SICAL LOGISTICS 2023-24 Annual Report Analysis

Mon, 11 Nov

SICAL LOGISTICS 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.

SICAL LOGISTICS Income Statement Analysis

• Operating income during the year fell 43.6% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.7% in FY24 as against 189.3% in FY23.
• Depreciation charges decreased by 13.2% and finance costs increased by 102.3% YoY, respectively.
• Other income declined by 33.3% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 203.4% in FY23 to 9.0% in FY24.

SICAL LOGISTICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,921	2,211	-43.6%
Other income	Rs m	263	175	-33.3%
Total Revenues	Rs m	4,184	2,386	-43.0%
Gross profit	Rs m	-7,424	547	NA
Depreciation	Rs m	557	483	-13.2%
Interest	Rs m	194	392	102.3%
Profit before tax	Rs m	-7,912	-153	NA
Tax	Rs m	64	45	-29.0%
Profit after tax	Rs m	-7,976	-199	NA
Gross profit margin	%	-189.3	24.7
Effective tax rate	%	-0.8	-29.5
Net profit margin	%	-203.4	-9.0

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

SICAL LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 2.7%.
• Long-term debt down at Rs 3 billion as compared to Rs 3 billion during FY23, a fall of 8.1%.
• Current assets rose 5% and stood at Rs 2 billion, while fixed assets fell 6% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 8 billion during FY23, thereby witnessing a fall of 3%.

SICAL LOGISTICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	535	287	-46.3
Current Liabilities	Rs m	2,412	2,478	2.7
Long-term Debt	Rs m	3,400	3,123	-8.1
Total Liabilities	Rs m	7,911	7,657	-3.2
Current assets	Rs m	1,762	1,854	5.2
Fixed Assets	Rs m	6,149	5,803	-5.6
Total Assets	Rs m	7,911	7,657	-3.2

SICAL LOGISTICS Cash Flow Statement Analysis

• SICAL LOGISTICS's cash flow from operating activities (CFO) during FY24 stood at Rs 80 million, an improvement of 20.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -71 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 247 million, an improvement of 207% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 255 million from the Rs 533 million net cash flows seen during FY23.

SICAL LOGISTICS 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	66	80	20.9%
Cash Flow from Investing Activities	Rs m	787	-71	-
Cash Flow from Financing Activities	Rs m	-230	247	-
Net Cash Flow	Rs m	533	255	-52.2%

Current Valuations for SICAL LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.0, an improvement from the EPS of Rs -122.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 152.5, stands at -31.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 34.6 times, while the price to sales ratio stands at 4.5 times.
• The company's price to cash flow (P/CF) ratio stood at 45.8 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	60.1	33.9
TTM Earnings per share	Rs	-122.2	-3.0
Diluted earnings per share	Rs	-122.2	-3.0
Price to Cash Flow	x	-0.1	45.8
TTM P/E ratio	x	-0.1	-31.4
Price / Book Value ratio	x	1.3	45.4
Market Cap	Rs m	673	13,041
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SICAL LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.7x 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 improved and stood at 0.6x during FY24, from -39.8x 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 improved and stood at -69.2% during FY24, from -1,490.3% 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 7.0% during FY24, from -196.1% 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 improved and stood at 2.5% during FY24, from -98.4% 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	0.7
Debtors’ Days	Days	509	727
Interest coverage	x	-39.8	0.6
Debt to equity ratio	x	6.4	10.9
Return on assets	%	-98.4	2.5
Return on equity	%	-1,490.3	-69.2
Return on capital employed	%	-196.1	7.0

To see how SICAL LOGISTICS has performed over the last 5 years, please visit here.

SICAL LOGISTICS Share Price Performance

Over the last one year, SICAL LOGISTICS share price has moved down from Rs 277.6 to Rs 152.5, registering a loss of Rs 125.1 or around 45.1%.

Overall, the S&P BSE SENSEX is up 22.4% over the year.

(To know more, check out historical annual results for SICAL LOGISTICS and quarterly results for SICAL LOGISTICS)