PHOENIX TOWNSHIP 2023-24 Annual Report Analysis

Wed, 20 Nov

PHOENIX TOWNSHIP 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.

PHOENIX TOWNSHIP Income Statement Analysis

• Operating income during the year rose 6.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4475.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 723.1% in FY24 as against 16.8% in FY23.
• Depreciation charges decreased by 9.5% and finance costs increased by 4.5% YoY, respectively.
• Other income grew by 456.0% YoY.
• Net profit for the year grew by 28825.6% YoY.
• Net profit margins during the year grew from 2.6% in FY23 to 715.0% in FY24.

PHOENIX TOWNSHIP Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	259	275	6.2%
Other income	Rs m	4	21	456.0%
Total Revenues	Rs m	262	295	12.6%
Gross profit	Rs m	43	1,987	4,475.2%
Depreciation	Rs m	22	20	-9.5%
Interest	Rs m	16	16	4.5%
Profit before tax	Rs m	10	1,971	19,773.1%
Tax	Rs m	3	7	135.1%
Profit after tax	Rs m	7	1,964	28,825.6%
Gross profit margin	%	16.8	723.1
Effective tax rate	%	31.6	0.4
Net profit margin	%	2.6	715.0

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PHOENIX TOWNSHIP Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 111 million as compared to Rs 104 million in FY23, thereby witnessing an increase of 6.8%.
• Long-term debt stood at Rs 2 billion as compared to Rs 106 million during FY23, a growth of 2041.6%.
• Current assets rose 1,330% and stood at Rs 295 million, while fixed assets rose 822% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 490 million during FY23, thereby witnessing a growth of 843%.

PHOENIX TOWNSHIP Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	244	2,208	804.3
Current Liabilities	Rs m	104	111	6.8
Long-term Debt	Rs m	106	2,266	2,041.6
Total Liabilities	Rs m	490	4,623	843.3
Current assets	Rs m	21	295	1,329.5
Fixed Assets	Rs m	470	4,328	821.9
Total Assets	Rs m	490	4,623	843.3

PHOENIX TOWNSHIP Cash Flow Statement Analysis

• PHOENIX TOWNSHIP's cash flow from operating activities (CFO) during FY24 stood at Rs 250 million, an improvement of 991.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 6,492.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 21,117% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 18 million from the Rs -3 million net cash flows seen during FY23.

PHOENIX TOWNSHIP 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	23	250	991.4%
Cash Flow from Investing Activities	Rs m	-36	-2,379	-
Cash Flow from Financing Activities	Rs m	10	2,147	21,116.6%
Net Cash Flow	Rs m	-3	18	-

Current Valuations for PHOENIX TOWNSHIP

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 140.5, an improvement from the EPS of Rs 0.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 235.0, stands at 2.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 12.0 times.
• The company's price to cash flow (P/CF) ratio stood at 0.5 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	18.5	19.7
TTM Earnings per share	Rs	0.5	140.5
Diluted earnings per share	Rs	0.3	93.7
Price to Cash Flow	x	44.2	0.5
TTM P/E ratio	x	185.8	2.5
Price / Book Value ratio	x	2.8	0.5
Market Cap	Rs m	676	1,066
Dividends per share (Unadj.)	Rs	0.0	0.3

Ratio Analysis for PHOENIX TOWNSHIP

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY24, from 0.2x 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 122.1x during FY24, from 1.6x 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 88.9% during FY24, from 2.8% 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 44.4% during FY24, from 7.3% 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 42.8% during FY24, from 4.6% 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	0.2	2.7
Debtors’ Days	Days	105	164
Interest coverage	x	1.6	122.1
Debt to equity ratio	x	0.4	1.0
Return on assets	%	4.6	42.8
Return on equity	%	2.8	88.9
Return on capital employed	%	7.3	44.4

To see how PHOENIX TOWNSHIP has performed over the last 5 years, please visit here.

PHOENIX TOWNSHIP Share Price Performance

Over the last one year, PHOENIX TOWNSHIP share price has moved up from Rs 75.6 to Rs 235.0, registering a gain of Rs 159.4 or around 211.0%.

Overall, the S&P BSE SENSEX is up 18.2% over the year.

(To know more, check out historical annual results for PHOENIX TOWNSHIP and quarterly results for PHOENIX TOWNSHIP)