TVS SRICHAKRA 2023-24 Annual Report Analysis

Wed, 21 Aug

TVS SRICHAKRA 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.

TVS SRICHAKRA Income Statement Analysis

• Operating income during the year fell 2.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 27.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.0% in FY24 as against 7.6% in FY23.
• Depreciation charges increased by 13.4% and finance costs increased by 9.3% YoY, respectively.
• Other income declined by 27.7% YoY.
• Net profit for the year grew by 38.5% YoY.
• Net profit margins during the year grew from 2.6% in FY23 to 3.7% in FY24.

TVS SRICHAKRA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	29,850	29,260	-2.0%
Other income	Rs m	92	66	-27.7%
Total Revenues	Rs m	29,941	29,326	-2.1%
Gross profit	Rs m	2,281	2,917	27.9%
Depreciation	Rs m	915	1,038	13.4%
Interest	Rs m	443	485	9.3%
Profit before tax	Rs m	1,014	1,460	43.9%
Tax	Rs m	236	383	61.9%
Profit after tax	Rs m	778	1,078	38.5%
Gross profit margin	%	7.6	10.0
Effective tax rate	%	23.3	26.2
Net profit margin	%	2.6	3.7

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

TVS SRICHAKRA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 10 billion as compared to Rs 10 billion in FY23, thereby witnessing an increase of 3.9%.
• Long-term debt stood at Rs 4 billion as compared to Rs 3 billion during FY23, a growth of 33.1%.
• Current assets rose 4% and stood at Rs 11 billion, while fixed assets rose 14% and stood at Rs 16 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 27 billion as against Rs 25 billion during FY23, thereby witnessing a growth of 10%.

TVS SRICHAKRA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,342	11,121	7.5
Current Liabilities	Rs m	10,010	10,396	3.9
Long-term Debt	Rs m	3,243	4,316	33.1
Total Liabilities	Rs m	24,530	26,934	9.8
Current assets	Rs m	10,646	11,053	3.8
Fixed Assets	Rs m	13,884	15,881	14.4
Total Assets	Rs m	24,530	26,934	9.8

TVS SRICHAKRA Cash Flow Statement Analysis

• TVS SRICHAKRA's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 10.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 61.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 1 billion, an improvement of 37,256% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 34 million from the Rs 38 million net cash flows seen during FY23.

TVS SRICHAKRA 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	2,056	2,280	10.9%
Cash Flow from Investing Activities	Rs m	-2,020	-3,255	-
Cash Flow from Financing Activities	Rs m	3	1,009	37,255.6%
Net Cash Flow	Rs m	38	34	-12.0%

Current Valuations for TVS SRICHAKRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 140.7, an improvement from the EPS of Rs 101.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4,494.2, stands at 36.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 13.8 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	3,896.8	3,819.8
TTM Earnings per share	Rs	101.6	140.7
Diluted earnings per share	Rs	101.6	140.7
Price to Cash Flow	x	11.5	13.8
TTM P/E ratio	x	25.1	36.8
Price / Book Value ratio	x	1.9	2.6
Market Cap	Rs m	19,793	29,135
Dividends per share (Unadj.)	Rs	32.1	47.3

Ratio Analysis for TVS SRICHAKRA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY24, from 1.1x 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 4.0x during FY24, from 3.3x 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 improved and stood at 9.7% during FY24, from 7.5% 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 12.6% during FY24, from 10.7% 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 5.8% during FY24, from 5.0% 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	1.1	1.1
Debtors’ Days	Days	3	4
Interest coverage	x	3.3	4.0
Debt to equity ratio	x	0.3	0.4
Return on assets	%	5.0	5.8
Return on equity	%	7.5	9.7
Return on capital employed	%	10.7	12.6

To see how TVS SRICHAKRA has performed over the last 5 years, please visit here.

TVS SRICHAKRA Share Price Performance

Over the last one year, TVS SRICHAKRA share price has moved up from Rs 2,773.3 to Rs 4,494.2, registering a gain of Rs 1,720.9 or around 62.1%.

Overall, the S&P BSE SENSEX is up 23.8% over the year.

(To know more, check out historical annual results for TVS SRICHAKRA and quarterly results for TVS SRICHAKRA)