,677	27.6%
Gross profit	Rs m	1,709	2,536	48.3%
Depreciation	Rs m	350	466	33.4%
Interest	Rs m	479	517	7.9%
Profit before tax	Rs m	975	1,765	80.9%
Tax	Rs m	201	395	96.5%
Profit after tax	Rs m	775	1,370	76.9%
Gross profit margin	%	7.9	9.2
Effective tax rate	%	20.6	22.4
Net profit margin	%	3.6	5.0

For Investors: Our Big Prediction

PG ELECTROPLAST Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 10 billion as compared to Rs 8 billion in FY23, thereby witnessing an increase of 18.4%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY23, a fall of 16.9%.
• Current assets rose 55% and stood at Rs 14 billion, while fixed assets rose 50% and stood at Rs 9 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 23 billion as against Rs 15 billion during FY23, thereby witnessing a growth of 53%.

PG ELECTROPLAST Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,912	10,199	160.7
Current Liabilities	Rs m	8,136	9,634	18.4
Long-term Debt	Rs m	2,250	1,870	-16.9
Total Liabilities	Rs m	15,082	23,080	53.0
Current assets	Rs m	9,084	14,058	54.7
Fixed Assets	Rs m	5,997	9,022	50.4
Total Assets	Rs m	15,082	23,080	53.0

PG ELECTROPLAST Cash Flow Statement Analysis

• PG ELECTROPLAST's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 307.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 130.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 109% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 215 million from the Rs -152 million net cash flows seen during FY23.

PG ELECTROPLAST 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	457	1,863	307.4%
Cash Flow from Investing Activities	Rs m	-1,730	-3,992	-
Cash Flow from Financing Activities	Rs m	1,120	2,344	109.2%
Net Cash Flow	Rs m	-152	215	-

Current Valuations for PG ELECTROPLAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 52.6, an improvement from the EPS of Rs 34.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 614.8, stands at 85.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 15.8 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 2.8 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	949.8	1,055.1
TTM Earnings per share	Rs	34.1	52.6
Diluted earnings per share	Rs	3.0	5.2
Price to Cash Flow	x	31.0	2.8
TTM P/E ratio	x	44.9	85.5
Price / Book Value ratio	x	5.9	0.5
Market Cap	Rs m	23,138	5,069
Dividends per share (Unadj.)	Rs	0.0	0.2

Ratio Analysis for PG ELECTROPLAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY24, from 1.1x 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 4.4x during FY24, from 3.0x 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 13.4% during FY24, from 19.8% 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 18.9% during FY24, from 23.6% 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 8.3% 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	1.1	1.5
Debtors’ Days	Days	740	735
Interest coverage	x	3.0	4.4
Debt to equity ratio	x	0.6	0.2
Return on assets	%	8.3	8.2
Return on equity	%	19.8	13.4
Return on capital employed	%	23.6	18.9

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

PG ELECTROPLAST Share Price Performance

Over the last one year, PG ELECTROPLAST share price has moved up from Rs 179.0 to Rs 614.8, registering a gain of Rs 435.8 or around 243.5%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 23,637.6 (up 0.2%). Over the last one year it has moved up from 18,798.8 to 23,637.6, a gain of 4,839 points (up 25.7%).

Overall, the S&P BSE SENSEX is up 21.6% over the year.

(To know more, check out historical annual results for PG ELECTROPLAST and quarterly results for PG ELECTROPLAST)