BLISS GVS PHARMA 2023-24 Annual Report Analysis

Mon, 8 Jul

BLISS GVS PHARMA 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.

BLISS GVS PHARMA Income Statement Analysis

• Operating income during the year rose 2.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 2.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.6% in FY24 as against 15.6% in FY23.
• Depreciation charges increased by 41.3% and finance costs decreased by 33.3% YoY, respectively.
• Other income grew by 70.9% YoY.
• Net profit for the year grew by 6.3% YoY.
• Net profit margins during the year grew from 10.2% in FY23 to 10.6% in FY24.

BLISS GVS PHARMA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,516	7,702	2.5%
Other income	Rs m	178	304	70.9%
Total Revenues	Rs m	7,694	8,006	4.1%
Gross profit	Rs m	1,173	1,198	2.1%
Depreciation	Rs m	187	264	41.3%
Interest	Rs m	104	69	-33.3%
Profit before tax	Rs m	1,061	1,169	10.2%
Tax	Rs m	293	353	20.3%
Profit after tax	Rs m	767	816	6.3%
Gross profit margin	%	15.6	15.6
Effective tax rate	%	27.7	30.2
Net profit margin	%	10.2	10.6

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BLISS GVS PHARMA 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 -17.3%.
• Long-term debt down at Rs 356 million as compared to Rs 407 million during FY23, a fall of 12.5%.
• Current assets rose 16% and stood at Rs 8 billion, while fixed assets fell 12% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 12 billion during FY23, thereby witnessing a growth of 5%.

BLISS GVS PHARMA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,750	9,595	9.7
Current Liabilities	Rs m	1,933	1,598	-17.3
Long-term Debt	Rs m	407	356	-12.5
Total Liabilities	Rs m	11,535	12,139	5.2
Current assets	Rs m	6,974	8,116	16.4
Fixed Assets	Rs m	4,562	4,022	-11.8
Total Assets	Rs m	11,535	12,139	5.2

BLISS GVS PHARMA Cash Flow Statement Analysis

• BLISS GVS PHARMA's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 344.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 1,613.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -209 million, an improvement of 16% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -14 million from the Rs 30 million net cash flows seen during FY23.

BLISS GVS PHARMA 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	343	1,524	344.3%
Cash Flow from Investing Activities	Rs m	-78	-1,328	-
Cash Flow from Financing Activities	Rs m	-249	-209	-
Net Cash Flow	Rs m	30	-14	-

Current Valuations for BLISS GVS PHARMA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.8, an improvement from the EPS of Rs 7.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 112.0, stands at 14.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at 10.7 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	72.2	73.6
TTM Earnings per share	Rs	7.4	7.8
Diluted earnings per share	Rs	7.3	7.8
Price to Cash Flow	x	7.8	10.7
TTM P/E ratio	x	9.7	14.4
Price / Book Value ratio	x	0.9	1.2
Market Cap	Rs m	8,262	11,513
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for BLISS GVS PHARMA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.1x during FY24, from 3.6x 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 improved and stood at 17.9x during FY24, from 11.2x 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 8.5% during FY24, from 8.8% 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 12.4% during FY24, from 12.7% 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 7.3% during FY24, from 7.6% 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	3.6	5.1
Debtors’ Days	Days	1,871	1,916
Interest coverage	x	11.2	17.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.6	7.3
Return on equity	%	8.8	8.5
Return on capital employed	%	12.7	12.4

To see how BLISS GVS PHARMA has performed over the last 5 years, please visit here.

BLISS GVS PHARMA Share Price Performance

Over the last one year, BLISS GVS PHARMA share price has moved up from Rs 77.7 to Rs 112.0, registering a gain of Rs 34.3 or around 44.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 38,149.2 (down 0.3%). Over the last one year it has moved up from 25,944.1 to 38,149.2, a gain of 12,205 points (up 47.0%).

Overall, the S&P BSE SENSEX is up 21.9% over the year.

(To know more, check out historical annual results for BLISS GVS PHARMA and quarterly results for BLISS GVS PHARMA)