UNI ABEX 2023-24 Annual Report Analysis

Wed, 21 Aug

UNI ABEX 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.

UNI ABEX Income Statement Analysis

• Operating income during the year rose 10.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 75.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.4% in FY24 as against 17.2% in FY23.
• Depreciation charges increased by 21.2% and finance costs decreased by 28.8% YoY, respectively.
• Other income grew by 103.4% YoY.
• Net profit for the year grew by 91.4% YoY.
• Net profit margins during the year grew from 11.4% in FY23 to 19.7% in FY24.

UNI ABEX Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,630	1,800	10.4%
Other income	Rs m	20	42	103.4%
Total Revenues	Rs m	1,651	1,841	11.5%
Gross profit	Rs m	281	492	75.4%
Depreciation	Rs m	39	47	21.2%
Interest	Rs m	9	6	-28.8%
Profit before tax	Rs m	254	481	89.5%
Tax	Rs m	68	126	84.6%
Profit after tax	Rs m	185	355	91.4%
Gross profit margin	%	17.2	27.4
Effective tax rate	%	27.0	26.3
Net profit margin	%	11.4	19.7

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UNI ABEX Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 583 million as compared to Rs 415 million in FY23, thereby witnessing an increase of 40.6%.
• Current assets rose 30% and stood at Rs 1 billion, while fixed assets rose 53% and stood at Rs 566 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 37%.

UNI ABEX Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	816	1,132	38.7
Current Liabilities	Rs m	415	583	40.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,332	1,819	36.6
Current assets	Rs m	964	1,254	30.1
Fixed Assets	Rs m	369	566	53.5
Total Assets	Rs m	1,332	1,819	36.6

UNI ABEX Cash Flow Statement Analysis

• UNI ABEX's cash flow from operating activities (CFO) during FY24 stood at Rs 280 million, an improvement of 8.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -341 million, an improvement of 179.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 15 million, an improvement of 135% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -45 million from the Rs 94 million net cash flows seen during FY23.

UNI ABEX 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	259	280	8.1%
Cash Flow from Investing Activities	Rs m	-122	-341	-
Cash Flow from Financing Activities	Rs m	-43	15	-
Net Cash Flow	Rs m	94	-45	-

Current Valuations for UNI ABEX

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 179.1, an improvement from the EPS of Rs 93.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,986.5, stands at 17.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 3.3 times.
• The company's price to cash flow (P/CF) ratio stood at 12.1 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	823.4	909.0
TTM Earnings per share	Rs	93.6	179.1
Diluted earnings per share	Rs	93.8	179.5
Price to Cash Flow	x	8.6	12.1
TTM P/E ratio	x	10.4	17.3
Price / Book Value ratio	x	2.0	4.3
Market Cap	Rs m	1,647	4,848
Dividends per share (Unadj.)	Rs	20.0	25.0

Ratio Analysis for UNI ABEX

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY24, from 2.3x 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 77.4x during FY24, from 29.7x 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 31.3% during FY24, from 22.7% 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 43.0% during FY24, from 32.2% 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 19.8% during FY24, from 14.6% 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	2.3	2.1
Debtors’ Days	Days	398	389
Interest coverage	x	29.7	77.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	14.6	19.8
Return on equity	%	22.7	31.3
Return on capital employed	%	32.2	43.0

To see how UNI ABEX has performed over the last 5 years, please visit here.

UNI ABEX Share Price Performance

Over the last one year, UNI ABEX share price has moved up from Rs 1,837.0 to Rs 2,986.5, registering a gain of Rs 1,149.5 or around 62.6%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 31,860.0 (up 0.4%). Over the last one year it has moved up from 21,267.9 to 31,860.0, a gain of 10,592 points (up 49.8%).

Overall, the S&P BSE SENSEX is up 23.7% over the year.

(To know more, check out historical annual results for UNI ABEX and quarterly results for UNI ABEX)