BAJAJ CONSUMER CARE 2023-24 Annual Report Analysis

Wed, 17 Jul

BAJAJ CONSUMER CARE 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.

BAJAJ CONSUMER CARE Income Statement Analysis

• Operating income during the year rose 0.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 14.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.3% in FY24 as against 14.4% in FY23.
• Depreciation charges increased by 11.3% and finance costs increased by 3.3% YoY, respectively.
• Other income grew by 12.3% YoY.
• Net profit for the year grew by 14.0% YoY.
• Net profit margins during the year grew from 14.5% in FY23 to 16.4% in FY24.

BAJAJ CONSUMER CARE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	9,609	9,677	0.7%
Other income	Rs m	398	446	12.3%
Total Revenues	Rs m	10,006	10,124	1.2%
Gross profit	Rs m	1,385	1,582	14.2%
Depreciation	Rs m	85	95	11.3%
Interest	Rs m	10	10	3.3%
Profit before tax	Rs m	1,688	1,924	14.0%
Tax	Rs m	296	336	13.7%
Profit after tax	Rs m	1,392	1,588	14.0%
Gross profit margin	%	14.4	16.3
Effective tax rate	%	17.5	17.5
Net profit margin	%	14.5	16.4

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BAJAJ CONSUMER CARE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 8.4%.
• Current assets rose 6% and stood at Rs 8 billion, while fixed assets rose 20% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 9%.

BAJAJ CONSUMER CARE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,871	8,655	10.0
Current Liabilities	Rs m	1,248	1,353	8.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	9,241	10,096	9.2
Current assets	Rs m	7,313	7,788	6.5
Fixed Assets	Rs m	1,928	2,308	19.7
Total Assets	Rs m	9,241	10,096	9.2

BAJAJ CONSUMER CARE Cash Flow Statement Analysis

• BAJAJ CONSUMER CARE's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 16.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 80 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 26% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 67 million from the Rs 24 million net cash flows seen during FY23.

BAJAJ CONSUMER CARE 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	1,015	1,184	16.7%
Cash Flow from Investing Activities	Rs m	646	80	-87.6%
Cash Flow from Financing Activities	Rs m	-1,626	-1,198	-
Net Cash Flow	Rs m	24	67	173.2%

Current Valuations for BAJAJ CONSUMER CARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.1, an improvement from the EPS of Rs 9.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 274.2, stands at 25.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 4.0 times.
• The company's price to cash flow (P/CF) ratio stood at 17.5 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	67.4	67.8
TTM Earnings per share	Rs	9.8	11.1
Diluted earnings per share	Rs	9.7	11.1
Price to Cash Flow	x	14.7	17.5
TTM P/E ratio	x	15.6	25.2
Price / Book Value ratio	x	2.9	3.4
Market Cap	Rs m	22,438	29,508
Dividends per share (Unadj.)	Rs	5.0	3.0

Ratio Analysis for BAJAJ CONSUMER CARE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 5.8x during FY24, from 5.9x 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 192.2x during FY24, from 174.3x 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 18.3% during FY24, from 17.7% 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 improved and stood at 22.3% during FY24, from 21.6% 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 15.8% during FY24, from 15.2% 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	5.9	5.8
Debtors’ Days	Days	116	163
Interest coverage	x	174.3	192.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.2	15.8
Return on equity	%	17.7	18.3
Return on capital employed	%	21.6	22.3

To see how BAJAJ CONSUMER CARE has performed over the last 5 years, please visit here.

BAJAJ CONSUMER CARE Share Price Performance

Over the last one year, BAJAJ CONSUMER CARE share price has moved up from Rs 197.9 to Rs 274.2, registering a gain of Rs 76.3 or around 38.6%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 21,944.6 (up 0.9%). Over the last one year it has moved up from 19,183.3 to 21,944.6, a gain of 2,761 points (up 14.4%).

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for BAJAJ CONSUMER CARE and quarterly results for BAJAJ CONSUMER CARE)