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BIGBLOC CONSTRUCTION 2023-24 Annual Report Analysis

Tue, 6 Aug

BIGBLOC CONSTRUCTION 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.

BIGBLOC CONSTRUCTION Income Statement Analysis

• Operating income during the year rose 21.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 12.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 23.1% in FY24 as against 25.0% in FY23.
• Depreciation charges increased by 70.1% and finance costs increased by 112.3% YoY, respectively.
• Other income grew by 399.4% YoY.
• Net profit for the year grew by 1.8% YoY.
• Net profit margins during the year declined from 15.1% in FY23 to 12.6% in FY24.

BIGBLOC CONSTRUCTION Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,001	2,432	21.5%
Other income	Rs m	8	41	399.4%
Total Revenues	Rs m	2,009	2,474	23.1%
Gross profit	Rs m	500	562	12.3%
Depreciation	Rs m	61	103	70.1%
Interest	Rs m	42	89	112.3%
Profit before tax	Rs m	406	411	1.3%
Tax	Rs m	105	104	-0.4%
Profit after tax	Rs m	301	307	1.8%
Gross profit margin	%	25.0	23.1
Effective tax rate	%	25.8	25.4
Net profit margin	%	15.1	12.6

For Investors: Our Big Prediction

BIGBLOC CONSTRUCTION Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 794 million as compared to Rs 537 million in FY23, thereby witnessing an increase of 48.0%.
• Long-term debt stood at Rs 1 billion as compared to Rs 645 million during FY23, a growth of 56.1%.
• Current assets rose 43% and stood at Rs 977 million, while fixed assets rose 50% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 47%.

BIGBLOC CONSTRUCTION Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	753	1,040	38.1
Current Liabilities	Rs m	537	794	48.0
Long-term Debt	Rs m	645	1,007	56.1
Total Liabilities	Rs m	1,991	2,936	47.5
Current assets	Rs m	684	977	42.7
Fixed Assets	Rs m	1,306	1,959	50.0
Total Assets	Rs m	1,991	2,936	47.5

BIGBLOC CONSTRUCTION Cash Flow Statement Analysis

• BIGBLOC CONSTRUCTION's cash flow from operating activities (CFO) during FY24 stood at Rs 199 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -667 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 471 million, an improvement of 15% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 4 million from the Rs 2 million net cash flows seen during FY23.

BIGBLOC CONSTRUCTION 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	322	199	-38.2%
Cash Flow from Investing Activities	Rs m	-730	-667	-
Cash Flow from Financing Activities	Rs m	409	471	15.1%
Net Cash Flow	Rs m	2	4	156.4%

Current Valuations for BIGBLOC CONSTRUCTION

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.3, an improvement from the EPS of Rs 4.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 249.7, stands at 57.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.0 times, while the price to sales ratio stands at 7.3 times.
• The company's price to cash flow (P/CF) ratio stood at 33.5 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	28.3	34.4
TTM Earnings per share	Rs	4.3	4.3
Diluted earnings per share	Rs	4.3	4.3
Price to Cash Flow	x	24.9	33.5
TTM P/E ratio	x	30.0	57.6
Price / Book Value ratio	x	12.0	13.2
Market Cap	Rs m	9,025	13,761
Dividends per share (Unadj.)	Rs	0.4	0.4

Ratio Analysis for BIGBLOC CONSTRUCTION

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.3x 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 5.6x during FY24, from 10.7x 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 declined and down at 29.5% during FY24, from 40.0% 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 24.4% during FY24, from 32.0% 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 declined and down at 13.5% during FY24, from 17.2% 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	1.3	1.2
Debtors’ Days	Days	567	783
Interest coverage	x	10.7	5.6
Debt to equity ratio	x	0.9	1.0
Return on assets	%	17.2	13.5
Return on equity	%	40.0	29.5
Return on capital employed	%	32.0	24.4

To see how BIGBLOC CONSTRUCTION has performed over the last 5 years, please visit here.

BIGBLOC CONSTRUCTION Share Price Performance

Over the last one year, BIGBLOC CONSTRUCTION share price has moved up from Rs 146.6 to Rs 249.7, registering a gain of Rs 103.1 or around 70.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 7,964.5 (up 2.7%). Over the last one year it has moved up from 4,314.4 to 7,964.5, a gain of 3,650 points (up 84.6%).

Overall, the S&P BSE SENSEX is up 21.1% over the year.

(To know more, check out historical annual results for BIGBLOC CONSTRUCTION and quarterly results for BIGBLOC CONSTRUCTION)