PRATAAP SNACKS 2023-24 Annual Report Analysis

Tue, 17 Sep

PRATAAP SNACKS 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.

PRATAAP SNACKS Income Statement Analysis

• Operating income during the year fell 2.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 124.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.7% in FY24 as against 3.8% in FY23.
• Depreciation charges increased by 6.8% and finance costs decreased by 11.8% YoY, respectively.
• Other income grew by 10.3% YoY.
• Net profit for the year grew by 161.5% YoY.
• Net profit margins during the year grew from 1.2% in FY23 to 3.3% in FY24.

PRATAAP SNACKS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	16,529	16,179	-2.1%
Other income	Rs m	78	86	10.3%
Total Revenues	Rs m	16,607	16,265	-2.1%
Gross profit	Rs m	624	1,400	124.3%
Depreciation	Rs m	621	664	6.8%
Interest	Rs m	65	58	-11.8%
Profit before tax	Rs m	15	765	4,953.1%
Tax	Rs m	-188	233	NA
Profit after tax	Rs m	203	531	161.5%
Gross profit margin	%	3.8	8.7
Effective tax rate	%	-1,242.5	30.5
Net profit margin	%	1.2	3.3

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PRATAAP SNACKS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 14.3%.
• Long-term debt stood at Rs 200 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets rose 28% and stood at Rs 3 billion, while fixed assets rose 6% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 12%.

PRATAAP SNACKS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6,400	7,224	12.9
Current Liabilities	Rs m	1,623	1,855	14.3
Long-term Debt	Rs m	0	200	0.0
Total Liabilities	Rs m	9,718	10,858	11.7
Current assets	Rs m	2,471	3,162	27.9
Fixed Assets	Rs m	7,247	7,696	6.2
Total Assets	Rs m	9,718	10,858	11.7

PRATAAP SNACKS Cash Flow Statement Analysis

• PRATAAP SNACKS 's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 58.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 322.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -122 million, an improvement of 76% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 79 million from the Rs 29 million net cash flows seen during FY23.

PRATAAP SNACKS 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	798	1,267	58.8%
Cash Flow from Investing Activities	Rs m	-252	-1,065	-
Cash Flow from Financing Activities	Rs m	-517	-122	-
Net Cash Flow	Rs m	29	79	171.7%

Current Valuations for PRATAAP SNACKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.3, an improvement from the EPS of Rs 8.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 814.7, stands at 39.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 21.1 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	704.9	677.8
TTM Earnings per share	Rs	8.7	22.3
Diluted earnings per share	Rs	8.5	22.3
Price to Cash Flow	x	21.3	21.1
TTM P/E ratio	x	86.5	39.6
Price / Book Value ratio	x	2.9	3.5
Market Cap	Rs m	18,445	25,246
Dividends per share (Unadj.)	Rs	1.0	2.0

Ratio Analysis for PRATAAP SNACKS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x during FY24, from 1.5x 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 14.2x during FY24, from 1.2x 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 7.4% during FY24, from 3.2% 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 11.1% during FY24, from 1.3% 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 5.4% during FY24, from 2.8% 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	1.5	1.7
Debtors’ Days	Days	31	25
Interest coverage	x	1.2	14.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	2.8	5.4
Return on equity	%	3.2	7.4
Return on capital employed	%	1.3	11.1

To see how PRATAAP SNACKS has performed over the last 5 years, please visit here.

PRATAAP SNACKS Share Price Performance

Over the last one year, PRATAAP SNACKS share price has moved down from Rs 884.4 to Rs 814.7, registering a loss of Rs 69.8 or around 7.9%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for PRATAAP SNACKS and quarterly results for PRATAAP SNACKS )