WIM PLAST 2023-24 Annual Report Analysis

Wed, 24 Jul

WIM PLAST 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.

WIM PLAST Income Statement Analysis

• Operating income during the year rose 3.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.8% in FY24 as against 17.8% in FY23.
• Depreciation charges decreased by 16.6% and finance costs decreased by 5.5% YoY, respectively.
• Other income grew by 125.2% YoY.
• Net profit for the year grew by 33.3% YoY.
• Net profit margins during the year grew from 12.6% in FY23 to 16.3% in FY24.

WIM PLAST Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,306	3,428	3.7%
Other income	Rs m	110	247	125.2%
Total Revenues	Rs m	3,416	3,675	7.6%
Gross profit	Rs m	590	609	3.2%
Depreciation	Rs m	143	119	-16.6%
Interest	Rs m	1	1	-5.5%
Profit before tax	Rs m	556	736	32.3%
Tax	Rs m	138	178	29.5%
Profit after tax	Rs m	418	557	33.3%
Gross profit margin	%	17.8	17.8
Effective tax rate	%	24.8	24.2
Net profit margin	%	12.6	16.3

Dear Reader: If You Invest in Midcap Stocks, this is for You

WIM PLAST Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 311 million as compared to Rs 341 million in FY23, thereby witnessing an decrease of -8.8%.
• Current assets rose 16% and stood at Rs 4 billion, while fixed assets rose 4% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 9%.

WIM PLAST Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,436	4,895	10.4
Current Liabilities	Rs m	341	311	-8.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,864	5,297	8.9
Current assets	Rs m	3,400	3,933	15.7
Fixed Assets	Rs m	1,309	1,364	4.2
Total Assets	Rs m	4,864	5,297	8.9

WIM PLAST Cash Flow Statement Analysis

• WIM PLAST's cash flow from operating activities (CFO) during FY24 stood at Rs 463 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -302 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -102 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 59 million from the Rs -17 million net cash flows seen during FY23.

WIM PLAST 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	635	463	-27.1%
Cash Flow from Investing Activities	Rs m	-553	-302	-
Cash Flow from Financing Activities	Rs m	-98	-102	-
Net Cash Flow	Rs m	-17	59	-

Current Valuations for WIM PLAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 46.4, an improvement from the EPS of Rs 34.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 621.0, stands at 13.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 10.3 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	275.5	285.7
TTM Earnings per share	Rs	34.9	46.4
Diluted earnings per share	Rs	34.8	46.4
Price to Cash Flow	x	8.3	10.3
TTM P/E ratio	x	11.1	13.4
Price / Book Value ratio	x	1.2	1.4
Market Cap	Rs m	5,450	6,980
Dividends per share (Unadj.)	Rs	8.5	10.0

Ratio Analysis for WIM PLAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 12.6x during FY24, from 10.0x 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 improved and stood at 708.2x during FY24, from 506.3x 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 improved and stood at 11.4% during FY24, from 9.4% 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 15.0% during FY24, from 12.6% 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 10.5% during FY24, from 8.6% 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	10.0	12.6
Debtors’ Days	Days	818	914
Interest coverage	x	506.3	708.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.6	10.5
Return on equity	%	9.4	11.4
Return on capital employed	%	12.6	15.0

To see how WIM PLAST has performed over the last 5 years, please visit here.

WIM PLAST Share Price Performance

Over the last one year, WIM PLAST share price has moved up from Rs 502.4 to Rs 621.0, registering a gain of Rs 118.6 or around 23.6%.

Overall, the S&P BSE SENSEX is up 20.5% over the year.

(To know more, check out historical annual results for WIM PLAST and quarterly results for WIM PLAST)