SEALMATIC INDIA 2023-24 Annual Report Analysis

Mon, 29 Jul

SEALMATIC INDIA 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.

SEALMATIC INDIA Income Statement Analysis

• Operating income during the year rose 21.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 9.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.6% in FY24 as against 26.4% in FY23.
• Depreciation charges increased by 71.7% and finance costs increased by 5.3% YoY, respectively.
• Other income grew by 107.9% YoY.
• Net profit for the year declined by 10.3% YoY.
• Net profit margins during the year declined from 18.8% in FY23 to 13.9% in FY24.

SEALMATIC INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	585	710	21.3%
Other income	Rs m	11	22	107.9%
Total Revenues	Rs m	596	733	22.9%
Gross profit	Rs m	154	139	-9.9%
Depreciation	Rs m	12	21	71.7%
Interest	Rs m	5	5	5.3%
Profit before tax	Rs m	148	135	-8.6%
Tax	Rs m	38	37	-3.6%
Profit after tax	Rs m	110	99	-10.3%
Gross profit margin	%	26.4	19.6
Effective tax rate	%	25.8	27.2
Net profit margin	%	18.8	13.9

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SEALMATIC INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 234 million as compared to Rs 206 million in FY23, thereby witnessing an increase of 13.4%.
• Long-term debt down at Rs 24 million as compared to Rs 34 million during FY23, a fall of 29.8%.
• Current assets fell 3% and stood at Rs 842 million, while fixed assets rose 83% and stood at Rs 296 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 11%.

SEALMATIC INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	789	878	11.2
Current Liabilities	Rs m	206	234	13.4
Long-term Debt	Rs m	34	24	-29.8
Total Liabilities	Rs m	1,030	1,138	10.5
Current assets	Rs m	868	842	-3.0
Fixed Assets	Rs m	161	296	83.3
Total Assets	Rs m	1,030	1,138	10.5

SEALMATIC INDIA Cash Flow Statement Analysis

• SEALMATIC INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs -77 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 137 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -25 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 35 million from the Rs -7 million net cash flows seen during FY23.

SEALMATIC INDIA 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	25	-77	-
Cash Flow from Investing Activities	Rs m	-445	137	-
Cash Flow from Financing Activities	Rs m	412	-25	-
Net Cash Flow	Rs m	-7	35	-

Current Valuations for SEALMATIC INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.9, an decline from the EPS of Rs 12.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 670.0, stands at 61.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.9 times, while the price to sales ratio stands at 8.5 times.
• The company's price to cash flow (P/CF) ratio stood at 40.8 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	64.7	78.5
TTM Earnings per share	Rs	12.1	10.9
Diluted earnings per share	Rs	12.1	10.9
Price to Cash Flow	x	15.1	40.8
TTM P/E ratio	x	16.8	61.5
Price / Book Value ratio	x	2.7	5.5
Market Cap	Rs m	2,100	4,864
Dividends per share (Unadj.)	Rs	1.1	1.1

Ratio Analysis for SEALMATIC INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.6x during FY24, from 4.2x 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 27.2x during FY24, from 31.1x 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 11.2% during FY24, from 13.9% 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 15.6% during FY24, from 18.6% 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 9.1% during FY24, from 11.1% 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	4.2	3.6
Debtors’ Days	Days	797	812
Interest coverage	x	31.1	27.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.1	9.1
Return on equity	%	13.9	11.2
Return on capital employed	%	18.6	15.6

To see how SEALMATIC INDIA has performed over the last 5 years, please visit here.

SEALMATIC INDIA Share Price Performance

Over the last one year, SEALMATIC INDIA share price has moved up from Rs 539.0 to Rs 670.0, registering a gain of Rs 131.1 or around 24.3%.

Overall, the S&P BSE SENSEX is up 22.6% over the year.

(To know more, check out historical annual results for SEALMATIC INDIA and quarterly results for SEALMATIC INDIA)