BAHETI RECYCLING 2023-24 Annual Report Analysis

Mon, 11 Nov

BAHETI RECYCLING 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.

BAHETI RECYCLING Income Statement Analysis

• Operating income during the year rose 19.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 57.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.7% in FY24 as against 3.6% in FY23.
• Depreciation charges increased by 28.8% and finance costs increased by 75.4% YoY, respectively.
• Other income declined by 82.4% YoY.
• Net profit for the year grew by 36.3% YoY.
• Net profit margins during the year grew from 1.5% in FY23 to 1.7% in FY24.

BAHETI RECYCLING Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,600	4,293	19.3%
Other income	Rs m	6	1	-82.4%
Total Revenues	Rs m	3,606	4,295	19.1%
Gross profit	Rs m	129	203	57.3%
Depreciation	Rs m	8	10	28.8%
Interest	Rs m	58	101	75.4%
Profit before tax	Rs m	70	93	33.5%
Tax	Rs m	17	21	24.6%
Profit after tax	Rs m	53	72	36.3%
Gross profit margin	%	3.6	4.7
Effective tax rate	%	24.1	22.5
Net profit margin	%	1.5	1.7

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BAHETI RECYCLING Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 809 million in FY23, thereby witnessing an increase of 38.5%.
• Long-term debt down at Rs 105 million as compared to Rs 111 million during FY23, a fall of 5.2%.
• Current assets rose 24% and stood at Rs 1 billion, while fixed assets rose 101% and stood at Rs 185 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 30%.

BAHETI RECYCLING Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	344	416	20.9
Current Liabilities	Rs m	809	1,121	38.5
Long-term Debt	Rs m	111	105	-5.2
Total Liabilities	Rs m	1,270	1,647	29.7
Current assets	Rs m	1,178	1,463	24.2
Fixed Assets	Rs m	92	185	101.0
Total Assets	Rs m	1,270	1,647	29.7

BAHETI RECYCLING Cash Flow Statement Analysis

• BAHETI RECYCLING's cash flow from operating activities (CFO) during FY24 stood at Rs -109 million, an improvement of 24.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -102 million, an improvement of 255.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 204 million, an improvement of 68% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -6 million from the Rs 6 million net cash flows seen during FY23.

BAHETI RECYCLING 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	-87	-109	-
Cash Flow from Investing Activities	Rs m	-29	-102	-
Cash Flow from Financing Activities	Rs m	122	204	68.0%
Net Cash Flow	Rs m	6	-6	-

Current Valuations for BAHETI RECYCLING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.9, an improvement from the EPS of Rs 5.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 429.8, stands at 61.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.7 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 21.3 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	347.1	414.0
TTM Earnings per share	Rs	5.1	6.9
Diluted earnings per share	Rs	5.1	6.9
Price to Cash Flow	x	0.0	21.3
TTM P/E ratio	x	0.0	61.9
Price / Book Value ratio	x	0.0	4.2
Market Cap	Rs m	0	1,757
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BAHETI RECYCLING

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY24, from 1.5x 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 deteriorated and stood at 1.9x during FY24, from 2.2x 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 17.3% during FY24, from 15.3% 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 37.2% during FY24, from 28.0% 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 10.5% during FY24, from 8.7% 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	1.5	1.3
Debtors’ Days	Days	549	411
Interest coverage	x	2.2	1.9
Debt to equity ratio	x	0.3	0.3
Return on assets	%	8.7	10.5
Return on equity	%	15.3	17.3
Return on capital employed	%	28.0	37.2

To see how BAHETI RECYCLING has performed over the last 5 years, please visit here.

BAHETI RECYCLING Share Price Performance

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(To know more, check out historical annual results for BAHETI RECYCLING and quarterly results for BAHETI RECYCLING)