YUKEN INDIA 2023-24 Annual Report Analysis

Wed, 14 Aug

YUKEN 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.

YUKEN INDIA Income Statement Analysis

• Operating income during the year rose 13.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 28.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.6% in FY24 as against 9.4% in FY23.
• Depreciation charges increased by 16.4% and finance costs decreased by 13.7% YoY, respectively.
• Other income grew by 41.6% YoY.
• Net profit for the year grew by 94.7% YoY.
• Net profit margins during the year grew from 2.6% in FY23 to 4.4% in FY24.

YUKEN INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,724	4,225	13.5%
Other income	Rs m	36	51	41.6%
Total Revenues	Rs m	3,760	4,276	13.7%
Gross profit	Rs m	349	450	28.8%
Depreciation	Rs m	126	146	16.4%
Interest	Rs m	98	85	-13.7%
Profit before tax	Rs m	161	270	67.2%
Tax	Rs m	65	82	26.3%
Profit after tax	Rs m	97	188	94.7%
Gross profit margin	%	9.4	10.6
Effective tax rate	%	40.2	30.3
Net profit margin	%	2.6	4.4

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YUKEN INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -16.0%.
• Long-term debt down at Rs 80 million as compared to Rs 141 million during FY23, a fall of 43.0%.
• Current assets rose 7% and stood at Rs 2 billion, while fixed assets rose 12% and stood at Rs 2 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 10%.

YUKEN INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,993	2,795	40.2
Current Liabilities	Rs m	2,151	1,807	-16.0
Long-term Debt	Rs m	141	80	-43.0
Total Liabilities	Rs m	4,379	4,796	9.5
Current assets	Rs m	2,219	2,381	7.3
Fixed Assets	Rs m	2,160	2,415	11.8
Total Assets	Rs m	4,379	4,796	9.5

YUKEN INDIA Cash Flow Statement Analysis

• YUKEN INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 325 million, an improvement of 5.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -366 million, an improvement of 30.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 118 million, an improvement of 396% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 77 million from the Rs -12 million net cash flows seen during FY23.

YUKEN 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	308	325	5.6%
Cash Flow from Investing Activities	Rs m	-280	-366	-
Cash Flow from Financing Activities	Rs m	-40	118	-
Net Cash Flow	Rs m	-12	77	-

Current Valuations for YUKEN INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.5, an improvement from the EPS of Rs 8.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,252.4, stands at 72.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.8 times, while the price to sales ratio stands at 3.9 times.
• The company's price to cash flow (P/CF) ratio stood at 26.2 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	310.4	325.0
TTM Earnings per share	Rs	8.0	14.5
Diluted earnings per share	Rs	7.4	14.5
Price to Cash Flow	x	29.9	26.2
TTM P/E ratio	x	69.6	72.1
Price / Book Value ratio	x	3.0	3.1
Market Cap	Rs m	6,054	8,759
Dividends per share (Unadj.)	Rs	0.8	1.5

Ratio Analysis for YUKEN INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY24, from 1.0x 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 4.2x during FY24, from 2.6x 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 6.7% during FY24, from 4.8% 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 12.3% during FY24, from 12.1% 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 5.7% during FY24, from 4.4% 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	1.0	1.3
Debtors’ Days	Days	1,125	1,033
Interest coverage	x	2.6	4.2
Debt to equity ratio	x	0.1	0.0
Return on assets	%	4.4	5.7
Return on equity	%	4.8	6.7
Return on capital employed	%	12.1	12.3

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

YUKEN INDIA Share Price Performance

Over the last one year, YUKEN INDIA share price has moved up from Rs 612.6 to Rs 1,252.4, registering a gain of Rs 639.8 or around 104.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 71,350.0 (down 0.8%). Over the last one year it has moved up from 43,332.6 to 71,350.0, a gain of 28,017 points (up 64.7%).

Overall, the S&P BSE SENSEX is up 20.9% over the year.

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