BHARTIYA INT 2023-24 Annual Report Analysis

Mon, 4 Nov

BHARTIYA INT 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.

BHARTIYA INT Income Statement Analysis

• Operating income during the year fell 2.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 42.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.0% in FY24 as against 16.9% in FY23.
• Depreciation charges increased by 1.2% and finance costs increased by 16.9% YoY, respectively.
• Other income grew by 106.0% YoY.
• Net profit for the year declined by 99.7% YoY.
• Net profit margins during the year declined from 7.8% in FY23 to 0.0% in FY24.

BHARTIYA INT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,986	7,775	-2.6%
Other income	Rs m	34	69	106.0%
Total Revenues	Rs m	8,020	7,844	-2.2%
Gross profit	Rs m	1,352	780	-42.3%
Depreciation	Rs m	252	255	1.2%
Interest	Rs m	449	524	16.9%
Profit before tax	Rs m	685	69	-89.9%
Tax	Rs m	59	67	13.7%
Profit after tax	Rs m	626	2	-99.7%
Gross profit margin	%	16.9	10.0
Effective tax rate	%	8.7	97.1
Net profit margin	%	7.8	0.0

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BHARTIYA INT Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 6 billion as compared to Rs 4 billion in FY23, thereby witnessing an increase of 31.4%.
• Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY23, a fall of 35.9%.
• Current assets rose 16% and stood at Rs 9 billion, while fixed assets fell 12% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 8%.

BHARTIYA INT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,764	3,794	0.8
Current Liabilities	Rs m	4,485	5,891	31.4
Long-term Debt	Rs m	1,590	1,019	-35.9
Total Liabilities	Rs m	10,116	10,965	8.4
Current assets	Rs m	7,321	8,512	16.3
Fixed Assets	Rs m	2,794	2,453	-12.2
Total Assets	Rs m	10,116	10,965	8.4

BHARTIYA INT Cash Flow Statement Analysis

• BHARTIYA INT's cash flow from operating activities (CFO) during FY24 stood at Rs 658 million, an improvement of 467.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -212 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -263 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 183 million from the Rs -245 million net cash flows seen during FY23.

BHARTIYA INT 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	116	658	467.4%
Cash Flow from Investing Activities	Rs m	-216	-212	-
Cash Flow from Financing Activities	Rs m	-145	-263	-
Net Cash Flow	Rs m	-245	183	-

Current Valuations for BHARTIYA INT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, an decline from the EPS of Rs 51.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 750.0, stands at 72.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 13.6 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	654.1	636.8
TTM Earnings per share	Rs	51.2	0.2
Diluted earnings per share	Rs	51.3	0.2
Price to Cash Flow	x	2.3	13.6
TTM P/E ratio	x	14.2	72.0
Price / Book Value ratio	x	0.7	0.9
Market Cap	Rs m	2,683	3,503
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BHARTIYA INT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.4x during FY24, from 1.6x 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 1.1x during FY24, from 2.5x 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 0.1% during FY24, from 16.6% 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 12.3% during FY24, from 21.2% 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 4.8% during FY24, from 10.6% 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	1.6	1.4
Debtors’ Days	Days	593	675
Interest coverage	x	2.5	1.1
Debt to equity ratio	x	0.4	0.3
Return on assets	%	10.6	4.8
Return on equity	%	16.6	0.1
Return on capital employed	%	21.2	12.3

To see how BHARTIYA INT has performed over the last 5 years, please visit here.

BHARTIYA INT Share Price Performance

Over the last one year, BHARTIYA INT share price has moved down from Rs 235.3 to Rs 0.0, registering a loss of Rs 235.3 or around 100.0%.

Overall, the NIFTY 50 is down 1.3% over the year.

(To know more, check out historical annual results for BHARTIYA INT and quarterly results for BHARTIYA INT)