SEJAL GLASS 2023-24 Annual Report Analysis

Thu, 24 Oct

SEJAL GLASS 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.

SEJAL GLASS Income Statement Analysis

• Operating income during the year rose 252.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1014.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.5% in FY24 as against 4.0% in FY23.
• Depreciation charges increased by 526.3% and finance costs increased by 444.3% YoY, respectively.
• Other income grew by 428.4% YoY.
• Net profit for the year declined by 57.5% YoY.
• Net profit margins during the year declined from 16.9% in FY23 to 2.0% in FY24.

SEJAL GLASS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	464	1,638	252.8%
Other income	Rs m	2	9	428.4%
Total Revenues	Rs m	466	1,647	253.5%
Gross profit	Rs m	18	205	1,014.6%
Depreciation	Rs m	9	56	526.3%
Interest	Rs m	23	125	444.3%
Profit before tax	Rs m	-12	33	NA
Tax	Rs m	-90	0	NA
Profit after tax	Rs m	79	33	-57.5%
Gross profit margin	%	4.0	12.5
Effective tax rate	%	765.9	0.0
Net profit margin	%	16.9	2.0

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

SEJAL GLASS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 608 million as compared to Rs 297 million in FY23, thereby witnessing an increase of 104.8%.
• Long-term debt stood at Rs 1 billion as compared to Rs 63 million during FY23, a growth of 1781.3%.
• Current assets rose 443% and stood at Rs 950 million, while fixed assets rose 423% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 417 million during FY23, thereby witnessing a growth of 431%.

SEJAL GLASS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	140	291	108.0
Current Liabilities	Rs m	297	608	104.8
Long-term Debt	Rs m	63	1,186	1,781.3
Total Liabilities	Rs m	417	2,214	431.4
Current assets	Rs m	175	950	443.0
Fixed Assets	Rs m	242	1,264	423.0
Total Assets	Rs m	417	2,214	431.4

SEJAL GLASS Cash Flow Statement Analysis

• SEJAL GLASS's cash flow from operating activities (CFO) during FY24 stood at Rs -92 million, an improvement of 243.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -407 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 486 million, an improvement of 1,264% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 million from the Rs 7 million net cash flows seen during FY23.

SEJAL GLASS 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	-27	-92	-
Cash Flow from Investing Activities	Rs m	75	-407	-
Cash Flow from Financing Activities	Rs m	-42	486	-
Net Cash Flow	Rs m	7	2	-76.2%

Current Valuations for SEJAL GLASS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.3, an decline from the EPS of Rs 7.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 536.9, stands at 146.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 18.6 times, while the price to sales ratio stands at 3.3 times.
• The company's price to cash flow (P/CF) ratio stood at 34.7 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	46.0	162.2
TTM Earnings per share	Rs	7.8	3.3
Diluted earnings per share	Rs	7.8	3.3
Price to Cash Flow	x	28.8	34.7
TTM P/E ratio	x	28.8	146.6
Price / Book Value ratio	x	25.7	10.6
Market Cap	Rs m	3,597	3,097
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SEJAL GLASS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY24, from 0.6x 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 1.3x during FY24, from 0.5x 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 11.4% during FY24, from 56.1% 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 improved and stood at 10.8% during FY24, from 5.5% 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 7.2% during FY24, from 24.4% 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	0.6	1.6
Debtors’ Days	Days	815	1,521
Interest coverage	x	0.5	1.3
Debt to equity ratio	x	0.5	4.1
Return on assets	%	24.4	7.2
Return on equity	%	56.1	11.4
Return on capital employed	%	5.5	10.8

To see how SEJAL GLASS has performed over the last 5 years, please visit here.

SEJAL GLASS Share Price Performance

Over the last one year, SEJAL GLASS share price has moved up from Rs 262.9 to Rs 536.9, registering a gain of Rs 274.1 or around 104.3%.

Overall, the S&P BSE SENSEX is up 24.0% over the year.

(To know more, check out historical annual results for SEJAL GLASS and quarterly results for SEJAL GLASS)