BANSWARA SYNTEX 2023-24 Annual Report Analysis

Wed, 17 Jul

BANSWARA SYNTEX 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.

BANSWARA SYNTEX Income Statement Analysis

• Operating income during the year fell 15.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 48.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.1% in FY24 as against 13.3% in FY23.
• Depreciation charges increased by 6.4% and finance costs decreased by 6.7% YoY, respectively.
• Other income grew by 18.6% YoY.
• Net profit for the year declined by 68.5% YoY.
• Net profit margins during the year declined from 7.5% in FY23 to 2.8% in FY24.

BANSWARA SYNTEX Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,988	12,639	-15.7%
Other income	Rs m	152	180	18.6%
Total Revenues	Rs m	15,140	12,819	-15.3%
Gross profit	Rs m	1,987	1,024	-48.4%
Depreciation	Rs m	408	434	6.4%
Interest	Rs m	317	296	-6.7%
Profit before tax	Rs m	1,413	474	-66.4%
Tax	Rs m	286	119	-58.4%
Profit after tax	Rs m	1,127	355	-68.5%
Gross profit margin	%	13.3	8.1
Effective tax rate	%	20.2	25.1
Net profit margin	%	7.5	2.8

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

BANSWARA SYNTEX Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 4 billion in FY23, thereby witnessing an decrease of -12.7%.
• Long-term debt stood at Rs 1 billion as compared to Rs 1 billion during FY23, a growth of 20.4%.
• Current assets fell 9% and stood at Rs 6 billion, while fixed assets rose 12% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 0%.

BANSWARA SYNTEX Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,091	5,350	5.1
Current Liabilities	Rs m	4,073	3,554	-12.7
Long-term Debt	Rs m	1,236	1,488	20.4
Total Liabilities	Rs m	10,686	10,700	0.1
Current assets	Rs m	6,238	5,698	-8.7
Fixed Assets	Rs m	4,448	5,002	12.5
Total Assets	Rs m	10,686	10,700	0.1

BANSWARA SYNTEX Cash Flow Statement Analysis

• BANSWARA SYNTEX's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 610.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -901 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -584 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -61 million from the Rs -41 million net cash flows seen during FY23.

BANSWARA SYNTEX 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	200	1,424	610.5%
Cash Flow from Investing Activities	Rs m	-994	-901	-
Cash Flow from Financing Activities	Rs m	753	-584	-
Net Cash Flow	Rs m	-41	-61	-

Current Valuations for BANSWARA SYNTEX

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.4, an decline from the EPS of Rs 32.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 167.0, stands at 16.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 6.7 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	437.9	369.2
TTM Earnings per share	Rs	32.9	10.4
Diluted earnings per share	Rs	32.9	10.4
Price to Cash Flow	x	2.7	6.7
TTM P/E ratio	x	3.7	16.9
Price / Book Value ratio	x	0.8	1.0
Market Cap	Rs m	4,159	5,297
Dividends per share (Unadj.)	Rs	3.0	1.0

Ratio Analysis for BANSWARA SYNTEX

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x 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 2.6x during FY24, from 5.5x 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 6.6% during FY24, from 22.1% 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 11.3% during FY24, from 27.4% 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 6.1% during FY24, from 13.5% 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	1.6
Debtors’ Days	Days	517	599
Interest coverage	x	5.5	2.6
Debt to equity ratio	x	0.2	0.3
Return on assets	%	13.5	6.1
Return on equity	%	22.1	6.6
Return on capital employed	%	27.4	11.3

To see how BANSWARA SYNTEX has performed over the last 5 years, please visit here.

BANSWARA SYNTEX Share Price Performance

Over the last one year, BANSWARA SYNTEX share price has moved up from Rs 161.1 to Rs 167.0, registering a gain of Rs 5.9 or around 3.6%.

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

(To know more, check out historical annual results for BANSWARA SYNTEX and quarterly results for BANSWARA SYNTEX)