AYM SYNTEX 2023-24 Annual Report Analysis

Thu, 17 Oct

AYM SYNTEX 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.

AYM SYNTEX Income Statement Analysis

• Operating income during the year fell 6.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 1.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.9% in FY24 as against 6.5% in FY23.
• Depreciation charges increased by 2.5% and finance costs increased by 16.8% YoY, respectively.
• Other income declined by 12.1% YoY.
• Net profit for the year declined by 71.5% YoY.
• Net profit margins during the year declined from 0.5% in FY23 to 0.2% in FY24.

AYM SYNTEX Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,578	13,582	-6.8%
Other income	Rs m	79	69	-12.1%
Total Revenues	Rs m	14,657	13,651	-6.9%
Gross profit	Rs m	953	943	-1.0%
Depreciation	Rs m	565	579	2.5%
Interest	Rs m	360	420	16.8%
Profit before tax	Rs m	106	13	-87.6%
Tax	Rs m	35	-7	NA
Profit after tax	Rs m	72	20	-71.5%
Gross profit margin	%	6.5	6.9
Effective tax rate	%	32.6	-54.9
Net profit margin	%	0.5	0.2

Don't Miss: Key Information for Long-term Investors

AYM SYNTEX Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 35.8%.
• Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY23, a fall of 23.8%.
• Current assets rose 18% and stood at Rs 5 billion, while fixed assets rose 4% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 10%.

AYM SYNTEX Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,172	4,208	0.9
Current Liabilities	Rs m	3,427	4,653	35.8
Long-term Debt	Rs m	1,516	1,156	-23.8
Total Liabilities	Rs m	9,521	10,458	9.8
Current assets	Rs m	4,162	4,907	17.9
Fixed Assets	Rs m	5,360	5,551	3.6
Total Assets	Rs m	9,521	10,458	9.8

AYM SYNTEX Cash Flow Statement Analysis

• AYM SYNTEX 's cash flow from operating activities (CFO) during FY24 stood at Rs 636 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -554 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -103 million, an improvement of 74% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -20 million from the Rs 52 million net cash flows seen during FY23.

AYM SYNTEX 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	1,181	636	-46.1%
Cash Flow from Investing Activities	Rs m	-739	-554	-
Cash Flow from Financing Activities	Rs m	-390	-103	-
Net Cash Flow	Rs m	52	-20	-

Current Valuations for AYM SYNTEX

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.4, an decline from the EPS of Rs 1.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 236.4, stands at 76.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 6.8 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	289.5	268.3
TTM Earnings per share	Rs	1.4	0.4
Diluted earnings per share	Rs	1.4	0.4
Price to Cash Flow	x	4.9	6.8
TTM P/E ratio	x	43.6	76.1
Price / Book Value ratio	x	1.2	1.0
Market Cap	Rs m	4,920	4,088
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for AYM SYNTEX

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x 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 deteriorated and stood at 1.0x during FY24, from 1.3x 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 0.5% during FY24, from 1.7% 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 8.1% during FY24, from 8.2% 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 declined and down at 4.2% during FY24, from 4.5% 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	1.1
Debtors’ Days	Days	261	330
Interest coverage	x	1.3	1.0
Debt to equity ratio	x	0.4	0.3
Return on assets	%	4.5	4.2
Return on equity	%	1.7	0.5
Return on capital employed	%	8.2	8.1

To see how AYM SYNTEX has performed over the last 5 years, please visit here.

AYM SYNTEX Share Price Performance

Over the last one year, AYM SYNTEX share price has moved up from Rs 67.2 to Rs 236.4, registering a gain of Rs 169.2 or around 251.7%.

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for AYM SYNTEX and quarterly results for AYM SYNTEX )