BALAXI PHARMA 2023-24 Annual Report Analysis

Mon, 5 Aug

BALAXI 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.

BALAXI PHARMA Income Statement Analysis

• Operating income during the year fell 28.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 89.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.6% in FY24 as against 17.1% in FY23.
• Depreciation charges increased by 19.7% and finance costs increased by 100.9% YoY, respectively.
• Other income declined by 76.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 13.7% in FY23 to 1.0% in FY24.

BALAXI PHARMA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,364	2,413	-28.3%
Other income	Rs m	26	6	-76.0%
Total Revenues	Rs m	3,391	2,419	-28.6%
Gross profit	Rs m	574	62	-89.1%
Depreciation	Rs m	18	21	19.7%
Interest	Rs m	14	28	100.9%
Profit before tax	Rs m	569	20	-96.5%
Tax	Rs m	110	44	-59.8%
Profit after tax	Rs m	460	-24	NA
Gross profit margin	%	17.1	2.6
Effective tax rate	%	19.3	218.5
Net profit margin	%	13.7	-1.0

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BALAXI PHARMA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 542 million as compared to Rs 531 million in FY23, thereby witnessing an increase of 2.0%.
• Current assets rose 9% and stood at Rs 2 billion, while fixed assets rose 4% and stood at Rs 482 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 8%.

BALAXI PHARMA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,726	1,976	14.5
Current Liabilities	Rs m	531	542	2.0
Long-term Debt	Rs m	9	0	-100.0
Total Liabilities	Rs m	2,397	2,583	7.8
Current assets	Rs m	1,935	2,102	8.6
Fixed Assets	Rs m	462	482	4.4
Total Assets	Rs m	2,397	2,583	7.8

BALAXI PHARMA Cash Flow Statement Analysis

• BALAXI PHARMA's cash flow from operating activities (CFO) during FY24 stood at Rs 49 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -10 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 303 million, an improvement of 19% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 341 million from the Rs 210 million net cash flows seen during FY23.

BALAXI 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	61	49	-19.9%
Cash Flow from Investing Activities	Rs m	-106	-10	-
Cash Flow from Financing Activities	Rs m	255	303	18.6%
Net Cash Flow	Rs m	210	341	62.1%

Current Valuations for BALAXI PHARMA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.2, an decline from the EPS of Rs 45.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 106.8, stands at 13.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at -2,051.6 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	330.5	221.4
TTM Earnings per share	Rs	45.2	-2.2
Diluted earnings per share	Rs	8.3	-0.4
Price to Cash Flow	x	0.0	-2,051.6
TTM P/E ratio	x	0.0	13.0
Price / Book Value ratio	x	3.4	3.0
Market Cap	Rs m	5,905	5,919
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BALAXI PHARMA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.9x 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 deteriorated and stood at 1.7x during FY24, from 42.3x 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 -1.2% during FY24, from 26.6% 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 2.4% during FY24, from 33.6% 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 0.1% during FY24, from 19.8% 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	3.9
Debtors’ Days	Days	567	843
Interest coverage	x	42.3	1.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	19.8	0.1
Return on equity	%	26.6	-1.2
Return on capital employed	%	33.6	2.4

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

BALAXI PHARMA Share Price Performance

Over the last one year, BALAXI PHARMA share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 40,052.5 (down 1.8%). Over the last one year it has moved up from 27,852.0 to 40,052.5, a gain of 12,201 points (up 43.8%).

Overall, the NIFTY 50 is down 2.7% over the year.

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