VINYAS INNOVATIVE TECHNOLOGIES LTD. 2023-24 Annual Report Analysis

Thu, 17 Oct

VINYAS INNOVATIVE TECHNOLOGIES LTD. 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.

VINYAS INNOVATIVE TECHNOLOGIES LTD. Income Statement Analysis

• Operating income during the year rose 35.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 61.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.5% in FY24 as against 8.9% in FY23.
• Depreciation charges increased by 3.1% and finance costs increased by 8.4% YoY, respectively.
• Other income declined by 17.2% YoY.
• Net profit for the year grew by 109.0% YoY.
• Net profit margins during the year grew from 3.1% in FY23 to 4.8% in FY24.

VINYAS INNOVATIVE TECHNOLOGIES LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,345	3,172	35.3%
Other income	Rs m	43	36	-17.2%
Total Revenues	Rs m	2,389	3,208	34.3%
Gross profit	Rs m	208	334	61.0%
Depreciation	Rs m	22	23	3.1%
Interest	Rs m	128	139	8.4%
Profit before tax	Rs m	101	209	106.9%
Tax	Rs m	27	55	101.2%
Profit after tax	Rs m	73	153	109.0%
Gross profit margin	%	8.9	10.5
Effective tax rate	%	27.2	26.5
Net profit margin	%	3.1	4.8

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VINYAS INNOVATIVE TECHNOLOGIES LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 11.1%.
• Long-term debt down at Rs 121 million as compared to Rs 189 million during FY23, a fall of 36.0%.
• Current assets rose 44% and stood at Rs 3 billion, while fixed assets rose 39% and stood at Rs 550 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 43%.

VINYAS INNOVATIVE TECHNOLOGIES LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	385	1,282	232.7
Current Liabilities	Rs m	1,502	1,668	11.1
Long-term Debt	Rs m	189	121	-36.0
Total Liabilities	Rs m	2,151	3,081	43.3
Current assets	Rs m	1,756	2,532	44.1
Fixed Assets	Rs m	394	550	39.4
Total Assets	Rs m	2,151	3,081	43.3

VINYAS INNOVATIVE TECHNOLOGIES LTD. Cash Flow Statement Analysis

• VINYAS INNOVATIVE TECHNOLOGIES LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -279 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -281 million, an improvement of 719.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 648 million, an improvement of 731% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 88 million from the Rs -21 million net cash flows seen during FY23.

VINYAS INNOVATIVE TECHNOLOGIES LTD. 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	116	-279	-
Cash Flow from Investing Activities	Rs m	-34	-281	-
Cash Flow from Financing Activities	Rs m	-103	648	-
Net Cash Flow	Rs m	-21	88	-

Current Valuations for VINYAS INNOVATIVE TECHNOLOGIES LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.2, an decline from the EPS of Rs 19.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 786.1, stands at 64.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.7 times, while the price to sales ratio stands at 3.1 times.
• The company's price to cash flow (P/CF) ratio stood at 43.2 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	627.1	252.1
TTM Earnings per share	Rs	19.6	12.2
Diluted earnings per share	Rs	5.8	12.2
Price to Cash Flow	x	0.0	43.2
TTM P/E ratio	x	0.0	64.5
Price / Book Value ratio	x	0.0	5.9
Market Cap	Rs m	0	7,614
Dividends per share (Unadj.)	Rs	0.1	0.0

Ratio Analysis for VINYAS INNOVATIVE TECHNOLOGIES LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY24, from 1.2x 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 2.5x during FY24, from 1.8x 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 declined and down at 12.0% during FY24, from 19.1% 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 24.8% during FY24, from 39.8% 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 9.5% during FY24, from 9.4% 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	1.2	1.5
Debtors’ Days	Days	326	1,013
Interest coverage	x	1.8	2.5
Debt to equity ratio	x	0.5	0.1
Return on assets	%	9.4	9.5
Return on equity	%	19.1	12.0
Return on capital employed	%	39.8	24.8

To see how VINYAS INNOVATIVE TECHNOLOGIES LTD. has performed over the last 5 years, please visit here.

VINYAS INNOVATIVE TECHNOLOGIES LTD. Share Price Performance

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(To know more, check out historical annual results for VINYAS INNOVATIVE TECHNOLOGIES LTD. and quarterly results for VINYAS INNOVATIVE TECHNOLOGIES LTD.)