SHIVAM AUTOTECH 2023-24 Annual Report Analysis

Tue, 8 Oct

SHIVAM AUTOTECH 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.

SHIVAM AUTOTECH Income Statement Analysis

• Operating income during the year fell 0.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 12.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.2% in FY24 as against 10.5% in FY23.
• Depreciation charges increased by 2.0% and finance costs increased by 15.6% YoY, respectively.
• Other income grew by 37.5% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 7.4% in FY23 to 10.7% in FY24.

SHIVAM AUTOTECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,704	4,697	-0.1%
Other income	Rs m	29	39	37.5%
Total Revenues	Rs m	4,732	4,736	0.1%
Gross profit	Rs m	494	433	-12.4%
Depreciation	Rs m	352	360	2.0%
Interest	Rs m	499	577	15.6%
Profit before tax	Rs m	-328	-464	NA
Tax	Rs m	19	38	99.9%
Profit after tax	Rs m	-347	-502	NA
Gross profit margin	%	10.5	9.2
Effective tax rate	%	-5.7	-8.1
Net profit margin	%	-7.4	-10.7

Don't Miss: Key Information for Long-term Investors

SHIVAM AUTOTECH Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -2.3%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY23, a fall of 16.9%.
• Current assets fell 26% and stood at Rs 2 billion, while fixed assets fell 6% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 6 billion during FY23, thereby witnessing a fall of 14%.

SHIVAM AUTOTECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,046	556	-46.8
Current Liabilities	Rs m	3,262	3,188	-2.3
Long-term Debt	Rs m	2,151	1,788	-16.9
Total Liabilities	Rs m	6,213	5,336	-14.1
Current assets	Rs m	2,414	1,782	-26.2
Fixed Assets	Rs m	3,799	3,555	-6.4
Total Assets	Rs m	6,213	5,336	-14.1

SHIVAM AUTOTECH Cash Flow Statement Analysis

• SHIVAM AUTOTECH's cash flow from operating activities (CFO) during FY24 stood at Rs 329 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -43 million, an improvement of 346.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -860 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -573 million from the Rs 568 million net cash flows seen during FY23.

SHIVAM AUTOTECH 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	648	329	-49.2%
Cash Flow from Investing Activities	Rs m	-10	-43	-
Cash Flow from Financing Activities	Rs m	-70	-860	-
Net Cash Flow	Rs m	568	-573	-

Current Valuations for SHIVAM AUTOTECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -4.1, an decline from the EPS of Rs -2.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 42.0, stands at -10.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.2 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at -30.3 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	38.5	38.4
TTM Earnings per share	Rs	-2.8	-4.1
Diluted earnings per share	Rs	-2.8	-4.1
Price to Cash Flow	x	492.3	-30.3
TTM P/E ratio	x	-11.7	-10.7
Price / Book Value ratio	x	4.1	7.8
Market Cap	Rs m	4,308	4,314
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SHIVAM AUTOTECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.6x during FY24, from 0.7x 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 0.2x during FY24, from 0.3x 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 -90.3% during FY24, from -33.2% 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 4.8% during FY24, from 5.3% 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 1.4% during FY24, from 2.4% 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	0.7	0.6
Debtors’ Days	Days	725	663
Interest coverage	x	0.3	0.2
Debt to equity ratio	x	2.1	3.2
Return on assets	%	2.4	1.4
Return on equity	%	-33.2	-90.3
Return on capital employed	%	5.3	4.8

To see how SHIVAM AUTOTECH has performed over the last 5 years, please visit here.

SHIVAM AUTOTECH Share Price Performance

Over the last one year, SHIVAM AUTOTECH share price has moved up from Rs 34.3 to Rs 42.0, registering a gain of Rs 7.7 or around 22.3%.

Overall, the S&P BSE SENSEX is up 25.2% over the year.

(To know more, check out historical annual results for SHIVAM AUTOTECH and quarterly results for SHIVAM AUTOTECH)