BETA DRUGS 2023-24 Annual Report Analysis

Fri, 18 Oct

BETA DRUGS 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.

BETA DRUGS Income Statement Analysis

• Operating income during the year rose 30.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 12.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.3% in FY24 as against 23.4% in FY23.
• Depreciation charges decreased by 6.0% and finance costs increased by 16.8% YoY, respectively.
• Other income grew by 91.4% YoY.
• Net profit for the year grew by 18.6% YoY.
• Net profit margins during the year declined from 13.5% in FY23 to 12.3% in FY24.

BETA DRUGS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,271	2,957	30.2%
Other income	Rs m	8	14	91.4%
Total Revenues	Rs m	2,279	2,972	30.4%
Gross profit	Rs m	531	599	12.8%
Depreciation	Rs m	104	98	-6.0%
Interest	Rs m	24	28	16.8%
Profit before tax	Rs m	411	488	18.7%
Tax	Rs m	103	123	19.1%
Profit after tax	Rs m	307	364	18.6%
Gross profit margin	%	23.4	20.3
Effective tax rate	%	25.2	25.3
Net profit margin	%	13.5	12.3

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BETA DRUGS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 944 million as compared to Rs 697 million in FY23, thereby witnessing an increase of 35.4%.
• Long-term debt down at Rs 60 million as compared to Rs 70 million during FY23, a fall of 13.4%.
• Current assets rose 40% and stood at Rs 2 billion, while fixed assets rose 8% and stood at Rs 748 million 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 29%.

BETA DRUGS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,229	1,571	27.9
Current Liabilities	Rs m	697	944	35.4
Long-term Debt	Rs m	70	60	-13.4
Total Liabilities	Rs m	2,039	2,624	28.7
Current assets	Rs m	1,344	1,876	39.6
Fixed Assets	Rs m	695	748	7.6
Total Assets	Rs m	2,039	2,624	28.7

BETA DRUGS Cash Flow Statement Analysis

• BETA DRUGS 's cash flow from operating activities (CFO) during FY24 stood at Rs 309 million, an improvement of 32.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -140 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -75 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 95 million from the Rs 18 million net cash flows seen during FY23.

BETA DRUGS 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	234	309	32.3%
Cash Flow from Investing Activities	Rs m	-191	-140	-
Cash Flow from Financing Activities	Rs m	-25	-75	-
Net Cash Flow	Rs m	18	95	414.6%

Current Valuations for BETA DRUGS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 37.9, an improvement from the EPS of Rs 32.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,940.0, stands at 51.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 11.9 times, while the price to sales ratio stands at 6.3 times.
• The company's price to cash flow (P/CF) ratio stood at 23.3 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	236.3	307.7
TTM Earnings per share	Rs	32.0	37.9
Diluted earnings per share	Rs	32.0	37.9
Price to Cash Flow	x	0.0	23.3
TTM P/E ratio	x	0.0	51.2
Price / Book Value ratio	x	6.1	6.9
Market Cap	Rs m	7,549	10,765
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BETA DRUGS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x 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 18.3x during FY24, from 18.0x 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 23.2% during FY24, from 25.0% 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 31.6% during FY24, from 33.5% 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 15.0% during FY24, from 16.2% 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	1.9	2.0
Debtors’ Days	Days	1,008	978
Interest coverage	x	18.0	18.3
Debt to equity ratio	x	0.1	0.0
Return on assets	%	16.2	15.0
Return on equity	%	25.0	23.2
Return on capital employed	%	33.5	31.6

To see how BETA DRUGS has performed over the last 5 years, please visit here.

BETA DRUGS Share Price Performance

Over the last one year, BETA DRUGS share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 44,146.3 (down 1.1%). Over the last one year it has moved up from 28,328.3 to 44,146.3, a gain of 15,818 points (up 55.8%).

Overall, the NIFTY 50 is down 0.9% over the year.

(To know more, check out historical annual results for BETA DRUGS and quarterly results for BETA DRUGS )