PREVEST DENPRO 2023-24 Annual Report Analysis

Fri, 16 Aug

PREVEST DENPRO 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.

PREVEST DENPRO Income Statement Analysis

• Operating income during the year rose 13.2% 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 stood at 35.5% in FY24 as against 39.7% in FY23.
• Depreciation charges increased by 89.0% and finance costs increased by 1.0% YoY, respectively.
• Other income grew by 40.7% YoY.
• Net profit for the year grew by 2.7% YoY.
• Net profit margins during the year declined from 31.5% in FY23 to 28.6% in FY24.

PREVEST DENPRO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	499	564	13.2%
Other income	Rs m	20	29	40.7%
Total Revenues	Rs m	519	593	14.3%
Gross profit	Rs m	198	201	1.3%
Depreciation	Rs m	7	13	89.0%
Interest	Rs m	2	2	1.0%
Profit before tax	Rs m	210	214	2.3%
Tax	Rs m	52	53	0.9%
Profit after tax	Rs m	157	161	2.7%
Gross profit margin	%	39.7	35.5
Effective tax rate	%	25.0	24.7
Net profit margin	%	31.5	28.6

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PREVEST DENPRO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 55 million as compared to Rs 54 million in FY23, thereby witnessing an increase of 1.3%.
• Current assets rose 25% and stood at Rs 681 million, while fixed assets rose 10% and stood at Rs 267 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 948 million as against Rs 786 million during FY23, thereby witnessing a growth of 21%.

PREVEST DENPRO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	728	886	21.7
Current Liabilities	Rs m	54	55	1.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	786	948	20.6
Current assets	Rs m	543	681	25.3
Fixed Assets	Rs m	243	267	10.1
Total Assets	Rs m	786	948	20.6

PREVEST DENPRO Cash Flow Statement Analysis

• PREVEST DENPRO's cash flow from operating activities (CFO) during FY24 stood at Rs 116 million, an improvement of 11.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -17 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -3 million, an improvement of 77% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 96 million from the Rs -33 million net cash flows seen during FY23.

PREVEST DENPRO 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	104	116	11.5%
Cash Flow from Investing Activities	Rs m	-124	-17	-
Cash Flow from Financing Activities	Rs m	-14	-3	-
Net Cash Flow	Rs m	-33	96	-

Current Valuations for PREVEST DENPRO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.4, an improvement from the EPS of Rs 13.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 537.2, stands at 41.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.3 times, while the price to sales ratio stands at 11.4 times.
• The company's price to cash flow (P/CF) ratio stood at 30.4 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	41.5	47.0
TTM Earnings per share	Rs	13.1	13.4
Diluted earnings per share	Rs	13.1	13.4
Price to Cash Flow	x	20.4	30.4
TTM P/E ratio	x	21.3	41.0
Price / Book Value ratio	x	6.2	6.0
Market Cap	Rs m	4,534	5,298
Dividends per share (Unadj.)	Rs	1.0	1.0

Ratio Analysis for PREVEST DENPRO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 12.4x during FY24, from 10.0x 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 102.1x during FY24, from 100.8x 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 18.2% during FY24, from 21.6% 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 24.4% during FY24, from 29.1% 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 17.2% during FY24, from 20.3% 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	10.0	12.4
Debtors’ Days	Days	315	526
Interest coverage	x	100.8	102.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	20.3	17.2
Return on equity	%	21.6	18.2
Return on capital employed	%	29.1	24.4

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

PREVEST DENPRO Share Price Performance

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(To know more, check out historical annual results for PREVEST DENPRO and quarterly results for PREVEST DENPRO)