XPRO INDIA 2023-24 Annual Report Analysis

Tue, 2 Jul

XPRO 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.

XPRO INDIA Income Statement Analysis

• Operating income during the year fell 8.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.8% in FY24 as against 14.6% in FY23.
• Depreciation charges decreased by 3.3% and finance costs decreased by 33.5% YoY, respectively.
• Other income grew by 216.1% YoY.
• Net profit for the year declined by 3.3% YoY.
• Net profit margins during the year grew from 8.9% in FY23 to 9.4% in FY24.

XPRO INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,110	4,654	-8.9%
Other income	Rs m	39	122	216.1%
Total Revenues	Rs m	5,148	4,776	-7.2%
Gross profit	Rs m	744	641	-13.9%
Depreciation	Rs m	115	111	-3.3%
Interest	Rs m	75	50	-33.5%
Profit before tax	Rs m	592	602	1.6%
Tax	Rs m	139	163	17.4%
Profit after tax	Rs m	454	439	-3.3%
Gross profit margin	%	14.6	13.8
Effective tax rate	%	23.4	27.1
Net profit margin	%	8.9	9.4

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XPRO INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 771 million as compared to Rs 850 million in FY23, thereby witnessing an decrease of -9.3%.
• Long-term debt stood at Rs 195 million as compared to Rs 96 million during FY23, a growth of 103.6%.
• Current assets rose 225% and stood at Rs 4 billion, while fixed assets rose 23% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 102%.

XPRO INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,023	5,115	152.8
Current Liabilities	Rs m	850	771	-9.3
Long-term Debt	Rs m	96	195	103.6
Total Liabilities	Rs m	3,401	6,854	101.5
Current assets	Rs m	1,320	4,286	224.6
Fixed Assets	Rs m	2,081	2,568	23.4
Total Assets	Rs m	3,401	6,854	101.5

XPRO INDIA Cash Flow Statement Analysis

• XPRO INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 440 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 449.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 744% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 15 million from the Rs -186 million net cash flows seen during FY23.

XPRO 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	829	440	-46.9%
Cash Flow from Investing Activities	Rs m	-583	-3,201	-
Cash Flow from Financing Activities	Rs m	-431	2,776	-
Net Cash Flow	Rs m	-186	15	-

Current Valuations for XPRO INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.9, an decline from the EPS of Rs 24.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 990.3, stands at 49.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 4.7 times.
• The company's price to cash flow (P/CF) ratio stood at 38.7 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	280.6	211.3
TTM Earnings per share	Rs	24.9	19.9
Diluted earnings per share	Rs	20.6	19.9
Price to Cash Flow	x	26.8	38.7
TTM P/E ratio	x	33.5	49.7
Price / Book Value ratio	x	7.0	4.2
Market Cap	Rs m	14,090	21,280
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for XPRO INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.6x during FY24, from 1.6x 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 13.0x during FY24, from 8.9x 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 8.6% during FY24, from 22.4% 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 declined and down at 12.3% during FY24, from 31.5% 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 7.1% during FY24, from 15.6% 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	1.6	5.6
Debtors’ Days	Days	364	427
Interest coverage	x	8.9	13.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.6	7.1
Return on equity	%	22.4	8.6
Return on capital employed	%	31.5	12.3

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

XPRO INDIA Share Price Performance

Over the last one year, XPRO INDIA share price has moved up from Rs 825.8 to Rs 990.3, registering a gain of Rs 164.6 or around 19.9%.

Overall, the S&P BSE SENSEX is up 24.4% over the year.

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