BALAJI AMINES 2023-24 Annual Report Analysis

Thu, 20 Jun

BALAJI AMINES 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.

BALAJI AMINES Income Statement Analysis

• Operating income during the year fell 30.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 46.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 19.7% in FY24 as against 25.9% in FY23.
• Depreciation charges decreased by 0.4% and finance costs decreased by 46.2% YoY, respectively.
• Other income grew by 94.4% YoY.
• Net profit for the year declined by 42.7% YoY.
• Net profit margins during the year declined from 17.2% in FY23 to 14.2% in FY24.

BALAJI AMINES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	23,554	16,415	-30.3%
Other income	Rs m	152	296	94.4%
Total Revenues	Rs m	23,706	16,712	-29.5%
Gross profit	Rs m	6,091	3,237	-46.9%
Depreciation	Rs m	456	454	-0.4%
Interest	Rs m	120	64	-46.2%
Profit before tax	Rs m	5,668	3,016	-46.8%
Tax	Rs m	1,611	693	-57.0%
Profit after tax	Rs m	4,057	2,323	-42.7%
Gross profit margin	%	25.9	19.7
Effective tax rate	%	28.4	23.0
Net profit margin	%	17.2	14.2

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BALAJI AMINES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -0.4%.
• Long-term debt down at Rs 106 million as compared to Rs 303 million during FY23, a fall of 65.0%.
• Current assets fell 3% and stood at Rs 10 billion, while fixed assets rose 24% and stood at Rs 11 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 21 billion as against Rs 20 billion during FY23, thereby witnessing a growth of 9%.

BALAJI AMINES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	15,542	17,219	10.8
Current Liabilities	Rs m	1,493	1,487	-0.4
Long-term Debt	Rs m	303	106	-65.0
Total Liabilities	Rs m	19,628	21,462	9.3
Current assets	Rs m	10,324	9,970	-3.4
Fixed Assets	Rs m	9,304	11,492	23.5
Total Assets	Rs m	19,628	21,462	9.3

BALAJI AMINES Cash Flow Statement Analysis

• BALAJI AMINES's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -750 million, an improvement of 8% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -152 million from the Rs 632 million net cash flows seen during FY23.

BALAJI AMINES 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	3,540	2,242	-36.7%
Cash Flow from Investing Activities	Rs m	-2,095	-1,644	-
Cash Flow from Financing Activities	Rs m	-812	-750	-
Net Cash Flow	Rs m	632	-152	-

Current Valuations for BALAJI AMINES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 71.7, an decline from the EPS of Rs 125.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,274.1, stands at 31.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 4.5 times.
• The company's price to cash flow (P/CF) ratio stood at 26.9 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	727.0	506.6
TTM Earnings per share	Rs	125.2	71.7
Diluted earnings per share	Rs	125.2	71.7
Price to Cash Flow	x	13.9	26.9
TTM P/E ratio	x	15.5	31.7
Price / Book Value ratio	x	6.0	4.3
Market Cap	Rs m	93,427	74,672
Dividends per share (Unadj.)	Rs	10.0	11.0

Ratio Analysis for BALAJI AMINES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 6.7x during FY24, from 6.9x 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 deteriorated and stood at 47.8x during FY24, from 48.3x 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 13.5% during FY24, from 26.1% 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 17.8% during FY24, from 36.5% 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 11.1% during FY24, from 21.3% 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	6.9	6.7
Debtors’ Days	Days	585	710
Interest coverage	x	48.3	47.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	21.3	11.1
Return on equity	%	26.1	13.5
Return on capital employed	%	36.5	17.8

To see how BALAJI AMINES has performed over the last 5 years, please visit here.

BALAJI AMINES Share Price Performance

Over the last one year, BALAJI AMINES share price has moved down from Rs 2,436.7 to Rs 2,274.1, registering a loss of Rs 162.7 or around 6.7%.

Overall, the S&P BSE SENSEX is up 22.3% over the year.

(To know more, check out historical annual results for BALAJI AMINES and quarterly results for BALAJI AMINES)