BHAGIRA.CHEM 2023-24 Annual Report Analysis

Wed, 24 Jul

BHAGIRA.CHEM 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.

BHAGIRA.CHEM Income Statement Analysis

• Operating income during the year fell 18.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 44.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.5% in FY24 as against 15.4% in FY23.
• Depreciation charges increased by 11.9% and finance costs increased by 54.0% YoY, respectively.
• Other income grew by 112.7% YoY.
• Net profit for the year declined by 59.6% YoY.
• Net profit margins during the year declined from 9.0% in FY23 to 4.5% in FY24.

BHAGIRA.CHEM Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,021	4,076	-18.8%
Other income	Rs m	13	27	112.7%
Total Revenues	Rs m	5,034	4,103	-18.5%
Gross profit	Rs m	773	429	-44.5%
Depreciation	Rs m	98	110	11.9%
Interest	Rs m	50	77	54.0%
Profit before tax	Rs m	638	269	-57.8%
Tax	Rs m	186	87	-53.3%
Profit after tax	Rs m	452	182	-59.6%
Gross profit margin	%	15.4	10.5
Effective tax rate	%	29.2	32.3
Net profit margin	%	9.0	4.5

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BHAGIRA.CHEM Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 24.6%.
• Long-term debt stood at Rs 169 million as compared to Rs 166 million during FY23, a growth of 2.2%.
• Current assets rose 23% and stood at Rs 3 billion, while fixed assets rose 35% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 29%.

BHAGIRA.CHEM Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,133	3,286	4.9
Current Liabilities	Rs m	1,008	1,255	24.6
Long-term Debt	Rs m	166	169	2.2
Total Liabilities	Rs m	4,469	5,760	28.9
Current assets	Rs m	2,283	2,803	22.8
Fixed Assets	Rs m	2,187	2,958	35.3
Total Assets	Rs m	4,469	5,760	28.9

BHAGIRA.CHEM Cash Flow Statement Analysis

• BHAGIRA.CHEM's cash flow from operating activities (CFO) during FY24 stood at Rs 343 million, an improvement of 146.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 102.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 883 million, an improvement of 90% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 20 million from the Rs 7 million net cash flows seen during FY23.

BHAGIRA.CHEM 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	139	343	146.8%
Cash Flow from Investing Activities	Rs m	-596	-1,206	-
Cash Flow from Financing Activities	Rs m	465	883	90.1%
Net Cash Flow	Rs m	7	20	171.3%

Current Valuations for BHAGIRA.CHEM

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.5, an decline from the EPS of Rs 43.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 327.2, stands at 223.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.4 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 5.3 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	482.3	391.6
TTM Earnings per share	Rs	43.4	17.5
Diluted earnings per share	Rs	3.6	1.5
Price to Cash Flow	x	27.1	5.3
TTM P/E ratio	x	33.0	223.4
Price / Book Value ratio	x	3.9	0.5
Market Cap	Rs m	12,155	1,535
Dividends per share (Unadj.)	Rs	0.4	0.1

Ratio Analysis for BHAGIRA.CHEM

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.2x during FY24, from 2.3x 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 4.5x during FY24, from 13.8x 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 5.5% during FY24, from 14.4% 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 10.0% during FY24, from 20.9% 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 4.5% during FY24, from 11.2% 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	2.3	2.2
Debtors’ Days	Days	936	959
Interest coverage	x	13.8	4.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	11.2	4.5
Return on equity	%	14.4	5.5
Return on capital employed	%	20.9	10.0

To see how BHAGIRA.CHEM has performed over the last 5 years, please visit here.

BHAGIRA.CHEM Share Price Performance

Over the last one year, BHAGIRA.CHEM share price has moved up from Rs 135.8 to Rs 327.2, registering a gain of Rs 191.3 or around 140.9%.

Overall, the S&P BSE SENSEX is up 20.3% over the year.

(To know more, check out historical annual results for BHAGIRA.CHEM and quarterly results for BHAGIRA.CHEM)