TINNA RUBBER 2023-24 Annual Report Analysis

Tue, 16 Jul

TINNA RUBBER 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.

TINNA RUBBER Income Statement Analysis

• Operating income during the year rose 22.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 73.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.0% in FY24 as against 12.8% in FY23.
• Depreciation charges decreased by 9.6% and finance costs decreased by 5.8% YoY, respectively.
• Other income declined by 78.4% YoY.
• Net profit for the year grew by 84.8% YoY.
• Net profit margins during the year grew from 7.4% in FY23 to 11.1% in FY24.

TINNA RUBBER Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,954	3,630	22.9%
Other income	Rs m	61	13	-78.4%
Total Revenues	Rs m	3,016	3,644	20.8%
Gross profit	Rs m	377	654	73.2%
Depreciation	Rs m	71	64	-9.6%
Interest	Rs m	81	76	-5.8%
Profit before tax	Rs m	287	527	83.4%
Tax	Rs m	69	124	79.1%
Profit after tax	Rs m	218	403	84.8%
Gross profit margin	%	12.8	18.0
Effective tax rate	%	24.1	23.5
Net profit margin	%	7.4	11.1

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

TINNA RUBBER Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 958 million as compared to Rs 713 million in FY23, thereby witnessing an increase of 34.3%.
• Long-term debt stood at Rs 466 million as compared to Rs 242 million during FY23, a growth of 93.0%.
• Current assets rose 11% and stood at Rs 1 billion, while fixed assets rose 64% and stood at Rs 2 billion 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 40%.

TINNA RUBBER Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	960	1,278	33.1
Current Liabilities	Rs m	713	958	34.3
Long-term Debt	Rs m	242	466	93.0
Total Liabilities	Rs m	1,987	2,781	40.0
Current assets	Rs m	925	1,031	11.5
Fixed Assets	Rs m	1,061	1,738	63.9
Total Assets	Rs m	1,987	2,781	40.0

TINNA RUBBER Cash Flow Statement Analysis

• TINNA RUBBER's cash flow from operating activities (CFO) during FY24 stood at Rs 592 million, an improvement of 87.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -698 million, an improvement of 613.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 93 million, an improvement of 144% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -13 million from the Rs 5 million net cash flows seen during FY23.

TINNA RUBBER 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	592	87.2%
Cash Flow from Investing Activities	Rs m	-98	-698	-
Cash Flow from Financing Activities	Rs m	-213	93	-
Net Cash Flow	Rs m	5	-13	-

Current Valuations for TINNA RUBBER

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.5, an decline from the EPS of Rs 25.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,744.0, stands at 78.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 23.4 times, while the price to sales ratio stands at 8.2 times.
• The company's price to cash flow (P/CF) ratio stood at 17.3 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	345.1	211.9
TTM Earnings per share	Rs	25.5	23.5
Diluted earnings per share	Rs	12.7	23.5
Price to Cash Flow	x	10.3	17.3
TTM P/E ratio	x	14.0	78.4
Price / Book Value ratio	x	4.4	6.3
Market Cap	Rs m	4,238	8,089
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for TINNA RUBBER

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY24, from 1.3x 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 7.9x during FY24, from 4.6x 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 31.5% during FY24, from 22.7% 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 34.6% during FY24, from 30.6% 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 17.2% during FY24, from 15.0% 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	1.3	1.1
Debtors’ Days	Days	396	300
Interest coverage	x	4.6	7.9
Debt to equity ratio	x	0.3	0.4
Return on assets	%	15.0	17.2
Return on equity	%	22.7	31.5
Return on capital employed	%	30.6	34.6

To see how TINNA RUBBER has performed over the last 5 years, please visit here.

TINNA RUBBER Share Price Performance

Over the last one year, TINNA RUBBER share price has moved up from Rs 353.1 to Rs 1,744.0, registering a gain of Rs 1,390.9 or around 394.0%.

Overall, the S&P BSE SENSEX is up 23.5% over the year.

(To know more, check out historical annual results for TINNA RUBBER and quarterly results for TINNA RUBBER)