TEXMACO INFRA 2023-24 Annual Report Analysis

Tue, 3 Sep

TEXMACO INFRA 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.

TEXMACO INFRA Income Statement Analysis

• Operating income during the year fell 43.5% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 21.4% in FY24 as against 8.4% in FY23.
• Depreciation charges decreased by 3.3% and finance costs increased by 34.6% YoY, respectively.
• Other income grew by 13.7% YoY.
• Net profit for the year grew by 15.8% YoY.
• Net profit margins during the year grew from 18.7% in FY23 to 38.3% in FY24.

TEXMACO INFRA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	165	93	-43.5%
Other income	Rs m	88	100	13.7%
Total Revenues	Rs m	254	194	-23.6%
Gross profit	Rs m	-14	-20	NA
Depreciation	Rs m	26	25	-3.3%
Interest	Rs m	21	28	34.6%
Profit before tax	Rs m	28	28	-0.5%
Tax	Rs m	-3	-8	NA
Profit after tax	Rs m	31	36	15.8%
Gross profit margin	%	-8.4	-21.4
Effective tax rate	%	-10.6	-28.6
Net profit margin	%	18.7	38.3

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TEXMACO INFRA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 46 million as compared to Rs 57 million in FY23, thereby witnessing an decrease of -18.7%.
• Long-term debt stood at Rs 226 million as compared to Rs 210 million during FY23, a growth of 7.6%.
• Current assets rose 14% and stood at Rs 898 million, while fixed assets rose 153% and stood at Rs 15 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 16 billion as against Rs 7 billion during FY23, thereby witnessing a growth of 137%.

TEXMACO INFRA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6,362	14,867	133.7
Current Liabilities	Rs m	57	46	-18.7
Long-term Debt	Rs m	210	226	7.6
Total Liabilities	Rs m	6,673	15,795	136.7
Current assets	Rs m	784	898	14.4
Fixed Assets	Rs m	5,889	14,897	153.0
Total Assets	Rs m	6,673	15,795	136.7

TEXMACO INFRA Cash Flow Statement Analysis

• TEXMACO INFRA's cash flow from operating activities (CFO) during FY24 stood at Rs 17 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 3 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -26 million, an improvement of 42% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -6 million from the Rs -2 million net cash flows seen during FY23.

TEXMACO INFRA 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	-21	17	-
Cash Flow from Investing Activities	Rs m	64	3	-95.2%
Cash Flow from Financing Activities	Rs m	-45	-26	-
Net Cash Flow	Rs m	-2	-6	-

Current Valuations for TEXMACO INFRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.3, an improvement from the EPS of Rs 0.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 139.0, stands at 467.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 189.8 times.
• The company's price to cash flow (P/CF) ratio stood at 193.3 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	1.3	0.7
TTM Earnings per share	Rs	0.2	0.3
Diluted earnings per share	Rs	0.2	0.3
Price to Cash Flow	x	111.7	193.3
TTM P/E ratio	x	205.9	467.0
Price / Book Value ratio	x	1.3	0.8
Market Cap	Rs m	8,241	11,761
Dividends per share (Unadj.)	Rs	0.2	0.2

Ratio Analysis for TEXMACO INFRA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 19.3x during FY24, from 13.8x 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 2.0x during FY24, from 2.4x 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 0.2% during FY24, from 0.5% 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 declined and down at 0.4% during FY24, from 0.7% 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 declined and down at 0.4% during FY24, from 0.8% 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	13.8	19.3
Debtors’ Days	Days	227	41
Interest coverage	x	2.4	2.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.8	0.4
Return on equity	%	0.5	0.2
Return on capital employed	%	0.7	0.4

To see how TEXMACO INFRA has performed over the last 5 years, please visit here.

TEXMACO INFRA Share Price Performance

Over the last one year, TEXMACO INFRA share price has moved up from Rs 85.2 to Rs 139.0, registering a gain of Rs 53.9 or around 63.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 73,330.7 (up 1.0%). Over the last one year it has moved up from 45,406.6 to 73,330.7, a gain of 27,924 points (up 61.5%).

Overall, the S&P BSE SENSEX is up 26.8% over the year.

(To know more, check out historical annual results for TEXMACO INFRA and quarterly results for TEXMACO INFRA)