YASH PAKKA 2023-24 Annual Report Analysis

Thu, 17 Oct

YASH PAKKA 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.

YASH PAKKA Income Statement Analysis

• Operating income during the year fell 0.9% 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 down at 20.2% in FY24 as against 19.4% in FY23.
• Depreciation charges increased by 10.1% and finance costs decreased by 19.7% YoY, respectively.
• Other income declined by 25.6% YoY.
• Net profit for the year declined by 5.8% YoY.
• Net profit margins during the year declined from 11.3% in FY23 to 10.7% in FY24.

YASH PAKKA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,083	4,047	-0.9%
Other income	Rs m	116	86	-25.6%
Total Revenues	Rs m	4,199	4,134	-1.6%
Gross profit	Rs m	793	818	3.2%
Depreciation	Rs m	127	140	10.1%
Interest	Rs m	113	90	-19.7%
Profit before tax	Rs m	669	674	0.7%
Tax	Rs m	208	240	15.0%
Profit after tax	Rs m	461	434	-5.8%
Gross profit margin	%	19.4	20.2
Effective tax rate	%	31.2	35.6
Net profit margin	%	11.3	10.7

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YASH PAKKA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -3.4%.
• Long-term debt stood at Rs 1 billion as compared to Rs 218 million during FY23, a growth of 411.9%.
• Current assets rose 60% and stood at Rs 2 billion, while fixed assets rose 20% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 36%.

YASH PAKKA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,034	2,501	22.9
Current Liabilities	Rs m	1,168	1,128	-3.4
Long-term Debt	Rs m	218	1,116	411.9
Total Liabilities	Rs m	3,731	5,069	35.8
Current assets	Rs m	1,497	2,395	60.0
Fixed Assets	Rs m	2,233	2,674	19.8
Total Assets	Rs m	3,731	5,069	35.8

YASH PAKKA Cash Flow Statement Analysis

• YASH PAKKA's cash flow from operating activities (CFO) during FY24 stood at Rs 470 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -686 million, an improvement of 79.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 759 million, an improvement of 544% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 542 million from the Rs -40 million net cash flows seen during FY23.

YASH PAKKA 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	514	470	-8.6%
Cash Flow from Investing Activities	Rs m	-382	-686	-
Cash Flow from Financing Activities	Rs m	-171	759	-
Net Cash Flow	Rs m	-40	542	-

Current Valuations for YASH PAKKA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.1, an decline from the EPS of Rs 12.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 305.0, stands at 36.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.5 times, while the price to sales ratio stands at 3.0 times.
• The company's price to cash flow (P/CF) ratio stood at 16.9 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	107.2	103.3
TTM Earnings per share	Rs	12.1	11.1
Diluted earnings per share	Rs	10.3	9.7
Price to Cash Flow	x	7.3	16.9
TTM P/E ratio	x	9.3	36.3
Price / Book Value ratio	x	1.9	3.9
Market Cap	Rs m	3,894	9,700
Dividends per share (Unadj.)	Rs	2.4	0.0

Ratio Analysis for YASH PAKKA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY24, from 1.3x 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 8.4x during FY24, from 6.9x 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 17.4% during FY24, from 22.7% 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 21.1% during FY24, from 34.7% 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 10.3% during FY24, from 15.4% 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	1.3	2.1
Debtors’ Days	Days	218	361
Interest coverage	x	6.9	8.4
Debt to equity ratio	x	0.1	0.4
Return on assets	%	15.4	10.3
Return on equity	%	22.7	17.4
Return on capital employed	%	34.7	21.1

To see how YASH PAKKA has performed over the last 5 years, please visit here.

YASH PAKKA Share Price Performance

Over the last one year, YASH PAKKA share price has moved up from Rs 281.9 to Rs 305.0, registering a gain of Rs 23.1 or around 8.2%.

Overall, the S&P BSE SENSEX is up 22.8% over the year.

(To know more, check out historical annual results for YASH PAKKA and quarterly results for YASH PAKKA)