UNIPARTS INDIA 2023-24 Annual Report Analysis

Wed, 11 Sep

UNIPARTS INDIA 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.

UNIPARTS INDIA Income Statement Analysis

• Operating income during the year fell 16.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 34.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.6% in FY24 as against 21.1% in FY23.
• Depreciation charges increased by 6.9% and finance costs decreased by 5.6% YoY, respectively.
• Other income declined by 11.6% YoY.
• Net profit for the year declined by 39.1% YoY.
• Net profit margins during the year declined from 15.0% in FY23 to 10.9% in FY24.

UNIPARTS INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	13,660	11,395	-16.6%
Other income	Rs m	246	217	-11.6%
Total Revenues	Rs m	13,906	11,613	-16.5%
Gross profit	Rs m	2,886	1,890	-34.5%
Depreciation	Rs m	390	417	6.9%
Interest	Rs m	60	56	-5.6%
Profit before tax	Rs m	2,682	1,634	-39.1%
Tax	Rs m	633	387	-39.0%
Profit after tax	Rs m	2,049	1,247	-39.1%
Gross profit margin	%	21.1	16.6
Effective tax rate	%	23.6	23.7
Net profit margin	%	15.0	10.9

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UNIPARTS INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 32.9%.
• Long-term debt down at Rs 22 million as compared to Rs 94 million during FY23, a fall of 76.8%.
• Current assets rose 10% and stood at Rs 8 billion, while fixed assets fell 0% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 7%.

UNIPARTS INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,300	8,676	4.5
Current Liabilities	Rs m	1,410	1,873	32.9
Long-term Debt	Rs m	94	22	-76.8
Total Liabilities	Rs m	10,574	11,288	6.8
Current assets	Rs m	6,978	7,700	10.3
Fixed Assets	Rs m	3,595	3,588	-0.2
Total Assets	Rs m	10,574	11,288	6.8

UNIPARTS INDIA Cash Flow Statement Analysis

• UNIPARTS INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 199.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -589 million, an improvement of 66% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -196 million from the Rs 247 million net cash flows seen during FY23.

UNIPARTS INDIA 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	2,528	1,997	-21.0%
Cash Flow from Investing Activities	Rs m	-536	-1,605	-
Cash Flow from Financing Activities	Rs m	-1,752	-589	-
Net Cash Flow	Rs m	247	-196	-

Current Valuations for UNIPARTS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.6, an decline from the EPS of Rs 45.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 487.6, stands at 19.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 16.6 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	302.7	252.5
TTM Earnings per share	Rs	45.4	27.6
Diluted earnings per share	Rs	45.4	27.6
Price to Cash Flow	x	10.0	16.6
TTM P/E ratio	x	11.9	19.6
Price / Book Value ratio	x	3.0	3.2
Market Cap	Rs m	25,131	27,616
Dividends per share (Unadj.)	Rs	14.3	14.0

Ratio Analysis for UNIPARTS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.1x during FY24, from 5.0x 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 30.0x during FY24, from 45.9x 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 14.4% during FY24, from 24.7% 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 declined and down at 19.4% during FY24, from 32.7% 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 11.5% during FY24, from 19.9% 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	5.0	4.1
Debtors’ Days	Days	42	43
Interest coverage	x	45.9	30.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	19.9	11.5
Return on equity	%	24.7	14.4
Return on capital employed	%	32.7	19.4

To see how UNIPARTS INDIA has performed over the last 5 years, please visit here.

UNIPARTS INDIA Share Price Performance

Over the last one year, UNIPARTS INDIA share price has moved down from Rs 609.4 to Rs 487.6, registering a loss of Rs 121.9 or around 20.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 71,499.2 (down 0.1%). Over the last one year it has moved up from 47,746.4 to 71,499.2, a gain of 23,753 points (up 49.7%).

Overall, the S&P BSE SENSEX is up 21.4% over the year.

(To know more, check out historical annual results for UNIPARTS INDIA and quarterly results for UNIPARTS INDIA)