SANDUR MAN 2023-24 Annual Report Analysis

Thu, 29 Aug

SANDUR MAN 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.

SANDUR MAN Income Statement Analysis

• Operating income during the year fell 41.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 18.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.6% in FY24 as against 18.5% in FY23.
• Depreciation charges decreased by 10.0% and finance costs decreased by 28.3% YoY, respectively.
• Other income grew by 39.6% YoY.
• Net profit for the year declined by 12.0% YoY.
• Net profit margins during the year grew from 12.8% in FY23 to 19.1% in FY24.

SANDUR MAN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	21,258	12,521	-41.1%
Other income	Rs m	592	827	39.6%
Total Revenues	Rs m	21,850	13,348	-38.9%
Gross profit	Rs m	3,924	3,202	-18.4%
Depreciation	Rs m	643	578	-10.0%
Interest	Rs m	279	200	-28.3%
Profit before tax	Rs m	3,595	3,250	-9.6%
Tax	Rs m	885	864	-2.3%
Profit after tax	Rs m	2,711	2,386	-12.0%
Gross profit margin	%	18.5	25.6
Effective tax rate	%	24.6	26.6
Net profit margin	%	12.8	19.1

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SANDUR MAN Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -40.3%.
• Long-term debt down at Rs 981 million as compared to Rs 2 billion during FY23, a fall of 38.9%.
• Current assets fell 5% and stood at Rs 14 billion, while fixed assets rose 7% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 34 billion as against Rs 33 billion during FY23, thereby witnessing a growth of 2%.

SANDUR MAN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	19,337	21,583	11.6
Current Liabilities	Rs m	4,915	2,935	-40.3
Long-term Debt	Rs m	1,607	981	-38.9
Total Liabilities	Rs m	33,493	34,080	1.8
Current assets	Rs m	15,222	14,440	-5.1
Fixed Assets	Rs m	18,271	19,640	7.5
Total Assets	Rs m	33,493	34,080	1.8

SANDUR MAN Cash Flow Statement Analysis

• SANDUR MAN's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 7.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -664 million, an improvement of 491.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 17% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -200 million from the Rs 21 million net cash flows seen during FY23.

SANDUR MAN 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	1,424	1,531	7.5%
Cash Flow from Investing Activities	Rs m	-112	-664	-
Cash Flow from Financing Activities	Rs m	-1,291	-1,067	-
Net Cash Flow	Rs m	21	-200	-

Current Valuations for SANDUR MAN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.7, an decline from the EPS of Rs 100.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 489.0, stands at 23.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 6.3 times.
• The company's price to cash flow (P/CF) ratio stood at 21.5 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	787.0	77.3
TTM Earnings per share	Rs	100.4	14.7
Diluted earnings per share	Rs	16.7	14.7
Price to Cash Flow	x	8.3	21.5
TTM P/E ratio	x	10.2	23.0
Price / Book Value ratio	x	1.6	2.9
Market Cap	Rs m	31,833	63,622
Dividends per share (Unadj.)	Rs	5.0	1.0

Ratio Analysis for SANDUR MAN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.9x during FY24, from 3.1x 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 17.3x during FY24, from 13.9x 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 11.1% during FY24, from 14.0% 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 15.3% during FY24, from 18.5% 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 7.6% during FY24, from 8.9% 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	3.1	4.9
Debtors’ Days	Days	248	100
Interest coverage	x	13.9	17.3
Debt to equity ratio	x	0.1	0.0
Return on assets	%	8.9	7.6
Return on equity	%	14.0	11.1
Return on capital employed	%	18.5	15.3

To see how SANDUR MAN has performed over the last 5 years, please visit here.

SANDUR MAN Share Price Performance

Over the last one year, SANDUR MAN share price has moved up from Rs 221.6 to Rs 489.0, registering a gain of Rs 267.4 or around 120.6%.

Overall, the S&P BSE SENSEX is up 25.9% over the year.

(To know more, check out historical annual results for SANDUR MAN and quarterly results for SANDUR MAN)