RAJSHREE POLYPACK 2023-24 Annual Report Analysis

Fri, 4 Oct

RAJSHREE POLYPACK 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.

RAJSHREE POLYPACK Income Statement Analysis

• Operating income during the year rose 8.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 0.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.0% in FY24 as against 13.2% in FY23.
• Depreciation charges increased by 11.7% and finance costs increased by 19.5% YoY, respectively.
• Other income grew by 38.2% YoY.
• Net profit for the year declined by 18.9% YoY.
• Net profit margins during the year declined from 4.2% in FY23 to 3.1% in FY24.

RAJSHREE POLYPACK Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,522	2,744	8.8%
Other income	Rs m	21	29	38.2%
Total Revenues	Rs m	2,543	2,773	9.0%
Gross profit	Rs m	332	329	-0.7%
Depreciation	Rs m	139	155	11.7%
Interest	Rs m	70	84	19.5%
Profit before tax	Rs m	143	119	-16.8%
Tax	Rs m	37	33	-10.7%
Profit after tax	Rs m	107	86	-18.9%
Gross profit margin	%	13.2	12.0
Effective tax rate	%	25.7	27.5
Net profit margin	%	4.2	3.1

Dear Reader: If You Invest in Midcap Stocks, this is for You

RAJSHREE POLYPACK Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 959 million as compared to Rs 965 million in FY23, thereby witnessing an decrease of -0.6%.
• Long-term debt down at Rs 151 million as compared to Rs 203 million during FY23, a fall of 25.3%.
• Current assets fell 1% and stood at Rs 1 billion, while fixed assets rose 15% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 8%.

RAJSHREE POLYPACK Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,301	1,517	16.6
Current Liabilities	Rs m	965	959	-0.6
Long-term Debt	Rs m	203	151	-25.3
Total Liabilities	Rs m	2,661	2,865	7.7
Current assets	Rs m	1,242	1,233	-0.7
Fixed Assets	Rs m	1,418	1,632	15.0
Total Assets	Rs m	2,661	2,865	7.7

RAJSHREE POLYPACK Cash Flow Statement Analysis

• RAJSHREE POLYPACK's cash flow from operating activities (CFO) during FY24 stood at Rs 209 million, an improvement of 51.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -338 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 72 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -57 million from the Rs 78 million net cash flows seen during FY23.

RAJSHREE POLYPACK 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	138	209	51.1%
Cash Flow from Investing Activities	Rs m	-393	-338	-
Cash Flow from Financing Activities	Rs m	332	72	-78.3%
Net Cash Flow	Rs m	78	-57	-

Current Valuations for RAJSHREE POLYPACK

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.4, an decline from the EPS of Rs 9.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 40.9, stands at 27.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 27.8 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	220.3	74.9
TTM Earnings per share	Rs	9.3	2.4
Diluted earnings per share	Rs	1.5	1.2
Price to Cash Flow	x	0.0	27.8
TTM P/E ratio	x	0.0	27.6
Price / Book Value ratio	x	1.5	4.4
Market Cap	Rs m	1,951	6,724
Dividends per share (Unadj.)	Rs	0.3	0.0

Ratio Analysis for RAJSHREE POLYPACK

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY24, from 1.3x 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 deteriorated and stood at 2.4x during FY24, from 3.0x 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 5.7% during FY24, from 8.2% 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 12.2% during FY24, from 14.2% 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 5.9% during FY24, from 6.6% 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	1.3	1.3
Debtors’ Days	Days	589	543
Interest coverage	x	3.0	2.4
Debt to equity ratio	x	0.2	0.1
Return on assets	%	6.6	5.9
Return on equity	%	8.2	5.7
Return on capital employed	%	14.2	12.2

To see how RAJSHREE POLYPACK has performed over the last 5 years, please visit here.

RAJSHREE POLYPACK Share Price Performance

Over the last one year, RAJSHREE POLYPACK share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 2.1% over the year.

(To know more, check out historical annual results for RAJSHREE POLYPACK and quarterly results for RAJSHREE POLYPACK)