SURYA ROSHNI 2023-24 Annual Report Analysis

Tue, 13 Aug

SURYA ROSHNI 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.

SURYA ROSHNI Income Statement Analysis

• Operating income during the year fell 2.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.3% in FY24 as against 7.7% in FY23.
• Depreciation charges increased by 1.6% and finance costs decreased by 46.4% YoY, respectively.
• Other income grew by 159.6% YoY.
• Net profit for the year declined by 1.9% YoY.
• Net profit margins during the year grew from 4.2% in FY23 to 4.2% in FY24.

SURYA ROSHNI Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	79,967	78,093	-2.3%
Other income	Rs m	54	139	159.6%
Total Revenues	Rs m	80,021	78,232	-2.2%
Gross profit	Rs m	6,142	5,724	-6.8%
Depreciation	Rs m	1,154	1,173	1.6%
Interest	Rs m	449	241	-46.4%
Profit before tax	Rs m	4,593	4,450	-3.1%
Tax	Rs m	1,237	1,158	-6.4%
Profit after tax	Rs m	3,355	3,292	-1.9%
Gross profit margin	%	7.7	7.3
Effective tax rate	%	26.9	26.0
Net profit margin	%	4.2	4.2

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SURYA ROSHNI Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 7 billion as compared to Rs 11 billion in FY23, thereby witnessing an decrease of -40.1%.
• Current assets fell 4% and stood at Rs 20 billion, while fixed assets fell 5% and stood at Rs 9 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 29 billion as against Rs 31 billion during FY23, thereby witnessing a fall of 4%.

SURYA ROSHNI Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	18,487	21,451	16.0
Current Liabilities	Rs m	10,881	6,520	-40.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	30,572	29,217	-4.4
Current assets	Rs m	20,874	19,957	-4.4
Fixed Assets	Rs m	9,697	9,260	-4.5
Total Assets	Rs m	30,572	29,217	-4.4

SURYA ROSHNI Cash Flow Statement Analysis

• SURYA ROSHNI's cash flow from operating activities (CFO) during FY24 stood at Rs 5 billion, an improvement of 92.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -515 million, an improvement of 55.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -5 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 339 million from the Rs 9 million net cash flows seen during FY23.

SURYA ROSHNI 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	2,802	5,397	92.6%
Cash Flow from Investing Activities	Rs m	-332	-515	-
Cash Flow from Financing Activities	Rs m	-2,462	-4,543	-
Net Cash Flow	Rs m	9	339	3,885.9%

Current Valuations for SURYA ROSHNI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 30.3, an decline from the EPS of Rs 62.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 643.6, stands at 19.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 19.7 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	1,486.1	719.9
TTM Earnings per share	Rs	62.4	30.3
Diluted earnings per share	Rs	30.8	30.2
Price to Cash Flow	x	15.9	19.7
TTM P/E ratio	x	21.3	19.3
Price / Book Value ratio	x	1.6	4.1
Market Cap	Rs m	28,982	87,984
Dividends per share (Unadj.)	Rs	3.5	5.0

Ratio Analysis for SURYA ROSHNI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.1x during FY24, from 1.9x 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 19.5x during FY24, from 11.2x 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 15.3% during FY24, from 18.1% 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 21.9% during FY24, from 27.3% 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 declined and down at 12.1% during FY24, from 12.4% 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	1.9	3.1
Debtors’ Days	Days	3	3
Interest coverage	x	11.2	19.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.4	12.1
Return on equity	%	18.1	15.3
Return on capital employed	%	27.3	21.9

To see how SURYA ROSHNI has performed over the last 5 years, please visit here.

SURYA ROSHNI Share Price Performance

Over the last one year, SURYA ROSHNI share price has moved down from Rs 786.0 to Rs 643.6, registering a loss of Rs 142.4 or around 18.1%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 30,746.7 (down 1.5%). Over the last one year it has moved up from 21,877.8 to 30,746.7, a gain of 8,869 points (up 40.5%).

Overall, the S&P BSE SENSEX is up 19.6% over the year.

(To know more, check out historical annual results for SURYA ROSHNI and quarterly results for SURYA ROSHNI)