SYSTAMATIX C 2023-24 Annual Report Analysis

Tue, 12 Nov

SYSTAMATIX C 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.

SYSTAMATIX C Income Statement Analysis

• Operating income during the year rose 89.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1678.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 44.7% in FY24 as against 4.8% in FY23.
• Depreciation charges increased by 216.6% and finance costs decreased by 7.3% YoY, respectively.
• Other income grew by 83.0% YoY.
• Net profit for the year grew by 949.7% YoY.
• Net profit margins during the year grew from 7.0% in FY23 to 38.9% in FY24.

SYSTAMATIX C Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	725	1,371	89.0%
Other income	Rs m	63	115	83.0%
Total Revenues	Rs m	788	1,485	88.6%
Gross profit	Rs m	34	613	1,678.6%
Depreciation	Rs m	6	19	216.6%
Interest	Rs m	33	31	-7.3%
Profit before tax	Rs m	58	677	1,075.4%
Tax	Rs m	7	144	2,014.9%
Profit after tax	Rs m	51	533	949.7%
Gross profit margin	%	4.8	44.7
Effective tax rate	%	11.8	21.2
Net profit margin	%	7.0	38.9

Dear Reader: If You Invest in Midcap Stocks, this is for You

SYSTAMATIX C Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 740 million in FY23, thereby witnessing an increase of 93.8%.
• Long-term debt stood at Rs 94 million as compared to Rs 82 million during FY23, a growth of 14.3%.
• Current assets rose 71% and stood at Rs 2 billion, while fixed assets rose 70% and stood at Rs 591 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 70%.

SYSTAMATIX C Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	991	1,523	53.7
Current Liabilities	Rs m	740	1,433	93.8
Long-term Debt	Rs m	82	94	14.3
Total Liabilities	Rs m	1,810	3,084	70.4
Current assets	Rs m	1,461	2,493	70.6
Fixed Assets	Rs m	349	591	69.5
Total Assets	Rs m	1,810	3,084	70.4

SYSTAMATIX C Cash Flow Statement Analysis

• SYSTAMATIX C's cash flow from operating activities (CFO) during FY24 stood at Rs 878 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 235 million, an improvement of 468.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -32 million, an improvement of 77% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs -253 million net cash flows seen during FY23.

SYSTAMATIX C 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	-154	878	-
Cash Flow from Investing Activities	Rs m	41	235	468.7%
Cash Flow from Financing Activities	Rs m	-140	-32	-
Net Cash Flow	Rs m	-253	1,081	-

Current Valuations for SYSTAMATIX C

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 41.1, an improvement from the EPS of Rs 3.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 206.4, stands at 52.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.6 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 1.3 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	55.9	105.6
TTM Earnings per share	Rs	3.9	41.1
Diluted earnings per share	Rs	0.4	4.1
Price to Cash Flow	x	49.5	1.3
TTM P/E ratio	x	55.4	52.9
Price / Book Value ratio	x	5.1	0.5
Market Cap	Rs m	5,015	717
Dividends per share (Unadj.)	Rs	0.0	0.1

Ratio Analysis for SYSTAMATIX C

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 2.0x 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 improved and stood at 22.9x during FY24, from 2.7x 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 35.0% during FY24, from 5.1% 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 improved and stood at 43.8% during FY24, from 8.5% 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 18.3% during FY24, from 4.6% 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	2.0	1.7
Debtors’ Days	Days	479	392
Interest coverage	x	2.7	22.9
Debt to equity ratio	x	0.1	0.1
Return on assets	%	4.6	18.3
Return on equity	%	5.1	35.0
Return on capital employed	%	8.5	43.8

To see how SYSTAMATIX C has performed over the last 5 years, please visit here.

SYSTAMATIX C Share Price Performance

Over the last one year, SYSTAMATIX C share price has moved up from Rs 45.8 to Rs 206.4, registering a gain of Rs 160.7 or around 351.1%.

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for SYSTAMATIX C and quarterly results for SYSTAMATIX C)