ULTRAMARINE PIG 2023-24 Annual Report Analysis

Wed, 3 Jul

ULTRAMARINE PIG 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.

ULTRAMARINE PIG Income Statement Analysis

• Operating income during the year rose 0.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.9% in FY24 as against 18.2% in FY23.
• Depreciation charges increased by 30.8% and finance costs increased by 43.2% YoY, respectively.
• Other income declined by 10.1% YoY.
• Net profit for the year declined by 16.8% YoY.
• Net profit margins during the year declined from 12.4% in FY23 to 10.3% in FY24.

ULTRAMARINE PIG Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,566	5,606	0.7%
Other income	Rs m	115	104	-10.1%
Total Revenues	Rs m	5,682	5,710	0.5%
Gross profit	Rs m	1,013	945	-6.7%
Depreciation	Rs m	169	221	30.8%
Interest	Rs m	51	73	43.2%
Profit before tax	Rs m	909	756	-16.9%
Tax	Rs m	217	180	-17.3%
Profit after tax	Rs m	692	576	-16.8%
Gross profit margin	%	18.2	16.9
Effective tax rate	%	23.9	23.8
Net profit margin	%	12.4	10.3

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ULTRAMARINE PIG Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 914 million as compared to Rs 914 million in FY23, thereby witnessing an decrease of -0.1%.
• Long-term debt stood at Rs 558 million as compared to Rs 548 million during FY23, a growth of 1.8%.
• Current assets rose 4% and stood at Rs 3 billion, while fixed assets rose 29% and stood at Rs 9 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 22%.

ULTRAMARINE PIG Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,356	8,996	22.3
Current Liabilities	Rs m	914	914	-0.1
Long-term Debt	Rs m	548	558	1.8
Total Liabilities	Rs m	9,574	11,681	22.0
Current assets	Rs m	2,590	2,691	3.9
Fixed Assets	Rs m	6,984	8,991	28.7
Total Assets	Rs m	9,574	11,681	22.0

ULTRAMARINE PIG Cash Flow Statement Analysis

• ULTRAMARINE PIG's cash flow from operating activities (CFO) during FY24 stood at Rs 781 million, an improvement of 26.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -511 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -175 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 96 million from the Rs 49 million net cash flows seen during FY23.

ULTRAMARINE PIG 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	618	781	26.3%
Cash Flow from Investing Activities	Rs m	-546	-511	-
Cash Flow from Financing Activities	Rs m	-23	-175	-
Net Cash Flow	Rs m	49	96	95.0%

Current Valuations for ULTRAMARINE PIG

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.7, an decline from the EPS of Rs 23.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 465.1, stands at 23.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 2.4 times.
• The company's price to cash flow (P/CF) ratio stood at 14.1 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	190.6	192.0
TTM Earnings per share	Rs	23.7	19.7
Diluted earnings per share	Rs	23.7	19.7
Price to Cash Flow	x	11.1	14.1
TTM P/E ratio	x	13.8	23.6
Price / Book Value ratio	x	1.4	1.2
Market Cap	Rs m	10,285	11,236
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for ULTRAMARINE PIG

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.9x during FY24, from 2.8x 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 11.4x during FY24, from 19.0x 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 6.4% during FY24, from 9.4% 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 8.7% during FY24, from 12.1% 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 5.6% during FY24, from 7.8% 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	2.8	2.9
Debtors’ Days	Days	290	379
Interest coverage	x	19.0	11.4
Debt to equity ratio	x	0.1	0.1
Return on assets	%	7.8	5.6
Return on equity	%	9.4	6.4
Return on capital employed	%	12.1	8.7

To see how ULTRAMARINE PIG has performed over the last 5 years, please visit here.

ULTRAMARINE PIG Share Price Performance

Over the last one year, ULTRAMARINE PIG share price has moved up from Rs 332.0 to Rs 465.1, registering a gain of Rs 133.2 or around 40.1%.

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for ULTRAMARINE PIG and quarterly results for ULTRAMARINE PIG)