SUYOG TELEMATICS 2023-24 Annual Report Analysis

Fri, 22 Nov

SUYOG TELEMATICS 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.

SUYOG TELEMATICS Income Statement Analysis

• Operating income during the year rose 16.0% 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 70.4% in FY24 as against 64.6% in FY23.
• Depreciation charges increased by 29.0% and finance costs increased by 21.5% YoY, respectively.
• Other income declined by 11.3% YoY.
• Net profit for the year grew by 36.7% YoY.
• Net profit margins during the year grew from 32.2% in FY23 to 38.0% in FY24.

SUYOG TELEMATICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,436	1,666	16.0%
Other income	Rs m	86	77	-11.3%
Total Revenues	Rs m	1,523	1,743	14.4%
Gross profit	Rs m	928	1,173	26.4%
Depreciation	Rs m	264	341	29.0%
Interest	Rs m	161	195	21.5%
Profit before tax	Rs m	590	714	21.0%
Tax	Rs m	127	81	-36.3%
Profit after tax	Rs m	463	633	36.7%
Gross profit margin	%	64.6	70.4
Effective tax rate	%	21.5	11.3
Net profit margin	%	32.2	38.0

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

SUYOG TELEMATICS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 781 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -24.4%.
• Long-term debt down at Rs 549 million as compared to Rs 753 million during FY23, a fall of 27.0%.
• Current assets fell 15% and stood at Rs 869 million, while fixed assets rose 10% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 4%.

SUYOG TELEMATICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,223	2,984	34.3
Current Liabilities	Rs m	1,034	781	-24.4
Long-term Debt	Rs m	753	549	-27.0
Total Liabilities	Rs m	4,798	5,001	4.2
Current assets	Rs m	1,027	869	-15.4
Fixed Assets	Rs m	3,771	4,132	9.6
Total Assets	Rs m	4,798	5,001	4.2

SUYOG TELEMATICS Cash Flow Statement Analysis

• SUYOG TELEMATICS's cash flow from operating activities (CFO) during FY24 stood at Rs 720 million, an improvement of 7.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -633 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -72 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 15 million from the Rs -11 million net cash flows seen during FY23.

SUYOG TELEMATICS 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	670	720	7.4%
Cash Flow from Investing Activities	Rs m	-1,080	-633	-
Cash Flow from Financing Activities	Rs m	399	-72	-
Net Cash Flow	Rs m	-11	15	-

Current Valuations for SUYOG TELEMATICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 59.4, an improvement from the EPS of Rs 44.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,671.5, stands at 25.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 10.7 times.
• The company's price to cash flow (P/CF) ratio stood at 9.3 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	137.1	156.3
TTM Earnings per share	Rs	44.2	59.4
Diluted earnings per share	Rs	42.9	58.6
Price to Cash Flow	x	5.1	9.3
TTM P/E ratio	x	8.0	25.1
Price / Book Value ratio	x	1.7	3.0
Market Cap	Rs m	3,774	9,036
Dividends per share (Unadj.)	Rs	0.5	1.3

Ratio Analysis for SUYOG TELEMATICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY24, from 1.0x 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 4.7x during FY24, from 4.7x 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 21.2% during FY24, from 20.8% 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 25.7% during FY24, from 25.2% 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 16.6% during FY24, from 13.0% 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	1.0	1.1
Debtors’ Days	Days	1,030	1,012
Interest coverage	x	4.7	4.7
Debt to equity ratio	x	0.3	0.2
Return on assets	%	13.0	16.6
Return on equity	%	20.8	21.2
Return on capital employed	%	25.2	25.7

To see how SUYOG TELEMATICS has performed over the last 5 years, please visit here.

SUYOG TELEMATICS Share Price Performance

Over the last one year, SUYOG TELEMATICS share price has moved up from Rs 915.4 to Rs 1,671.5, registering a gain of Rs 756.2 or around 82.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 65,862.6 (down 0.7%). Over the last one year it has moved up from 48,793.2 to 65,862.6, a gain of 17,069 points (up 35.0%).

Overall, the S&P BSE SENSEX is up 17.5% over the year.

(To know more, check out historical annual results for SUYOG TELEMATICS and quarterly results for SUYOG TELEMATICS)