BLACK ROSE IND 2023-24 Annual Report Analysis

Wed, 9 Oct

BLACK ROSE IND 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.

BLACK ROSE IND Income Statement Analysis

• Operating income during the year fell 11.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 101.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.4% in FY24 as against 3.3% in FY23.
• Depreciation charges decreased by 0.9% and finance costs decreased by 41.2% YoY, respectively.
• Other income grew by 126.5% YoY.
• Net profit for the year grew by 168.1% YoY.
• Net profit margins during the year grew from 1.8% in FY23 to 5.6% in FY24.

BLACK ROSE IND Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,304	3,804	-11.6%
Other income	Rs m	20	46	126.5%
Total Revenues	Rs m	4,325	3,850	-11.0%
Gross profit	Rs m	140	282	101.1%
Depreciation	Rs m	30	30	-0.9%
Interest	Rs m	21	12	-41.2%
Profit before tax	Rs m	110	286	160.9%
Tax	Rs m	30	74	142.3%
Profit after tax	Rs m	79	212	168.1%
Gross profit margin	%	3.3	7.4
Effective tax rate	%	27.7	25.7
Net profit margin	%	1.8	5.6

Don't Miss: Key Information for Long-term Investors

BLACK ROSE IND Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 475 million as compared to Rs 298 million in FY23, thereby witnessing an increase of 59.4%.
• Long-term debt down at Rs 20 million as compared to Rs 30 million during FY23, a fall of 32.8%.
• Current assets rose 30% and stood at Rs 1 billion, while fixed assets rose 1% and stood at Rs 505 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 21%.

BLACK ROSE IND Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,264	1,444	14.2
Current Liabilities	Rs m	298	475	59.4
Long-term Debt	Rs m	30	20	-32.8
Total Liabilities	Rs m	1,642	1,992	21.3
Current assets	Rs m	1,140	1,487	30.4
Fixed Assets	Rs m	501	505	0.7
Total Assets	Rs m	1,642	1,992	21.3

BLACK ROSE IND Cash Flow Statement Analysis

• BLACK ROSE IND's cash flow from operating activities (CFO) during FY24 stood at Rs 140 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -100 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -23 million, an improvement of 79% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 18 million from the Rs 1 million net cash flows seen during FY23.

BLACK ROSE IND 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	227	140	-38.3%
Cash Flow from Investing Activities	Rs m	-120	-100	-
Cash Flow from Financing Activities	Rs m	-106	-23	-
Net Cash Flow	Rs m	1	18	1,543.5%

Current Valuations for BLACK ROSE IND

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.2, an improvement from the EPS of Rs 1.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 140.2, stands at 32.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.0 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 29.6 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	84.4	74.6
TTM Earnings per share	Rs	1.6	4.2
Diluted earnings per share	Rs	1.6	4.2
Price to Cash Flow	x	49.5	29.6
TTM P/E ratio	x	68.4	32.7
Price / Book Value ratio	x	6.4	5.0
Market Cap	Rs m	8,129	7,181
Dividends per share (Unadj.)	Rs	0.6	0.7

Ratio Analysis for BLACK ROSE IND

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.1x during FY24, from 3.8x 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 24.5x during FY24, from 6.3x 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 14.7% during FY24, from 6.3% 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 20.4% during FY24, from 10.1% 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 11.3% during FY24, from 6.1% 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	3.8	3.1
Debtors’ Days	Days	500	641
Interest coverage	x	6.3	24.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.1	11.3
Return on equity	%	6.3	14.7
Return on capital employed	%	10.1	20.4

To see how BLACK ROSE IND has performed over the last 5 years, please visit here.

BLACK ROSE IND Share Price Performance

Over the last one year, BLACK ROSE IND share price has moved up from Rs 138.4 to Rs 140.2, registering a gain of Rs 1.8 or around 1.3%.

Overall, the S&P BSE SENSEX is up 25.5% over the year.

(To know more, check out historical annual results for BLACK ROSE IND and quarterly results for BLACK ROSE IND)