TANEJA AERO. 2023-24 Annual Report Analysis

Thu, 15 Aug

TANEJA AERO. 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.

TANEJA AERO. Income Statement Analysis

• Operating income during the year fell 4.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 5.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 63.2% in FY24 as against 57.1% in FY23.
• Depreciation charges increased by 25.5% and finance costs decreased by 27.9% YoY, respectively.
• Other income declined by 63.4% YoY.
• Net profit for the year grew by 1.3% YoY.
• Net profit margins during the year grew from 34.5% in FY23 to 36.7% in FY24.

TANEJA AERO. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	319	304	-4.7%
Other income	Rs m	14	5	-63.4%
Total Revenues	Rs m	332	309	-7.2%
Gross profit	Rs m	182	192	5.4%
Depreciation	Rs m	30	37	25.5%
Interest	Rs m	7	5	-27.9%
Profit before tax	Rs m	160	155	-2.9%
Tax	Rs m	50	44	-12.2%
Profit after tax	Rs m	110	111	1.3%
Gross profit margin	%	57.1	63.2
Effective tax rate	%	31.2	28.2
Net profit margin	%	34.5	36.7

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TANEJA AERO. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 106 million as compared to Rs 103 million in FY23, thereby witnessing an increase of 3.6%.
• Current assets fell 4% and stood at Rs 215 million, while fixed assets rose 22% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 17%.

TANEJA AERO. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,096	1,304	19.0
Current Liabilities	Rs m	103	106	3.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,297	1,523	17.4
Current assets	Rs m	223	215	-3.7
Fixed Assets	Rs m	1,074	1,308	21.8
Total Assets	Rs m	1,297	1,523	17.4

TANEJA AERO. Cash Flow Statement Analysis

• TANEJA AERO.'s cash flow from operating activities (CFO) during FY24 stood at Rs 141 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -268 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 101 million, an improvement of 177% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -26 million from the Rs 56 million net cash flows seen during FY23.

TANEJA AERO. 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	159	141	-11.4%
Cash Flow from Investing Activities	Rs m	27	-268	-
Cash Flow from Financing Activities	Rs m	-130	101	-
Net Cash Flow	Rs m	56	-26	-

Current Valuations for TANEJA AERO.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.4, an decline from the EPS of Rs 4.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 571.4, stands at 130.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 11.2 times, while the price to sales ratio stands at 48.0 times.
• The company's price to cash flow (P/CF) ratio stood at 53.4 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	12.8	11.9
TTM Earnings per share	Rs	4.4	4.4
Diluted earnings per share	Rs	4.3	4.4
Price to Cash Flow	x	23.9	53.4
TTM P/E ratio	x	30.3	130.6
Price / Book Value ratio	x	3.0	6.1
Market Cap	Rs m	3,243	7,922
Dividends per share (Unadj.)	Rs	4.0	4.0

Ratio Analysis for TANEJA AERO.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY24, from 2.2x 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 33.4x during FY24, from 25.1x 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 8.5% during FY24, from 10.0% 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 12.3% during FY24, from 15.2% 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 7.6% during FY24, from 9.0% 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	2.2	2.0
Debtors’ Days	Days	665	1,016
Interest coverage	x	25.1	33.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.0	7.6
Return on equity	%	10.0	8.5
Return on capital employed	%	15.2	12.3

To see how TANEJA AERO. has performed over the last 5 years, please visit here.

TANEJA AERO. Share Price Performance

Over the last one year, TANEJA AERO. share price has moved up from Rs 242.5 to Rs 571.4, registering a gain of Rs 328.9 or around 135.7%.

Overall, the S&P BSE SENSEX is up 21.0% over the year.

(To know more, check out historical annual results for TANEJA AERO. and quarterly results for TANEJA AERO.)