SHREYAS SHIPPING 2023-24 Annual Report Analysis

Fri, 23 Aug

SHREYAS SHIPPING 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.

SHREYAS SHIPPING Income Statement Analysis

• Operating income during the year fell 41.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 90.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.3% in FY24 as against 50.9% in FY23.
• Depreciation charges increased by 67.7% and finance costs increased by 102.2% YoY, respectively.
• Other income grew by 138.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 40.7% in FY23 to 18.1% in FY24.

SHREYAS SHIPPING Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,838	2,824	-41.6%
Other income	Rs m	192	458	138.8%
Total Revenues	Rs m	5,030	3,282	-34.7%
Gross profit	Rs m	2,461	235	-90.4%
Depreciation	Rs m	475	797	67.7%
Interest	Rs m	184	372	102.2%
Profit before tax	Rs m	1,994	-475	NA
Tax	Rs m	25	35	39.9%
Profit after tax	Rs m	1,969	-510	NA
Gross profit margin	%	50.9	8.3
Effective tax rate	%	1.2	-7.3
Net profit margin	%	40.7	-18.1

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SHREYAS SHIPPING Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 14.4%.
• Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY23, a fall of 21.2%.
• Current assets rose 28% and stood at Rs 2 billion, while fixed assets fell 13% and stood at Rs 10 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 14 billion during FY23, thereby witnessing a fall of 8%.

SHREYAS SHIPPING Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,188	7,665	-6.4
Current Liabilities	Rs m	1,437	1,644	14.4
Long-term Debt	Rs m	3,919	3,090	-21.2
Total Liabilities	Rs m	13,574	12,471	-8.1
Current assets	Rs m	1,695	2,162	27.5
Fixed Assets	Rs m	11,879	10,309	-13.2
Total Assets	Rs m	13,574	12,471	-8.1

SHREYAS SHIPPING Cash Flow Statement Analysis

• SHREYAS SHIPPING's cash flow from operating activities (CFO) during FY24 stood at Rs 190 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 956 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -146 million from the Rs -400 million net cash flows seen during FY23.

SHREYAS SHIPPING 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	2,313	190	-91.8%
Cash Flow from Investing Activities	Rs m	-4,981	956	-
Cash Flow from Financing Activities	Rs m	2,268	-1,293	-
Net Cash Flow	Rs m	-400	-146	-

Current Valuations for SHREYAS SHIPPING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -23.2, an decline from the EPS of Rs 89.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 345.2, stands at -15.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at 28.3 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	220.3	128.6
TTM Earnings per share	Rs	89.7	-23.2
Diluted earnings per share	Rs	89.7	-23.2
Price to Cash Flow	x	2.1	28.3
TTM P/E ratio	x	2.7	-15.1
Price / Book Value ratio	x	0.9	1.1
Market Cap	Rs m	7,045	8,093
Dividends per share (Unadj.)	Rs	1.5	0.0

Ratio Analysis for SHREYAS SHIPPING

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY24, from 1.2x 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 -0.3x during FY24, from 11.8x 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 -6.7% during FY24, from 24.0% 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 declined and down at -1.0% during FY24, from 18.0% 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 -1.1% during FY24, from 15.9% 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	1.2	1.3
Debtors’ Days	Days	47	102
Interest coverage	x	11.8	-0.3
Debt to equity ratio	x	0.5	0.4
Return on assets	%	15.9	-1.1
Return on equity	%	24.0	-6.7
Return on capital employed	%	18.0	-1.0

To see how SHREYAS SHIPPING has performed over the last 5 years, please visit here.

SHREYAS SHIPPING Share Price Performance

Over the last one year, SHREYAS SHIPPING share price has moved down from Rs 345.8 to Rs 345.2, registering a loss of Rs 0.6 or around 0.2%.

Overall, the S&P BSE SENSEX is up 24.4% over the year.

(To know more, check out historical annual results for SHREYAS SHIPPING and quarterly results for SHREYAS SHIPPING)