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WESTERN CARRIERS (INDIA) LTD. 2023-24 Annual Report Analysis

Fri, 4 Oct

WESTERN CARRIERS (INDIA) 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.

WESTERN CARRIERS (INDIA) LTD. Income Statement Analysis

• Operating income during the year rose 3.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 19.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.7% in FY24 as against 7.5% in FY23.
• Depreciation charges increased by 39.1% and finance costs increased by 43.7% YoY, respectively.
• Other income grew by 20.5% YoY.
• Net profit for the year grew by 12.3% YoY.
• Net profit margins during the year grew from 4.4% in FY23 to 4.8% in FY24.

WESTERN CARRIERS (INDIA) LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	16,331	16,858	3.2%
Other income	Rs m	48	57	20.5%
Total Revenues	Rs m	16,378	16,915	3.3%
Gross profit	Rs m	1,221	1,462	19.8%
Depreciation	Rs m	153	212	39.1%
Interest	Rs m	155	223	43.7%
Profit before tax	Rs m	961	1,084	12.8%
Tax	Rs m	245	281	14.5%
Profit after tax	Rs m	716	803	12.3%
Gross profit margin	%	7.5	8.7
Effective tax rate	%	25.5	25.9
Net profit margin	%	4.4	4.8

For Investors: Our Big Prediction

WESTERN CARRIERS (INDIA) LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 35.1%.
• Long-term debt down at Rs 248 million as compared to Rs 305 million during FY23, a fall of 18.5%.
• Current assets rose 34% and stood at Rs 6 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 26%.

WESTERN CARRIERS (INDIA) LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,185	3,984	25.1
Current Liabilities	Rs m	2,399	3,242	35.1
Long-term Debt	Rs m	305	248	-18.5
Total Liabilities	Rs m	6,172	7,790	26.2
Current assets	Rs m	4,632	6,195	33.7
Fixed Assets	Rs m	1,540	1,595	3.6
Total Assets	Rs m	6,172	7,790	26.2

WESTERN CARRIERS (INDIA) LTD. Cash Flow Statement Analysis

• WESTERN CARRIERS (INDIA) LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 7 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -398 million, an improvement of 21.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 395 million, an improvement of 33% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 5 million from the Rs -11 million net cash flows seen during FY23.

WESTERN CARRIERS (INDIA) 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	18	7	-59.4%
Cash Flow from Investing Activities	Rs m	-328	-398	-
Cash Flow from Financing Activities	Rs m	298	395	32.5%
Net Cash Flow	Rs m	-11	5	-

Current Valuations for WESTERN CARRIERS (INDIA) LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.2, an improvement from the EPS of Rs 9.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 150.8, stands at 19.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 15.1 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	207.5	214.2
TTM Earnings per share	Rs	9.1	10.2
Diluted earnings per share	Rs	7.0	7.9
Price to Cash Flow	x	0.0	15.1
TTM P/E ratio	x	0.0	19.1
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	15,375
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for WESTERN CARRIERS (INDIA) LTD.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY24, from 1.9x 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 5.9x during FY24, from 7.2x 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 20.2% during FY24, from 22.5% 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 30.9% during FY24, from 32.0% 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 13.2% during FY24, from 14.1% 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	1.9	1.9
Debtors’ Days	Days	87	114
Interest coverage	x	7.2	5.9
Debt to equity ratio	x	0.1	0.1
Return on assets	%	14.1	13.2
Return on equity	%	22.5	20.2
Return on capital employed	%	32.0	30.9

To see how WESTERN CARRIERS (INDIA) LTD. has performed over the last 5 years, please visit here.

WESTERN CARRIERS (INDIA) LTD. Share Price Performance

Over the last one year, WESTERN CARRIERS (INDIA) LTD. share price has moved up from Rs 0.0 to Rs 150.8, registering a gain of Rs 150.8 or around 0.0%.

Overall, the S&P BSE SENSEX is up 25.9% over the year.

(To know more, check out historical annual results for WESTERN CARRIERS (INDIA) LTD. and quarterly results for WESTERN CARRIERS (INDIA) LTD.)