PYRAMID TECHNOPLAST 2023-24 Annual Report Analysis

Mon, 19 Aug

PYRAMID TECHNOPLAST 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.

PYRAMID TECHNOPLAST Income Statement Analysis

• Operating income during the year rose 10.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 11.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.3% in FY24 as against 10.4% in FY23.
• Depreciation charges increased by 29.0% and finance costs decreased by 42.3% YoY, respectively.
• Other income grew by 135.9% YoY.
• Net profit for the year declined by 7.6% YoY.
• Net profit margins during the year declined from 6.6% in FY23 to 5.5% in FY24.

PYRAMID TECHNOPLAST Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,800	5,324	10.9%
Other income	Rs m	20	47	135.9%
Total Revenues	Rs m	4,820	5,372	11.4%
Gross profit	Rs m	498	441	-11.5%
Depreciation	Rs m	49	64	29.0%
Interest	Rs m	41	23	-42.3%
Profit before tax	Rs m	428	401	-6.3%
Tax	Rs m	111	108	-2.7%
Profit after tax	Rs m	318	293	-7.6%
Gross profit margin	%	10.4	8.3
Effective tax rate	%	25.8	26.8
Net profit margin	%	6.6	5.5

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PYRAMID TECHNOPLAST Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 715 million as compared to Rs 943 million in FY23, thereby witnessing an decrease of -24.2%.
• Long-term debt down at Rs 15 million as compared to Rs 175 million during FY23, a fall of 91.2%.
• Current assets rose 22% and stood at Rs 2 billion, while fixed assets rose 59% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 34%.

PYRAMID TECHNOPLAST Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,073	2,222	107.2
Current Liabilities	Rs m	943	715	-24.2
Long-term Debt	Rs m	175	15	-91.2
Total Liabilities	Rs m	2,258	3,033	34.3
Current assets	Rs m	1,515	1,852	22.3
Fixed Assets	Rs m	743	1,181	59.0
Total Assets	Rs m	2,258	3,033	34.3

PYRAMID TECHNOPLAST Cash Flow Statement Analysis

• PYRAMID TECHNOPLAST's cash flow from operating activities (CFO) during FY24 stood at Rs -38 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -440 million, an improvement of 84.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 485 million, an improvement of 481% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 7 million from the Rs 23 million net cash flows seen during FY23.

PYRAMID TECHNOPLAST 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	390	-38	-
Cash Flow from Investing Activities	Rs m	-239	-440	-
Cash Flow from Financing Activities	Rs m	-127	485	-
Net Cash Flow	Rs m	23	7	-70.1%

Current Valuations for PYRAMID TECHNOPLAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.0, an decline from the EPS of Rs 10.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 174.3, stands at 22.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 19.5 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	153.5	144.8
TTM Earnings per share	Rs	10.2	8.0
Diluted earnings per share	Rs	8.6	8.0
Price to Cash Flow	x	0.0	19.5
TTM P/E ratio	x	0.0	22.0
Price / Book Value ratio	x	0.0	3.1
Market Cap	Rs m	0	6,974
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PYRAMID TECHNOPLAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x 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 18.2x during FY24, from 11.6x 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 declined and down at 13.2% during FY24, from 29.6% 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 19.0% during FY24, from 37.6% 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 10.4% during FY24, from 15.9% 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	2.6
Debtors’ Days	Days	585	681
Interest coverage	x	11.6	18.2
Debt to equity ratio	x	0.2	0.0
Return on assets	%	15.9	10.4
Return on equity	%	29.6	13.2
Return on capital employed	%	37.6	19.0

To see how PYRAMID TECHNOPLAST has performed over the last 5 years, please visit here.

PYRAMID TECHNOPLAST Share Price Performance

Over the last one year, PYRAMID TECHNOPLAST share price has moved up from Rs 0.0 to Rs 174.3, registering a gain of Rs 174.3 or around 0.0%.

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

(To know more, check out historical annual results for PYRAMID TECHNOPLAST and quarterly results for PYRAMID TECHNOPLAST)