TRANSPORT CORP 2023-24 Annual Report Analysis

Mon, 8 Jul

TRANSPORT CORP 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.

TRANSPORT CORP Income Statement Analysis

• Operating income during the year rose 6.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.0% in FY24 as against 12.3% in FY23.
• Depreciation charges increased by 5.8% and finance costs increased by 35.1% YoY, respectively.
• Other income grew by 51.3% YoY.
• Net profit for the year grew by 10.6% YoY.
• Net profit margins during the year grew from 8.5% in FY23 to 8.8% in FY24.

TRANSPORT CORP Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	37,826	40,243	6.4%
Other income	Rs m	303	458	51.3%
Total Revenues	Rs m	38,128	40,700	6.7%
Gross profit	Rs m	4,650	4,840	4.1%
Depreciation	Rs m	1,214	1,285	5.8%
Interest	Rs m	98	133	35.1%
Profit before tax	Rs m	3,640	3,881	6.6%
Tax	Rs m	434	336	-22.6%
Profit after tax	Rs m	3,206	3,545	10.6%
Gross profit margin	%	12.3	12.0
Effective tax rate	%	11.9	8.7
Net profit margin	%	8.5	8.8

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

TRANSPORT CORP Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 5.9%.
• Long-term debt stood at Rs 1 billion as compared to Rs 396 million during FY23, a growth of 158.1%.
• Current assets rose 25% and stood at Rs 13 billion, while fixed assets rose 14% and stood at Rs 12 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 25 billion as against Rs 21 billion during FY23, thereby witnessing a growth of 19%.

TRANSPORT CORP Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	16,918	19,921	17.8
Current Liabilities	Rs m	2,684	2,842	5.9
Long-term Debt	Rs m	396	1,021	158.1
Total Liabilities	Rs m	21,009	25,014	19.1
Current assets	Rs m	10,345	12,906	24.8
Fixed Assets	Rs m	10,654	12,098	13.6
Total Assets	Rs m	21,009	25,014	19.1

TRANSPORT CORP Cash Flow Statement Analysis

• TRANSPORT CORP's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 109.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 176 million, an improvement of 127% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -869 million from the Rs 1 billion net cash flows seen during FY23.

TRANSPORT CORP 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	3,612	2,993	-17.1%
Cash Flow from Investing Activities	Rs m	-1,931	-4,038	-
Cash Flow from Financing Activities	Rs m	-660	176	-
Net Cash Flow	Rs m	1,020	-869	-

Current Valuations for TRANSPORT CORP

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 45.6, an improvement from the EPS of Rs 41.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 966.3, stands at 27.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 13.5 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	487.7	517.7
TTM Earnings per share	Rs	41.3	45.6
Diluted earnings per share	Rs	41.2	45.5
Price to Cash Flow	x	11.1	13.5
TTM P/E ratio	x	17.7	27.0
Price / Book Value ratio	x	3.2	3.3
Market Cap	Rs m	54,318	64,955
Dividends per share (Unadj.)	Rs	7.0	7.0

Ratio Analysis for TRANSPORT CORP

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.5x during FY24, from 3.9x 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 30.2x during FY24, from 38.1x 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 17.8% during FY24, from 19.0% 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 19.2% during FY24, from 21.6% 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 declined and down at 14.7% during FY24, from 15.7% 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	3.9	4.5
Debtors’ Days	Days	54	54
Interest coverage	x	38.1	30.2
Debt to equity ratio	x	0.0	0.1
Return on assets	%	15.7	14.7
Return on equity	%	19.0	17.8
Return on capital employed	%	21.6	19.2

To see how TRANSPORT CORP has performed over the last 5 years, please visit here.

TRANSPORT CORP Share Price Performance

Over the last one year, TRANSPORT CORP share price has moved up from Rs 728.6 to Rs 966.3, registering a gain of Rs 237.7 or around 32.6%.

Overall, the S&P BSE SENSEX is up 22.1% over the year.

(To know more, check out historical annual results for TRANSPORT CORP and quarterly results for TRANSPORT CORP)