SWADESHI POLYTEX 2023-24 Annual Report Analysis

Mon, 3 Jun

SWADESHI POLYTEX 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.

SWADESHI POLYTEX Income Statement Analysis

• Operating income during the year rose 123.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 126.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 93.1% in FY24 as against 92.0% in FY23.
• Depreciation charges increased by 237.5% increased by 0.0% YoY, respectively.
• Other income grew by 170.4% YoY.
• Net profit for the year grew by 136.6% YoY.
• Net profit margins during the year grew from 78.7% in FY23 to 83.1% in FY24.

SWADESHI POLYTEX Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	443	993	123.9%
Other income	Rs m	25	67	170.4%
Total Revenues	Rs m	468	1,059	126.3%
Gross profit	Rs m	408	924	126.6%
Depreciation	Rs m	0	1	237.5%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	432	991	129.1%
Tax	Rs m	84	166	98.0%
Profit after tax	Rs m	349	825	136.6%
Gross profit margin	%	92.0	93.1
Effective tax rate	%	19.3	16.7
Net profit margin	%	78.7	83.1

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SWADESHI POLYTEX Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 13 million as compared to Rs 365 million in FY23, thereby witnessing an decrease of -96.4%.
• Current assets rose 91% and stood at Rs 1 billion, while fixed assets fell 9% and stood at Rs 112 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 651 million during FY23, thereby witnessing a growth of 72%.

SWADESHI POLYTEX Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	264	1,087	312.0
Current Liabilities	Rs m	365	13	-96.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	651	1,122	72.4
Current assets	Rs m	528	1,011	91.3
Fixed Assets	Rs m	123	112	-8.9
Total Assets	Rs m	651	1,122	72.4

SWADESHI POLYTEX Cash Flow Statement Analysis

• SWADESHI POLYTEX's cash flow from operating activities (CFO) during FY24 stood at Rs 439 million, an improvement of 38.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -438 million, an improvement of 27.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs -28 million net cash flows seen during FY23.

SWADESHI POLYTEX 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	316	439	38.6%
Cash Flow from Investing Activities	Rs m	-344	-438	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	-28	1	-

Current Valuations for SWADESHI POLYTEX

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.2, an improvement from the EPS of Rs 8.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 202.3, stands at 9.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.3 times, while the price to sales ratio stands at 7.9 times.
• The company's price to cash flow (P/CF) ratio stood at 4.2 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	11.4	25.5
TTM Earnings per share	Rs	8.9	21.2
Diluted earnings per share	Rs	8.9	21.2
Price to Cash Flow	x	4.1	4.2
TTM P/E ratio	x	4.1	9.6
Price / Book Value ratio	x	5.0	3.2
Market Cap	Rs m	1,329	3,499
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SWADESHI POLYTEX

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 76.9x during FY24, from 1.4x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 75.9% during FY24, from 132.1% 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 91.1% during FY24, from 163.8% 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 73.5% during FY24, from 53.6% 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	1.4	76.9
Debtors’ Days	Days	0	0
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	53.6	73.5
Return on equity	%	132.1	75.9
Return on capital employed	%	163.8	91.1

To see how SWADESHI POLYTEX has performed over the last 5 years, please visit here.

SWADESHI POLYTEX Share Price Performance

Over the last one year, SWADESHI POLYTEX share price has moved up from Rs 38.1 to Rs 202.3, registering a gain of Rs 164.2 or around 430.6%.

Overall, the S&P BSE SENSEX is up 20.5% over the year.

(To know more, check out historical annual results for SWADESHI POLYTEX and quarterly results for SWADESHI POLYTEX)