SAINT GOBAIN 2023-24 Annual Report Analysis

Wed, 3 Jul

SAINT GOBAIN 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.

SAINT GOBAIN Income Statement Analysis

• Operating income during the year rose 7.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.4% in FY24 as against 19.2% in FY23.
• Depreciation charges decreased by 6.8% and finance costs increased by 21.9% YoY, respectively.
• Other income grew by 31.7% YoY.
• Net profit for the year grew by 8.2% YoY.
• Net profit margins during the year grew from 15.5% in FY23 to 15.6% in FY24.

SAINT GOBAIN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,863	2,007	7.7%
Other income	Rs m	75	98	31.7%
Total Revenues	Rs m	1,938	2,105	8.6%
Gross profit	Rs m	357	370	3.7%
Depreciation	Rs m	40	37	-6.8%
Interest	Rs m	4	5	21.9%
Profit before tax	Rs m	388	427	9.9%
Tax	Rs m	100	114	15.0%
Profit after tax	Rs m	289	312	8.2%
Gross profit margin	%	19.2	18.4
Effective tax rate	%	25.6	26.8
Net profit margin	%	15.5	15.6

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SAINT GOBAIN Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 227 million as compared to Rs 230 million in FY23, thereby witnessing an decrease of -1.7%.
• Current assets rose 10% and stood at Rs 2 billion, while fixed assets rose 3% and stood at Rs 203 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 9%.

SAINT GOBAIN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,809	1,986	9.8
Current Liabilities	Rs m	230	227	-1.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,065	2,260	9.4
Current assets	Rs m	1,868	2,057	10.1
Fixed Assets	Rs m	198	203	2.8
Total Assets	Rs m	2,065	2,260	9.4

SAINT GOBAIN Cash Flow Statement Analysis

• SAINT GOBAIN's cash flow from operating activities (CFO) during FY24 stood at Rs 297 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -94 million, an improvement of 73.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -183 million, an improvement of 34% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 20 million from the Rs 12 million net cash flows seen during FY23.

SAINT GOBAIN 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	341	297	-12.9%
Cash Flow from Investing Activities	Rs m	-54	-94	-
Cash Flow from Financing Activities	Rs m	-275	-183	-
Net Cash Flow	Rs m	12	20	76.8%

Current Valuations for SAINT GOBAIN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.4, an improvement from the EPS of Rs 3.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 135.6, stands at 39.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.2 times, while the price to sales ratio stands at 6.2 times.
• The company's price to cash flow (P/CF) ratio stood at 31.1 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	20.4	22.0
TTM Earnings per share	Rs	3.2	3.4
Diluted earnings per share	Rs	3.2	3.4
Price to Cash Flow	x	22.8	31.1
TTM P/E ratio	x	25.9	39.5
Price / Book Value ratio	x	4.6	5.5
Market Cap	Rs m	8,272	10,864
Dividends per share (Unadj.)	Rs	1.5	2.0

Ratio Analysis for SAINT GOBAIN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 9.1x during FY24, from 8.1x 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 deteriorated and stood at 88.1x during FY24, from 97.6x 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 15.7% during FY24, from 16.0% 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 improved and stood at 21.7% during FY24, from 21.7% 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 14.0% during FY24, from 14.2% 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	8.1	9.1
Debtors’ Days	Days	491	351
Interest coverage	x	97.6	88.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	14.2	14.0
Return on equity	%	16.0	15.7
Return on capital employed	%	21.7	21.7

To see how SAINT GOBAIN has performed over the last 5 years, please visit here.

SAINT GOBAIN Share Price Performance

Over the last one year, SAINT GOBAIN share price has moved up from Rs 105.3 to Rs 135.6, registering a gain of Rs 30.3 or around 28.7%.

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

(To know more, check out historical annual results for SAINT GOBAIN and quarterly results for SAINT GOBAIN)