REPRO INDIA 2023-24 Annual Report Analysis

Mon, 22 Jul

REPRO 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.

REPRO INDIA Income Statement Analysis

• Operating income during the year rose 13.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 18.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.8% in FY24 as against 10.4% in FY23.
• Depreciation charges increased by 20.1% and finance costs decreased by 14.0% YoY, respectively.
• Other income grew by 121.6% YoY.
• Net profit for the year grew by 38.6% YoY.
• Net profit margins during the year grew from 2.1% in FY23 to 2.5% in FY24.

REPRO INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,220	4,795	13.6%
Other income	Rs m	10	22	121.6%
Total Revenues	Rs m	4,229	4,816	13.9%
Gross profit	Rs m	437	517	18.4%
Depreciation	Rs m	247	297	20.1%
Interest	Rs m	113	97	-14.0%
Profit before tax	Rs m	87	145	67.3%
Tax	Rs m	-1	24	NA
Profit after tax	Rs m	87	121	38.6%
Gross profit margin	%	10.4	10.8
Effective tax rate	%	-0.9	16.4
Net profit margin	%	2.1	2.5

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REPRO INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 945 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -8.1%.
• Long-term debt down at Rs 14 million as compared to Rs 383 million during FY23, a fall of 96.4%.
• Current assets rose 10% and stood at Rs 2 billion, while fixed assets rose 7% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 10%.

REPRO INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,702	3,874	43.4
Current Liabilities	Rs m	1,029	945	-8.1
Long-term Debt	Rs m	383	14	-96.4
Total Liabilities	Rs m	4,294	4,703	9.5
Current assets	Rs m	1,564	1,717	9.8
Fixed Assets	Rs m	2,730	2,933	7.5
Total Assets	Rs m	4,294	4,703	9.5

REPRO INDIA Cash Flow Statement Analysis

• REPRO INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 272 million, an improvement of 16.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -452 million, an improvement of 115.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 220 million, an improvement of 866% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 40 million from the Rs -5 million net cash flows seen during FY23.

REPRO 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	233	272	16.5%
Cash Flow from Investing Activities	Rs m	-209	-452	-
Cash Flow from Financing Activities	Rs m	-29	220	-
Net Cash Flow	Rs m	-5	40	-

Current Valuations for REPRO INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.5, an improvement from the EPS of Rs 6.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 613.3, stands at 72.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 1.8 times.
• The company's price to cash flow (P/CF) ratio stood at 22.8 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	331.5	335.3
TTM Earnings per share	Rs	6.9	8.5
Diluted earnings per share	Rs	6.1	8.5
Price to Cash Flow	x	15.3	22.8
TTM P/E ratio	x	58.4	72.5
Price / Book Value ratio	x	2.1	2.5
Market Cap	Rs m	5,588	9,522
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for REPRO INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x 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 1.8x 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 3.1% 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 declined and down at 6.2% during FY24, from 6.5% 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 4.6% during FY24, from 4.7% 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	1.8
Debtors’ Days	Days	591	607
Interest coverage	x	1.8	2.5
Debt to equity ratio	x	0.1	0.0
Return on assets	%	4.7	4.6
Return on equity	%	3.2	3.1
Return on capital employed	%	6.5	6.2

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

REPRO INDIA Share Price Performance

Over the last one year, REPRO INDIA share price has moved down from Rs 730.0 to Rs 613.3, registering a loss of Rs 116.7 or around 16.0%.

Overall, the S&P BSE SENSEX is up 20.6% over the year.

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