TAYLORMADE RENEWABLES 2023-24 Annual Report Analysis

Mon, 11 Nov

TAYLORMADE RENEWABLES 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.

TAYLORMADE RENEWABLES Income Statement Analysis

• Operating income during the year rose 137.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 386.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 34.5% in FY24 as against 16.8% in FY23.
• Depreciation charges increased by 57.3% and finance costs increased by 31.4% YoY, respectively.
• Other income grew by 5.9% YoY.
• Net profit for the year grew by 439.1% YoY.
• Net profit margins during the year grew from 9.9% in FY23 to 22.6% in FY24.

TAYLORMADE RENEWABLES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	198	469	137.0%
Other income	Rs m	0	0	5.9%
Total Revenues	Rs m	198	469	136.9%
Gross profit	Rs m	33	162	386.6%
Depreciation	Rs m	2	4	57.3%
Interest	Rs m	5	6	31.4%
Profit before tax	Rs m	27	152	474.0%
Tax	Rs m	7	46	574.0%
Profit after tax	Rs m	20	106	439.1%
Gross profit margin	%	16.8	34.5
Effective tax rate	%	25.8	30.3
Net profit margin	%	9.9	22.6

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TAYLORMADE RENEWABLES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 315 million as compared to Rs 108 million in FY23, thereby witnessing an increase of 191.9%.
• Long-term debt stood at Rs 7 million as compared to Rs 2 million during FY23, a growth of 275.8%.
• Current assets rose 205% and stood at Rs 804 million, while fixed assets rose 192% and stood at Rs 151 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 955 million as against Rs 315 million during FY23, thereby witnessing a growth of 203%.

TAYLORMADE RENEWABLES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	201	494	145.5
Current Liabilities	Rs m	108	315	191.9
Long-term Debt	Rs m	2	7	275.8
Total Liabilities	Rs m	315	955	202.7
Current assets	Rs m	264	804	204.7
Fixed Assets	Rs m	52	151	192.4
Total Assets	Rs m	315	955	202.7

TAYLORMADE RENEWABLES Cash Flow Statement Analysis

• TAYLORMADE RENEWABLES's cash flow from operating activities (CFO) during FY24 stood at Rs -219 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -103 million, an improvement of 475.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 321 million, an improvement of 91,660% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -1 million from the Rs 3 million net cash flows seen during FY23.

TAYLORMADE RENEWABLES 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	-219	-
Cash Flow from Investing Activities	Rs m	-18	-103	-
Cash Flow from Financing Activities	Rs m	0	321	91,660.0%
Net Cash Flow	Rs m	3	-1	-

Current Valuations for TAYLORMADE RENEWABLES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.6, an improvement from the EPS of Rs 2.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 421.0, stands at 44.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.5 times, while the price to sales ratio stands at 10.0 times.
• The company's price to cash flow (P/CF) ratio stood at 53.1 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	20.2	42.3
TTM Earnings per share	Rs	2.0	9.6
Diluted earnings per share	Rs	1.8	9.6
Price to Cash Flow	x	103.4	53.1
TTM P/E ratio	x	115.6	44.0
Price / Book Value ratio	x	5.8	11.8
Market Cap	Rs m	1,167	5,828
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for TAYLORMADE RENEWABLES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.6x during FY24, from 2.4x 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 26.5x during FY24, from 6.8x 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 21.5% during FY24, from 9.8% 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 31.6% during FY24, from 15.3% 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 11.7% during FY24, from 7.7% 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	2.4	2.6
Debtors’ Days	Days	1,888	2,324
Interest coverage	x	6.8	26.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.7	11.7
Return on equity	%	9.8	21.5
Return on capital employed	%	15.3	31.6

To see how TAYLORMADE RENEWABLES has performed over the last 5 years, please visit here.

TAYLORMADE RENEWABLES Share Price Performance

Over the last one year, TAYLORMADE RENEWABLES share price has moved down from Rs 521.9 to Rs 421.0, registering a loss of Rs 101.0 or around 19.3%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for TAYLORMADE RENEWABLES and quarterly results for TAYLORMADE RENEWABLES)