PLASTIBLENDS INDIA 2023-24 Annual Report Analysis

Tue, 9 Jul

PLASTIBLENDS INDIA 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.

PLASTIBLENDS INDIA Income Statement Analysis

• Operating income during the year rose 4.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 9.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.6% in FY24 as against 6.3% in FY23.
• Depreciation charges decreased by 6.3% and finance costs decreased by 44.7% YoY, respectively.
• Other income grew by 45.4% YoY.
• Net profit for the year grew by 28.6% YoY.
• Net profit margins during the year grew from 3.5% in FY23 to 4.3% in FY24.

PLASTIBLENDS INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,685	8,022	4.4%
Other income	Rs m	66	95	45.4%
Total Revenues	Rs m	7,751	8,117	4.7%
Gross profit	Rs m	485	532	9.7%
Depreciation	Rs m	164	154	-6.3%
Interest	Rs m	21	12	-44.7%
Profit before tax	Rs m	365	462	26.5%
Tax	Rs m	96	116	20.7%
Profit after tax	Rs m	269	345	28.6%
Gross profit margin	%	6.3	6.6
Effective tax rate	%	26.4	25.2
Net profit margin	%	3.5	4.3

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PLASTIBLENDS INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 472 million as compared to Rs 540 million in FY23, thereby witnessing an decrease of -12.5%.
• Current assets rose 7% and stood at Rs 3 billion, while fixed assets fell 9% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 5 billion during FY23, thereby witnessing a fall of 0%.

PLASTIBLENDS INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,950	4,054	2.6
Current Liabilities	Rs m	540	472	-12.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,844	4,825	-0.4
Current assets	Rs m	2,598	2,772	6.7
Fixed Assets	Rs m	2,246	2,052	-8.6
Total Assets	Rs m	4,844	4,825	-0.4

PLASTIBLENDS INDIA Cash Flow Statement Analysis

• PLASTIBLENDS INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 381 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -274 million, an improvement of 4.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -110 million, an improvement of 76% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -4 million from the Rs 9 million net cash flows seen during FY23.

PLASTIBLENDS INDIA 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	723	381	-47.4%
Cash Flow from Investing Activities	Rs m	-262	-274	-
Cash Flow from Financing Activities	Rs m	-453	-110	-
Net Cash Flow	Rs m	9	-4	-

Current Valuations for PLASTIBLENDS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.3, an improvement from the EPS of Rs 10.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 295.4, stands at 22.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 13.3 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	295.7	308.6
TTM Earnings per share	Rs	10.3	13.3
Diluted earnings per share	Rs	10.3	13.3
Price to Cash Flow	x	9.1	13.3
TTM P/E ratio	x	14.7	22.2
Price / Book Value ratio	x	1.3	1.6
Market Cap	Rs m	4,967	6,655
Dividends per share (Unadj.)	Rs	4.0	4.3

Ratio Analysis for PLASTIBLENDS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.9x during FY24, from 4.8x 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 40.5x during FY24, from 18.2x 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 improved and stood at 8.5% during FY24, from 6.8% 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 improved and stood at 11.7% during FY24, from 9.8% 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 7.4% during FY24, from 6.0% 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	4.8	5.9
Debtors’ Days	Days	433	400
Interest coverage	x	18.2	40.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.0	7.4
Return on equity	%	6.8	8.5
Return on capital employed	%	9.8	11.7

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

PLASTIBLENDS INDIA Share Price Performance

Over the last one year, PLASTIBLENDS INDIA share price has moved up from Rs 192.8 to Rs 295.4, registering a gain of Rs 102.6 or around 53.2%.

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for PLASTIBLENDS INDIA and quarterly results for PLASTIBLENDS INDIA)