BELLA CASA FASHION 2023-24 Annual Report Analysis

Mon, 5 Aug

BELLA CASA FASHION 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.

BELLA CASA FASHION Income Statement Analysis

• Operating income during the year rose 14.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 22.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.2% in FY24 as against 7.7% in FY23.
• Depreciation charges increased by 6.9% and finance costs decreased by 0.5% YoY, respectively.
• Other income declined by 31.6% YoY.
• Net profit for the year grew by 31.2% YoY.
• Net profit margins during the year grew from 3.8% in FY23 to 4.4% in FY24.

BELLA CASA FASHION Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,018	2,301	14.0%
Other income	Rs m	5	4	-31.6%
Total Revenues	Rs m	2,023	2,305	13.9%
Gross profit	Rs m	155	190	22.7%
Depreciation	Rs m	18	19	6.9%
Interest	Rs m	39	39	-0.5%
Profit before tax	Rs m	103	136	31.4%
Tax	Rs m	26	34	31.9%
Profit after tax	Rs m	78	102	31.2%
Gross profit margin	%	7.7	8.2
Effective tax rate	%	24.9	25.0
Net profit margin	%	3.8	4.4

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BELLA CASA FASHION Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 803 million as compared to Rs 691 million in FY23, thereby witnessing an increase of 16.2%.
• Current assets rose 13% and stood at Rs 1 billion, while fixed assets rose 7% and stood at Rs 187 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 12%.

BELLA CASA FASHION Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	756	849	12.3
Current Liabilities	Rs m	691	803	16.2
Long-term Debt	Rs m	21	0	-100.0
Total Liabilities	Rs m	1,491	1,670	12.0
Current assets	Rs m	1,316	1,484	12.7
Fixed Assets	Rs m	175	187	6.9
Total Assets	Rs m	1,491	1,670	12.0

BELLA CASA FASHION Cash Flow Statement Analysis

• BELLA CASA FASHION 's cash flow from operating activities (CFO) during FY24 stood at Rs 36 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -31 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -6 million, an improvement of 98% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY23.

BELLA CASA FASHION 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	153	36	-76.3%
Cash Flow from Investing Activities	Rs m	91	-31	-
Cash Flow from Financing Activities	Rs m	-243	-6	-
Net Cash Flow	Rs m	0	0	-

Current Valuations for BELLA CASA FASHION

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.9, an improvement from the EPS of Rs 6.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 422.0, stands at 42.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 20.0 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	175.8	200.4
TTM Earnings per share	Rs	6.8	8.9
Diluted earnings per share	Rs	6.8	8.9
Price to Cash Flow	x	14.1	20.0
TTM P/E ratio	x	17.3	42.1
Price / Book Value ratio	x	2.2	2.9
Market Cap	Rs m	1,698	2,419
Dividends per share (Unadj.)	Rs	0.7	1.8

Ratio Analysis for BELLA CASA FASHION

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY24, from 1.9x 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 4.5x during FY24, from 3.7x 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 12.0% during FY24, from 10.3% 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 20.6% during FY24, from 18.3% 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 8.4% during FY24, from 7.8% 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	1.9	1.8
Debtors’ Days	Days	649	611
Interest coverage	x	3.7	4.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.8	8.4
Return on equity	%	10.3	12.0
Return on capital employed	%	18.3	20.6

To see how BELLA CASA FASHION has performed over the last 5 years, please visit here.

BELLA CASA FASHION Share Price Performance

Over the last one year, BELLA CASA FASHION share price has moved up from Rs 170.0 to Rs 422.0, registering a gain of Rs 252.0 or around 148.2%.

Overall, the S&P BSE SENSEX is up 18.5% over the year.

(To know more, check out historical annual results for BELLA CASA FASHION and quarterly results for BELLA CASA FASHION )