TRIVENI ENGG 2023-24 Annual Report Analysis

Thu, 22 Aug

TRIVENI ENGG 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.

TRIVENI ENGG Income Statement Analysis

• Operating income during the year fell 12.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 69.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.6% in FY24 as against 41.0% in FY23.
• Depreciation charges increased by 11.4% and finance costs decreased by 2.2% YoY, respectively.
• Other income declined by 34.5% YoY.
• Net profit for the year declined by 77.9% YoY.
• Net profit margins during the year declined from 36.4% in FY23 to 9.2% in FY24.

TRIVENI ENGG Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	49,236	42,888	-12.9%
Other income	Rs m	949	622	-34.5%
Total Revenues	Rs m	50,185	43,510	-13.3%
Gross profit	Rs m	20,189	6,264	-69.0%
Depreciation	Rs m	935	1,041	11.4%
Interest	Rs m	567	555	-2.2%
Profit before tax	Rs m	19,636	5,290	-73.1%
Tax	Rs m	1,718	1,338	-22.1%
Profit after tax	Rs m	17,918	3,952	-77.9%
Gross profit margin	%	41.0	14.6
Effective tax rate	%	8.8	25.3
Net profit margin	%	36.4	9.2

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TRIVENI ENGG Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 18 billion as compared to Rs 14 billion in FY23, thereby witnessing an increase of 29.1%.
• Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY23, a growth of 11.9%.
• Current assets rose 13% and stood at Rs 31 billion, while fixed assets rose 19% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 51 billion as against Rs 45 billion during FY23, thereby witnessing a growth of 15%.

TRIVENI ENGG Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	26,652	29,009	8.8
Current Liabilities	Rs m	13,897	17,943	29.1
Long-term Debt	Rs m	2,224	2,488	11.9
Total Liabilities	Rs m	44,541	51,179	14.9
Current assets	Rs m	27,420	30,895	12.7
Fixed Assets	Rs m	17,106	20,274	18.5
Total Assets	Rs m	44,541	51,179	14.9

TRIVENI ENGG Cash Flow Statement Analysis

• TRIVENI ENGG's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 115% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 44 million from the Rs 487 million net cash flows seen during FY23.

TRIVENI ENGG 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	3,974	1,003	-74.8%
Cash Flow from Investing Activities	Rs m	14,136	-3,592	-
Cash Flow from Financing Activities	Rs m	-17,624	2,633	-
Net Cash Flow	Rs m	487	44	-91.0%

Current Valuations for TRIVENI ENGG

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.1, an decline from the EPS of Rs 81.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 451.1, stands at 27.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at 14.9 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	224.9	195.9
TTM Earnings per share	Rs	81.9	18.1
Diluted earnings per share	Rs	81.9	18.1
Price to Cash Flow	x	3.2	14.9
TTM P/E ratio	x	3.4	27.6
Price / Book Value ratio	x	2.4	2.6
Market Cap	Rs m	64,066	74,239
Dividends per share (Unadj.)	Rs	3.3	5.8

Ratio Analysis for TRIVENI ENGG

• 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 deteriorated and stood at 10.5x during FY24, from 35.6x 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 declined and down at 13.6% during FY24, from 67.2% 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 18.6% during FY24, from 70.0% 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 8.8% during FY24, from 41.5% 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	291	293
Interest coverage	x	35.6	10.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	41.5	8.8
Return on equity	%	67.2	13.6
Return on capital employed	%	70.0	18.6

To see how TRIVENI ENGG has performed over the last 5 years, please visit here.

TRIVENI ENGG Share Price Performance

Over the last one year, TRIVENI ENGG share price has moved up from Rs 303.4 to Rs 451.1, registering a gain of Rs 147.8 or around 48.7%.

Overall, the S&P BSE SENSEX is up 24.3% over the year.

(To know more, check out historical annual results for TRIVENI ENGG and quarterly results for TRIVENI ENGG)