INTEGRA ENGINEERING 2023-24 Annual Report Analysis

Tue, 25 Jun

INTEGRA ENGINEERING 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.

INTEGRA ENGINEERING Income Statement Analysis

• Operating income during the year rose 10.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 12.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.5% in FY24 as against 16.1% in FY23.
• Depreciation charges increased by 28.6% and finance costs increased by 6.3% YoY, respectively.
• Other income grew by 49.6% YoY.
• Net profit for the year declined by 20.2% YoY.
• Net profit margins during the year declined from 13.7% in FY23 to 9.9% in FY24.

INTEGRA ENGINEERING Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,332	1,468	10.3%
Other income	Rs m	6	8	49.6%
Total Revenues	Rs m	1,337	1,477	10.4%
Gross profit	Rs m	214	242	12.9%
Depreciation	Rs m	22	28	28.6%
Interest	Rs m	12	12	6.3%
Profit before tax	Rs m	187	210	12.6%
Tax	Rs m	5	65	1,260.3%
Profit after tax	Rs m	182	145	-20.2%
Gross profit margin	%	16.1	16.5
Effective tax rate	%	2.6	30.9
Net profit margin	%	13.7	9.9

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INTEGRA ENGINEERING Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 484 million as compared to Rs 313 million in FY23, thereby witnessing an increase of 54.6%.
• Current assets rose 12% and stood at Rs 832 million, while fixed assets rose 46% and stood at Rs 405 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 22%.

INTEGRA ENGINEERING Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	621	767	23.5
Current Liabilities	Rs m	313	484	54.6
Long-term Debt	Rs m	124	0	-100.0
Total Liabilities	Rs m	1,018	1,237	21.6
Current assets	Rs m	740	832	12.5
Fixed Assets	Rs m	278	405	45.7
Total Assets	Rs m	1,018	1,237	21.6

INTEGRA ENGINEERING Cash Flow Statement Analysis

• INTEGRA ENGINEERING's cash flow from operating activities (CFO) during FY24 stood at Rs 171 million, an improvement of 86.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -161 million, an improvement of 140.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -7 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 3 million from the Rs 28 million net cash flows seen during FY23.

INTEGRA ENGINEERING 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	92	171	86.1%
Cash Flow from Investing Activities	Rs m	-67	-161	-
Cash Flow from Financing Activities	Rs m	3	-7	-
Net Cash Flow	Rs m	28	3	-88.5%

Current Valuations for INTEGRA ENGINEERING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.2, an decline from the EPS of Rs 5.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 242.6, stands at 57.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.9 times, while the price to sales ratio stands at 5.7 times.
• The company's price to cash flow (P/CF) ratio stood at 44.8 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	38.7	42.7
TTM Earnings per share	Rs	5.3	4.2
Diluted earnings per share	Rs	5.3	4.2
Price to Cash Flow	x	21.0	44.8
TTM P/E ratio	x	23.5	57.4
Price / Book Value ratio	x	5.3	10.1
Market Cap	Rs m	3,295	7,746
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INTEGRA ENGINEERING

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 2.4x 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 17.8x during FY24, from 16.9x 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 18.9% during FY24, from 29.3% 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 29.0% during FY24, from 26.6% 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 12.7% during FY24, from 19.0% 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	2.4	1.7
Debtors’ Days	Days	988	1,004
Interest coverage	x	16.9	17.8
Debt to equity ratio	x	0.2	0.0
Return on assets	%	19.0	12.7
Return on equity	%	29.3	18.9
Return on capital employed	%	26.6	29.0

To see how INTEGRA ENGINEERING has performed over the last 5 years, please visit here.

INTEGRA ENGINEERING Share Price Performance

Over the last one year, INTEGRA ENGINEERING share price has moved up from Rs 233.9 to Rs 242.6, registering a gain of Rs 8.7 or around 3.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 72,489.2 (up 1.0%). Over the last one year it has moved up from 39,476.8 to 72,489.2, a gain of 33,012 points (up 83.6%).

Overall, the S&P BSE SENSEX is up 21.8% over the year.

(To know more, check out historical annual results for INTEGRA ENGINEERING and quarterly results for INTEGRA ENGINEERING)