BIKAJI FOODS 2023-24 Annual Report Analysis

Tue, 10 Sep

BIKAJI FOODS 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.

BIKAJI FOODS Income Statement Analysis

• Operating income during the year rose 18.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 83.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.8% in FY24 as against 10.9% in FY23.
• Depreciation charges increased by 23.8% and finance costs increased by 0.9% YoY, respectively.
• Other income grew by 20.0% YoY.
• Net profit for the year grew by 93.9% YoY.
• Net profit margins during the year grew from 6.9% in FY23 to 11.3% in FY24.

BIKAJI FOODS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	19,661	23,293	18.5%
Other income	Rs m	228	273	20.0%
Total Revenues	Rs m	19,888	23,567	18.5%
Gross profit	Rs m	2,138	3,920	83.3%
Depreciation	Rs m	485	601	23.8%
Interest	Rs m	112	113	0.9%
Profit before tax	Rs m	1,769	3,480	96.7%
Tax	Rs m	410	845	106.0%
Profit after tax	Rs m	1,359	2,635	93.9%
Gross profit margin	%	10.9	16.8
Effective tax rate	%	23.2	24.3
Net profit margin	%	6.9	11.3

Don't Miss: Key Information for Long-term Investors

BIKAJI FOODS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -1.6%.
• Long-term debt down at Rs 184 million as compared to Rs 474 million during FY23, a fall of 61.2%.
• Current assets rose 18% and stood at Rs 5 billion, while fixed assets rose 21% and stood at Rs 10 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 20%.

BIKAJI FOODS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	9,444	12,145	28.6
Current Liabilities	Rs m	2,209	2,174	-1.6
Long-term Debt	Rs m	474	184	-61.2
Total Liabilities	Rs m	12,711	15,298	20.4
Current assets	Rs m	4,189	4,963	18.5
Fixed Assets	Rs m	8,522	10,336	21.3
Total Assets	Rs m	12,711	15,298	20.4

BIKAJI FOODS Cash Flow Statement Analysis

• BIKAJI FOODS's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 43.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 61.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -539 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -81 million from the Rs 432 million net cash flows seen during FY23.

BIKAJI FOODS 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	1,711	2,447	43.0%
Cash Flow from Investing Activities	Rs m	-1,231	-1,988	-
Cash Flow from Financing Activities	Rs m	-49	-539	-
Net Cash Flow	Rs m	432	-81	-

Current Valuations for BIKAJI FOODS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.5, an improvement from the EPS of Rs 5.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 860.6, stands at 76.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.7 times, while the price to sales ratio stands at 9.3 times.
• The company's price to cash flow (P/CF) ratio stood at 36.9 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	78.8	93.0
TTM Earnings per share	Rs	5.4	10.5
Diluted earnings per share	Rs	5.4	10.5
Price to Cash Flow	x	49.2	36.9
TTM P/E ratio	x	66.7	76.9
Price / Book Value ratio	x	9.9	9.8
Market Cap	Rs m	93,572	119,445
Dividends per share (Unadj.)	Rs	0.8	1.0

Ratio Analysis for BIKAJI FOODS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x 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 31.8x during FY24, from 16.8x 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 improved and stood at 21.7% 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 improved and stood at 29.1% during FY24, from 19.0% 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 improved and stood at 18.0% during FY24, from 11.6% 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	1.9	2.3
Debtors’ Days	Days	147	162
Interest coverage	x	16.8	31.8
Debt to equity ratio	x	0.1	0.0
Return on assets	%	11.6	18.0
Return on equity	%	14.4	21.7
Return on capital employed	%	19.0	29.1

To see how BIKAJI FOODS has performed over the last 5 years, please visit here.

BIKAJI FOODS Share Price Performance

Over the last one year, BIKAJI FOODS share price has moved up from Rs 527.6 to Rs 860.6, registering a gain of Rs 333.1 or around 63.1%.

Overall, the S&P BSE SENSEX is up 24.4% over the year.

(To know more, check out historical annual results for BIKAJI FOODS and quarterly results for BIKAJI FOODS)