TIGER LOGISTICS 2023-24 Annual Report Analysis

Mon, 23 Sep

TIGER LOGISTICS 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.

TIGER LOGISTICS Income Statement Analysis

• Operating income during the year fell 44.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 41.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.4% in FY24 as against 6.1% in FY23.
• Depreciation charges decreased by 0.3% and finance costs decreased by 26.7% YoY, respectively.
• Other income declined by 43.0% YoY.
• Net profit for the year declined by 44.1% YoY.
• Net profit margins during the year grew from 5.4% in FY23 to 5.4% in FY24.

TIGER LOGISTICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,333	2,403	-44.6%
Other income	Rs m	68	39	-43.0%
Total Revenues	Rs m	4,401	2,441	-44.5%
Gross profit	Rs m	264	154	-41.7%
Depreciation	Rs m	8	8	-0.3%
Interest	Rs m	10	8	-26.7%
Profit before tax	Rs m	313	177	-43.5%
Tax	Rs m	81	47	-41.8%
Profit after tax	Rs m	232	130	-44.1%
Gross profit margin	%	6.1	6.4
Effective tax rate	%	25.9	26.7
Net profit margin	%	5.4	5.4

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

TIGER LOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 283 million as compared to Rs 191 million in FY23, thereby witnessing an increase of 48.5%.
• Long-term debt stood at Rs 7 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets rose 14% and stood at Rs 1 billion, while fixed assets rose 65% and stood at Rs 237 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 20%.

TIGER LOGISTICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	976	1,108	13.5
Current Liabilities	Rs m	191	283	48.5
Long-term Debt	Rs m	0	7	0.0
Total Liabilities	Rs m	1,192	1,432	20.2
Current assets	Rs m	1,048	1,195	14.0
Fixed Assets	Rs m	144	237	65.0
Total Assets	Rs m	1,192	1,432	20.2

TIGER LOGISTICS Cash Flow Statement Analysis

• TIGER LOGISTICS's cash flow from operating activities (CFO) during FY24 stood at Rs -172 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -53 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 111 million, an improvement of 1,972% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -97 million from the Rs 207 million net cash flows seen during FY23.

TIGER LOGISTICS 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	169	-172	-
Cash Flow from Investing Activities	Rs m	4	-53	-
Cash Flow from Financing Activities	Rs m	-6	111	-
Net Cash Flow	Rs m	207	-97	-

Current Valuations for TIGER LOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.3, an decline from the EPS of Rs 22.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 65.2, stands at 44.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.2 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 33.2 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	410.0	227.3
TTM Earnings per share	Rs	22.0	12.3
Diluted earnings per share	Rs	2.2	1.2
Price to Cash Flow	x	15.2	33.2
TTM P/E ratio	x	15.9	44.3
Price / Book Value ratio	x	3.4	4.1
Market Cap	Rs m	3,321	4,557
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for TIGER LOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.2x during FY24, from 5.5x 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 24.3x during FY24, from 31.3x 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 11.7% during FY24, from 23.8% 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 declined and down at 16.5% during FY24, from 33.2% 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 declined and down at 9.6% during FY24, from 20.3% 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	5.5	4.2
Debtors’ Days	Days	415	1,060
Interest coverage	x	31.3	24.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	20.3	9.6
Return on equity	%	23.8	11.7
Return on capital employed	%	33.2	16.5

To see how TIGER LOGISTICS has performed over the last 5 years, please visit here.

TIGER LOGISTICS Share Price Performance

Over the last one year, TIGER LOGISTICS share price has moved up from Rs 41.4 to Rs 65.2, registering a gain of Rs 23.8 or around 57.5%.

Overall, the S&P BSE SENSEX is up 27.1% over the year.

(To know more, check out historical annual results for TIGER LOGISTICS and quarterly results for TIGER LOGISTICS)