BLS INTERNATIONAL SERVICES 2023-24 Annual Report Analysis

Wed, 21 Aug

BLS INTERNATIONAL SERVICES 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.

BLS INTERNATIONAL SERVICES Income Statement Analysis

• Operating income during the year rose 10.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 59.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.9% in FY24 as against 14.5% in FY23.
• Depreciation charges increased by 67.3% and finance costs increased by 193.8% YoY, respectively.
• Other income grew by 88.0% YoY.
• Net profit for the year grew by 59.4% YoY.
• Net profit margins during the year grew from 13.5% in FY23 to 19.4% in FY24.

BLS INTERNATIONAL SERVICES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	15,162	16,768	10.6%
Other income	Rs m	213	399	88.0%
Total Revenues	Rs m	15,374	17,168	11.7%
Gross profit	Rs m	2,203	3,506	59.2%
Depreciation	Rs m	185	309	67.3%
Interest	Rs m	26	76	193.8%
Profit before tax	Rs m	2,205	3,521	59.7%
Tax	Rs m	162	265	63.1%
Profit after tax	Rs m	2,043	3,256	59.4%
Gross profit margin	%	14.5	20.9
Effective tax rate	%	7.4	7.5
Net profit margin	%	13.5	19.4

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BLS INTERNATIONAL SERVICES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 44.4%.
• Current assets rose 96% and stood at Rs 11 billion, while fixed assets rose 36% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 16 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 72%.

BLS INTERNATIONAL SERVICES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,027	12,049	50.1
Current Liabilities	Rs m	1,002	1,447	44.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	9,377	16,140	72.1
Current assets	Rs m	5,694	11,142	95.7
Fixed Assets	Rs m	3,683	4,998	35.7
Total Assets	Rs m	9,377	16,140	72.1

BLS INTERNATIONAL SERVICES Cash Flow Statement Analysis

• BLS INTERNATIONAL SERVICES's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion, an improvement of 34.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 9.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 3,460% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 3 billion from the Rs 300 million net cash flows seen during FY23.

BLS INTERNATIONAL SERVICES 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	2,605	3,498	34.3%
Cash Flow from Investing Activities	Rs m	-2,377	-2,601	-
Cash Flow from Financing Activities	Rs m	72	2,574	3,459.7%
Net Cash Flow	Rs m	300	3,472	1,056.6%

Current Valuations for BLS INTERNATIONAL SERVICES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.9, an improvement from the EPS of Rs 5.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 396.9, stands at 43.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 13.6 times, while the price to sales ratio stands at 9.7 times.
• The company's price to cash flow (P/CF) ratio stood at 34.2 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	36.9	40.7
TTM Earnings per share	Rs	5.0	7.9
Diluted earnings per share	Rs	5.0	7.9
Price to Cash Flow	x	30.6	34.2
TTM P/E ratio	x	33.4	43.5
Price / Book Value ratio	x	6.9	10.1
Market Cap	Rs m	55,006	121,978
Dividends per share (Unadj.)	Rs	0.8	1.0

Ratio Analysis for BLS INTERNATIONAL SERVICES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 7.7x during FY24, from 5.7x 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 47.6x during FY24, from 86.7x 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 27.0% during FY24, from 25.4% 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 29.8% during FY24, from 27.8% 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 20.6% during FY24, from 22.1% 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	5.7	7.7
Debtors’ Days	Days	79	88
Interest coverage	x	86.7	47.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	22.1	20.6
Return on equity	%	25.4	27.0
Return on capital employed	%	27.8	29.8

To see how BLS INTERNATIONAL SERVICES has performed over the last 5 years, please visit here.

BLS INTERNATIONAL SERVICES Share Price Performance

Over the last one year, BLS INTERNATIONAL SERVICES share price has moved up from Rs 283.9 to Rs 396.9, registering a gain of Rs 113.0 or around 39.8%.

Overall, the S&P BSE SENSEX is up 23.8% over the year.

(To know more, check out historical annual results for BLS INTERNATIONAL SERVICES and quarterly results for BLS INTERNATIONAL SERVICES)