PTC INDIA 2023-24 Annual Report Analysis

Mon, 23 Sep

PTC 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.

PTC INDIA Income Statement Analysis

• Operating income during the year rose 7.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.2% in FY24 as against 7.1% in FY23.
• Depreciation charges increased by 0.7% and finance costs decreased by 8.9% YoY, respectively.
• Other income grew by 131.1% YoY.
• Net profit for the year declined by 0.3% YoY.
• Net profit margins during the year declined from 3.1% in FY23 to 2.9% in FY24.

PTC INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	156,738	167,632	7.0%
Other income	Rs m	256	591	131.1%
Total Revenues	Rs m	156,994	168,223	7.2%
Gross profit	Rs m	11,112	10,364	-6.7%
Depreciation	Rs m	99	100	0.7%
Interest	Rs m	4,737	4,316	-8.9%
Profit before tax	Rs m	6,531	6,538	0.1%
Tax	Rs m	1,683	1,702	1.2%
Profit after tax	Rs m	4,848	4,836	-0.3%
Gross profit margin	%	7.1	6.2
Effective tax rate	%	25.8	26.0
Net profit margin	%	3.1	2.9

Don't Miss: Key Information for Long-term Investors

PTC INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 52 billion as compared to Rs 59 billion in FY23, thereby witnessing an decrease of -11.8%.
• Long-term debt down at Rs 28 billion as compared to Rs 48 billion during FY23, a fall of 42.0%.
• Current assets rose 2% and stood at Rs 90 billion, while fixed assets fell 46% and stood at Rs 41 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 150 billion as against Rs 166 billion during FY23, thereby witnessing a fall of 9%.

PTC INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	50,187	51,419	2.5
Current Liabilities	Rs m	58,671	51,762	-11.8
Long-term Debt	Rs m	48,347	28,053	-42.0
Total Liabilities	Rs m	165,984	150,403	-9.4
Current assets	Rs m	88,808	90,333	1.7
Fixed Assets	Rs m	77,175	41,393	-46.4
Total Assets	Rs m	165,984	150,403	-9.4

PTC INDIA Cash Flow Statement Analysis

• PTC INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 25 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -5 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -20 billion, an improvement of 49% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -960 million from the Rs -3 billion net cash flows seen during FY23.

PTC 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	35,751	24,505	-31.5%
Cash Flow from Investing Activities	Rs m	1,677	-5,043	-
Cash Flow from Financing Activities	Rs m	-40,190	-20,423	-
Net Cash Flow	Rs m	-2,762	-960	-

Current Valuations for PTC INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.3, an decline from the EPS of Rs 16.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 211.9, stands at 11.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 10.2 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	529.5	566.3
TTM Earnings per share	Rs	16.4	16.3
Diluted earnings per share	Rs	16.4	16.3
Price to Cash Flow	x	5.1	10.2
TTM P/E ratio	x	4.8	11.6
Price / Book Value ratio	x	0.5	1.0
Market Cap	Rs m	27,418	50,122
Dividends per share (Unadj.)	Rs	7.8	7.8

Ratio Analysis for PTC INDIA

• 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 2.5x during FY24, from 2.4x 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 9.4% during FY24, from 9.7% 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 13.7% during FY24, from 11.4% 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 6.1% during FY24, from 5.8% 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	13	13
Interest coverage	x	2.4	2.5
Debt to equity ratio	x	1.0	0.5
Return on assets	%	5.8	6.1
Return on equity	%	9.7	9.4
Return on capital employed	%	11.4	13.7

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

PTC INDIA Share Price Performance

Over the last one year, PTC INDIA share price has moved up from Rs 134.5 to Rs 211.9, registering a gain of Rs 77.4 or around 57.6%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 8,573.7 (up 1.0%). Over the last one year it has moved up from 4,626.4 to 8,573.7, a gain of 3,947 points (up 85.3%).

Overall, the S&P BSE SENSEX is up 27.1% over the year.

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