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PUNJAB ALKALIES 2024-25 Annual Report Analysis

Thu, 23 Oct

PUNJAB ALKALIES has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

PUNJAB ALKALIES Income Statement Analysis

• Operating income during the year rose 39.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 887.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.3% in FY25 as against 1.7% in FY24.
• Depreciation charges increased by 29.2% and finance costs increased by 26.4% YoY, respectively.
• Other income grew by 7.6% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 6.5% in FY24 to 0.4% in FY25.

PUNJAB ALKALIES Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	3,970	5,556	39.9%
Other income	Rs m	194	209	7.6%
Total Revenues	Rs m	4,164	5,764	38.4%
Gross profit	Rs m	69	683	887.6%
Depreciation	Rs m	396	511	29.2%
Interest	Rs m	182	230	26.4%
Profit before tax	Rs m	-314	151	NA
Tax	Rs m	-56	128	NA
Profit after tax	Rs m	-259	24	NA
Gross profit margin	%	1.7	12.3
Effective tax rate	%	17.7	84.4
Net profit margin	%	-6.5	0.4

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PUNJAB ALKALIES Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 2 billion as compared to Rs 2 billion in FY24, thereby witnessing an increase of 20.9%.
• Long-term debt down at Rs 800 million as compared to Rs 1 billion during FY24, a fall of 24.7%.
• Current assets rose 41% and stood at Rs 1 billion, while fixed assets fell 2% and stood at Rs 6 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 7 billion as against Rs 7 billion during FY24, thereby witnessing a growth of 4%.

PUNJAB ALKALIES Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	3,870	3,907	0.9
Current Liabilities	Rs m	1,986	2,401	20.9
Long-term Debt	Rs m	1,061	800	-24.7
Total Liabilities	Rs m	7,141	7,427	4.0
Current assets	Rs m	1,042	1,470	41.0
Fixed Assets	Rs m	6,041	5,929	-1.8
Total Assets	Rs m	7,141	7,427	4.0

PUNJAB ALKALIES Cash Flow Statement Analysis

• PUNJAB ALKALIES's cash flow from operating activities (CFO) during FY25 stood at Rs 644 million, an improvement of 371.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -430 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -218 million on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -3 million from the Rs -210 million net cash flows seen during FY24.

PUNJAB ALKALIES Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	137	644	371.3%
Cash Flow from Investing Activities	Rs m	-559	-430	-
Cash Flow from Financing Activities	Rs m	212	-218	-
Net Cash Flow	Rs m	-210	-3	-

Current Valuations for PUNJAB ALKALIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an improvement from the EPS of Rs -1.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 23.8, stands at 33.6 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 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 15.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	16.4	22.9
TTM Earnings per share	Rs	-1.1	0.1
Diluted earnings per share	Rs	-1.1	0.1
Price to Cash Flow	x	60.3	15.7
TTM P/E ratio	x	-31.9	33.6
Price / Book Value ratio	x	3.6	2.2
Market Cap	Rs m	13,862	8,407
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PUNJAB ALKALIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.6x during FY25, from 0.5x during FY24. 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 1.7x during FY25, from -0.7x during FY24. 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 0.6% during FY25, from -6.7% during FY25. 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 8.1% during FY25, from -2.7% during FY24. 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 3.4% during FY25, from -1.1% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	0.5	0.6
Debtors’ Days	Days	322	281
Interest coverage	x	-0.7	1.7
Debt to equity ratio	x	0.3	0.2
Return on assets	%	-1.1	3.4
Return on equity	%	-6.7	0.6
Return on capital employed	%	-2.7	8.1

To see how PUNJAB ALKALIES has performed over the last 5 years, please visit here.

PUNJAB ALKALIES Share Price Performance

Over the last one year, PUNJAB ALKALIES share price has moved down from Rs 38.5 to Rs 23.8, registering a loss of Rs 14.7 or around 38.3%.

Overall, the S&P BSE SENSEX is up 4.1% over the year.

(To know more, check out historical annual results for PUNJAB ALKALIES and quarterly results for PUNJAB ALKALIES)