SPEL SEMICONDUCT 2023-24 Annual Report Analysis

Mon, 12 Aug

SPEL SEMICONDUCT 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.

SPEL SEMICONDUCT Income Statement Analysis

• Operating income during the year rose 7.5% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 102.2% in FY24 as against 44.5% in FY23.
• Depreciation charges decreased by 27.1% and finance costs increased by 8.6% YoY, respectively.
• Other income declined by 77.7% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 27.7% in FY23 to 139.8% in FY24.

SPEL SEMICONDUCT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	112	120	7.5%
Other income	Rs m	70	16	-77.7%
Total Revenues	Rs m	181	136	-25.2%
Gross profit	Rs m	-50	-123	NA
Depreciation	Rs m	40	29	-27.1%
Interest	Rs m	26	28	8.6%
Profit before tax	Rs m	-45	-164	NA
Tax	Rs m	-14	4	NA
Profit after tax	Rs m	-31	-168	NA
Gross profit margin	%	-44.5	-102.2
Effective tax rate	%	31.6	-2.6
Net profit margin	%	-27.7	-139.8

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

SPEL SEMICONDUCT Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 693 million as compared to Rs 711 million in FY23, thereby witnessing an decrease of -2.6%.
• Long-term debt stood at Rs 196 million as compared to Rs 191 million during FY23, a growth of 2.7%.
• Current assets fell 28% and stood at Rs 395 million, while fixed assets fell 4% and stood at Rs 752 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 2 billion during FY23, thereby witnessing a fall of 11%.

SPEL SEMICONDUCT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	495	331	-33.2
Current Liabilities	Rs m	711	693	-2.6
Long-term Debt	Rs m	191	196	2.7
Total Liabilities	Rs m	1,636	1,455	-11.1
Current assets	Rs m	546	395	-27.6
Fixed Assets	Rs m	782	752	-3.9
Total Assets	Rs m	1,636	1,455	-11.1

SPEL SEMICONDUCT Cash Flow Statement Analysis

• SPEL SEMICONDUCT's cash flow from operating activities (CFO) during FY24 stood at Rs -88 million, an improvement of 173.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 88 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 100% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY23.

SPEL SEMICONDUCT 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	-32	-88	-
Cash Flow from Investing Activities	Rs m	116	88	-24.2%
Cash Flow from Financing Activities	Rs m	-84	0	-
Net Cash Flow	Rs m	0	0	-66.7%

Current Valuations for SPEL SEMICONDUCT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.6, an decline from the EPS of Rs -0.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 198.7, stands at -54.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 27.7 times, while the price to sales ratio stands at 76.3 times.
• The company's price to cash flow (P/CF) ratio stood at -30.7 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	2.4	2.6
TTM Earnings per share	Rs	-0.7	-3.6
Diluted earnings per share	Rs	-0.7	-3.6
Price to Cash Flow	x	180.6	-30.7
TTM P/E ratio	x	-50.3	-54.6
Price / Book Value ratio	x	4.9	12.9
Market Cap	Rs m	2,420	4,267
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SPEL SEMICONDUCT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.6x during FY24, from 0.8x 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 -4.9x during FY24, from -0.8x 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 declined and down at -50.7% during FY24, from -6.2% 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 -25.8% during FY24, from -2.9% 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 -9.6% during FY24, from -0.3% 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	0.8	0.6
Debtors’ Days	Days	606	357
Interest coverage	x	-0.8	-4.9
Debt to equity ratio	x	0.4	0.6
Return on assets	%	-0.3	-9.6
Return on equity	%	-6.2	-50.7
Return on capital employed	%	-2.9	-25.8

To see how SPEL SEMICONDUCT has performed over the last 5 years, please visit here.

SPEL SEMICONDUCT Share Price Performance

Over the last one year, SPEL SEMICONDUCT share price has moved up from Rs 60.5 to Rs 198.7, registering a gain of Rs 138.2 or around 228.6%.

Overall, the S&P BSE SENSEX is up 21.4% over the year.

(To know more, check out historical annual results for SPEL SEMICONDUCT and quarterly results for SPEL SEMICONDUCT)