PASUPATI ACRYLON 2023-24 Annual Report Analysis

Mon, 19 Aug

PASUPATI ACRYLON 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.

PASUPATI ACRYLON Income Statement Analysis

• Operating income during the year fell 30.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 67.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.8% in FY24 as against 6.0% in FY23.
• Depreciation charges decreased by 4.5% and finance costs decreased by 28.6% YoY, respectively.
• Other income grew by 27.9% YoY.
• Net profit for the year declined by 63.3% YoY.
• Net profit margins during the year declined from 4.3% in FY23 to 2.3% in FY24.

PASUPATI ACRYLON Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,280	5,752	-30.5%
Other income	Rs m	84	108	27.9%
Total Revenues	Rs m	8,364	5,860	-29.9%
Gross profit	Rs m	498	161	-67.7%
Depreciation	Rs m	61	59	-4.5%
Interest	Rs m	36	26	-28.6%
Profit before tax	Rs m	484	184	-62.0%
Tax	Rs m	125	52	-58.4%
Profit after tax	Rs m	359	132	-63.3%
Gross profit margin	%	6.0	2.8
Effective tax rate	%	25.9	28.3
Net profit margin	%	4.3	2.3

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

PASUPATI ACRYLON Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -18.1%.
• Long-term debt stood at Rs 436 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets fell 15% and stood at Rs 3 billion, while fixed assets rose 108% 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 growth of 7%.

PASUPATI ACRYLON Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,157	3,288	4.1
Current Liabilities	Rs m	1,438	1,178	-18.1
Long-term Debt	Rs m	0	436	0.0
Total Liabilities	Rs m	4,692	5,017	6.9
Current assets	Rs m	3,863	3,290	-14.8
Fixed Assets	Rs m	829	1,727	108.3
Total Assets	Rs m	4,692	5,017	6.9

PASUPATI ACRYLON Cash Flow Statement Analysis

• PASUPATI ACRYLON's cash flow from operating activities (CFO) during FY24 stood at Rs 727 million, an improvement of 165.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 35.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 420 million, an improvement of 1,288% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 131 million from the Rs -510 million net cash flows seen during FY23.

PASUPATI ACRYLON 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	274	727	165.8%
Cash Flow from Investing Activities	Rs m	-748	-1,016	-
Cash Flow from Financing Activities	Rs m	-35	420	-
Net Cash Flow	Rs m	-510	131	-

Current Valuations for PASUPATI ACRYLON

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.5, an decline from the EPS of Rs 4.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 51.3, stands at 19.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 17.8 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	92.9	64.5
TTM Earnings per share	Rs	4.0	1.5
Diluted earnings per share	Rs	4.0	1.5
Price to Cash Flow	x	5.2	17.8
TTM P/E ratio	x	6.1	19.7
Price / Book Value ratio	x	1.0	1.0
Market Cap	Rs m	3,135	3,397
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PASUPATI ACRYLON

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.8x during FY24, from 2.7x 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 8.1x during FY24, from 14.4x 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 4.0% during FY24, from 11.4% 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 5.6% during FY24, from 16.5% 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 3.1% during FY24, from 8.4% 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	2.7	2.8
Debtors’ Days	Days	224	355
Interest coverage	x	14.4	8.1
Debt to equity ratio	x	0.0	0.1
Return on assets	%	8.4	3.1
Return on equity	%	11.4	4.0
Return on capital employed	%	16.5	5.6

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

PASUPATI ACRYLON Share Price Performance

Over the last one year, PASUPATI ACRYLON share price has moved up from Rs 28.7 to Rs 51.3, registering a gain of Rs 22.6 or around 78.7%.

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for PASUPATI ACRYLON and quarterly results for PASUPATI ACRYLON)