PTC INDUSTRIES 2023-24 Annual Report Analysis

Wed, 11 Sep

PTC INDUSTRIES 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 INDUSTRIES Income Statement Analysis

• Operating income during the year rose 17.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 23.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.3% in FY24 as against 26.7% in FY23.
• Depreciation charges decreased by 0.2% and finance costs decreased by 3.4% YoY, respectively.
• Other income grew by 79.0% YoY.
• Net profit for the year grew by 63.5% YoY.
• Net profit margins during the year grew from 11.8% in FY23 to 16.4% in FY24.

PTC INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,193	2,569	17.2%
Other income	Rs m	75	134	79.0%
Total Revenues	Rs m	2,267	2,703	19.2%
Gross profit	Rs m	586	726	23.9%
Depreciation	Rs m	167	166	-0.2%
Interest	Rs m	158	152	-3.4%
Profit before tax	Rs m	337	541	60.9%
Tax	Rs m	78	119	52.1%
Profit after tax	Rs m	258	422	63.5%
Gross profit margin	%	26.7	28.3
Effective tax rate	%	23.3	22.0
Net profit margin	%	11.8	16.4

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PTC INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 16.2%.
• Long-term debt down at Rs 810 million as compared to Rs 964 million during FY23, a fall of 16.0%.
• Current assets rose 112% and stood at Rs 4 billion, while fixed assets rose 35% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 9 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 62%.

PTC INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,675	6,422	140.0
Current Liabilities	Rs m	1,230	1,429	16.2
Long-term Debt	Rs m	964	810	-16.0
Total Liabilities	Rs m	5,529	8,957	62.0
Current assets	Rs m	1,964	4,156	111.6
Fixed Assets	Rs m	3,566	4,801	34.7
Total Assets	Rs m	5,529	8,957	62.0

PTC INDUSTRIES Cash Flow Statement Analysis

• PTC INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs -963 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -604 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 282% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs 55 million net cash flows seen during FY23.

PTC INDUSTRIES 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	468	-963	-
Cash Flow from Investing Activities	Rs m	-1,156	-604	-
Cash Flow from Financing Activities	Rs m	744	2,841	281.9%
Net Cash Flow	Rs m	55	1,274	2,196.8%

Current Valuations for PTC INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 29.2, an improvement from the EPS of Rs 19.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 14,030.5, stands at 586.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 32.7 times, while the price to sales ratio stands at 78.9 times.
• The company's price to cash flow (P/CF) ratio stood at 144.5 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	163.9	177.9
TTM Earnings per share	Rs	19.3	29.2
Diluted earnings per share	Rs	17.2	28.2
Price to Cash Flow	x	82.5	144.5
TTM P/E ratio	x	135.7	586.2
Price / Book Value ratio	x	11.0	13.2
Market Cap	Rs m	29,339	85,005
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PTC INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.9x during FY24, from 1.6x 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 4.6x during FY24, from 3.1x 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 6.6% during FY24, from 9.6% 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 9.6% during FY24, from 13.6% 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 6.4% during FY24, from 7.5% 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	1.6	2.9
Debtors’ Days	Days	1,093	1,575
Interest coverage	x	3.1	4.6
Debt to equity ratio	x	0.4	0.1
Return on assets	%	7.5	6.4
Return on equity	%	9.6	6.6
Return on capital employed	%	13.6	9.6

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

PTC INDUSTRIES Share Price Performance

Over the last one year, PTC INDUSTRIES share price has moved up from Rs 5,925.6 to Rs 14,030.5, registering a gain of Rs 8,104.9 or around 136.8%.

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

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