PRITIKA AUTO INDUSTRIES 2023-24 Annual Report Analysis

Fri, 21 Jun

PRITIKA AUTO INDUSTRIES 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.

PRITIKA AUTO INDUSTRIES Income Statement Analysis

• Operating income during the year fell 7.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 26.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.2% in FY24 as against 14.0% in FY23.
• Depreciation charges increased by 40.4% and finance costs increased by 59.8% YoY, respectively.
• Other income grew by 35.0% YoY.
• Net profit for the year grew by 7.4% YoY.
• Net profit margins during the year grew from 5.3% in FY23 to 6.2% in FY24.

PRITIKA AUTO INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,969	2,736	-7.9%
Other income	Rs m	12	16	35.0%
Total Revenues	Rs m	2,981	2,752	-7.7%
Gross profit	Rs m	415	525	26.4%
Depreciation	Rs m	119	167	40.4%
Interest	Rs m	93	148	59.8%
Profit before tax	Rs m	216	226	4.7%
Tax	Rs m	59	57	-2.3%
Profit after tax	Rs m	157	169	7.4%
Gross profit margin	%	14.0	19.2
Effective tax rate	%	27.3	25.4
Net profit margin	%	5.3	6.2

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PRITIKA AUTO INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 12.2%.
• Long-term debt stood at Rs 660 million as compared to Rs 334 million during FY23, a growth of 97.4%.
• Current assets fell 3% and stood at Rs 2 billion, while fixed assets rose 64% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 24%.

PRITIKA AUTO INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,537	2,089	35.9
Current Liabilities	Rs m	1,253	1,406	12.2
Long-term Debt	Rs m	334	660	97.4
Total Liabilities	Rs m	3,540	4,406	24.5
Current assets	Rs m	2,097	2,038	-2.8
Fixed Assets	Rs m	1,443	2,368	64.1
Total Assets	Rs m	3,540	4,406	24.5

PRITIKA AUTO INDUSTRIES Cash Flow Statement Analysis

• PRITIKA AUTO INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs 422 million, an improvement of 777.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -972 million, an improvement of 331.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 441 million, an improvement of 47% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -109 million from the Rs 123 million net cash flows seen during FY23.

PRITIKA AUTO INDUSTRIES 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	48	422	777.7%
Cash Flow from Investing Activities	Rs m	-225	-972	-
Cash Flow from Financing Activities	Rs m	300	441	46.9%
Net Cash Flow	Rs m	123	-109	-

Current Valuations for PRITIKA AUTO INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.1, an decline from the EPS of Rs 1.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 29.3, stands at 28.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 1.7 times.
• The company's price to cash flow (P/CF) ratio stood at 16.4 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	33.5	17.1
TTM Earnings per share	Rs	1.8	1.1
Diluted earnings per share	Rs	1.0	1.0
Price to Cash Flow	x	8.2	16.4
TTM P/E ratio	x	14.4	28.5
Price / Book Value ratio	x	0.9	2.6
Market Cap	Rs m	1,388	5,492
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PRITIKA AUTO INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.4x during FY24, from 1.7x 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 2.5x during FY24, from 3.3x 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 8.1% during FY24, from 10.2% 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 13.6% during FY24, from 16.5% 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 7.2% during FY24, from 7.0% 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	1.7	1.4
Debtors’ Days	Days	1,196	501
Interest coverage	x	3.3	2.5
Debt to equity ratio	x	0.2	0.3
Return on assets	%	7.0	7.2
Return on equity	%	10.2	8.1
Return on capital employed	%	16.5	13.6

To see how PRITIKA AUTO INDUSTRIES has performed over the last 5 years, please visit here.

PRITIKA AUTO INDUSTRIES Share Price Performance

Over the last one year, PRITIKA AUTO INDUSTRIES share price has moved up from Rs 16.5 to Rs 29.3, registering a gain of Rs 12.8 or around 77.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 72,473.6 (up 0.4%). Over the last one year it has moved up from 39,945.7 to 72,473.6, a gain of 32,528 points (up 81.4%).

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for PRITIKA AUTO INDUSTRIES and quarterly results for PRITIKA AUTO INDUSTRIES)