BARTRONICS INDIA 2023-24 Annual Report Analysis

Fri, 20 Sep

BARTRONICS 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.

BARTRONICS INDIA Income Statement Analysis

• Operating income during the year fell 6.5% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 1.6% in FY24 as against 883.6% in FY23.
• Depreciation charges decreased by 89.3% and finance costs decreased by 99.9% YoY, respectively.
• Other income grew by 150.3% YoY.
• Net profit for the year declined by 99.7% YoY.
• Net profit margins during the year declined from 789.3% in FY23 to 2.8% in FY24.

BARTRONICS INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	523	488	-6.5%
Other income	Rs m	6	15	150.3%
Total Revenues	Rs m	528	503	-4.8%
Gross profit	Rs m	4,617	-8	NA
Depreciation	Rs m	42	4	-89.3%
Interest	Rs m	262	0	-99.9%
Profit before tax	Rs m	4,319	2	-99.9%
Tax	Rs m	195	-11	NA
Profit after tax	Rs m	4,124	14	-99.7%
Gross profit margin	%	883.6	-1.6
Effective tax rate	%	4.5	-488.5
Net profit margin	%	789.3	2.8

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BARTRONICS INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 28 million as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -98.7%.
• Current assets fell 98% and stood at Rs 122 million, while fixed assets fell 93% and stood at Rs 136 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 268 million as against Rs 7 billion during FY23, thereby witnessing a fall of 96%.

BARTRONICS INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,282	265	-95.0
Current Liabilities	Rs m	2,218	28	-98.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	7,482	268	-96.4
Current assets	Rs m	5,456	122	-97.8
Fixed Assets	Rs m	2,026	136	-93.3
Total Assets	Rs m	7,482	268	-96.4

BARTRONICS INDIA Cash Flow Statement Analysis

• BARTRONICS INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs -5 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 10 million, an improvement of 63.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 100% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 5 million from the Rs -57 million net cash flows seen during FY23.

BARTRONICS 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	-41	-5	-
Cash Flow from Investing Activities	Rs m	6	10	63.0%
Cash Flow from Financing Activities	Rs m	-23	0	-
Net Cash Flow	Rs m	-57	5	-

Current Valuations for BARTRONICS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.0, an decline from the EPS of Rs 13.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 22.5, stands at 377.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 25.9 times, while the price to sales ratio stands at 14.1 times.
• The company's price to cash flow (P/CF) ratio stood at 277.8 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	1.7	1.6
TTM Earnings per share	Rs	13.5	0.0
Diluted earnings per share	Rs	13.5	0.0
Price to Cash Flow	x	0.5	277.8
TTM P/E ratio	x	0.5	377.2
Price / Book Value ratio	x	0.6	19.2
Market Cap	Rs m	3,227	5,082
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BARTRONICS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.3x during FY24, from 2.5x 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 16.6x during FY24, from 17.5x 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 declined and down at 5.2% during FY24, from 78.1% 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 declined and down at 0.9% during FY24, from 86.7% 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 declined and down at 5.2% during FY24, from 58.6% 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	2.5	4.3
Debtors’ Days	Days	23,711	34
Interest coverage	x	17.5	16.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	58.6	5.2
Return on equity	%	78.1	5.2
Return on capital employed	%	86.7	0.9

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

BARTRONICS INDIA Share Price Performance

Over the last one year, BARTRONICS INDIA share price has moved up from Rs 10.0 to Rs 22.5, registering a gain of Rs 12.6 or around 126.4%.

Meanwhile, the S&P BSE IT Index is trading at Rs 42,825.7 (up 0.9%). Over the last one year it has moved up from 33,052.3 to 42,825.7, a gain of 9,773 points (up 29.6%).

Overall, the S&P BSE SENSEX is up 25.2% over the year.

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