BLS E-SERVICES LTD. 2023-24 Annual Report Analysis

Sun, 18 Aug

BLS E-SERVICES LTD. 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 E-SERVICES LTD. Income Statement Analysis

• Operating income during the year rose 24.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 37.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.9% in FY24 as against 12.6% in FY23.
• Depreciation charges increased by 21.1% and finance costs decreased by 76.8% YoY, respectively.
• Other income grew by 150.6% YoY.
• Net profit for the year grew by 65.0% YoY.
• Net profit margins during the year grew from 8.4% in FY23 to 11.1% in FY24.

BLS E-SERVICES LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,431	3,015	24.0%
Other income	Rs m	32	81	150.6%
Total Revenues	Rs m	2,463	3,096	25.7%
Gross profit	Rs m	305	419	37.3%
Depreciation	Rs m	28	34	21.1%
Interest	Rs m	40	9	-76.8%
Profit before tax	Rs m	270	457	69.4%
Tax	Rs m	66	122	83.0%
Profit after tax	Rs m	203	335	65.0%
Gross profit margin	%	12.6	13.9
Effective tax rate	%	24.6	26.6
Net profit margin	%	8.4	11.1

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BLS E-SERVICES LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 658 million as compared to Rs 639 million in FY23, thereby witnessing an increase of 3.1%.
• Current assets rose 339% and stood at Rs 3 billion, while fixed assets rose 88% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 188%.

BLS E-SERVICES LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,069	4,311	303.1
Current Liabilities	Rs m	639	658	3.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,768	5,089	187.8
Current assets	Rs m	702	3,085	339.3
Fixed Assets	Rs m	1,066	2,004	88.1
Total Assets	Rs m	1,768	5,089	187.8

BLS E-SERVICES LTD. Cash Flow Statement Analysis

• BLS E-SERVICES LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 197 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 349.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 525% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 146 million from the Rs 97 million net cash flows seen during FY23.

BLS E-SERVICES LTD. 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	289	197	-31.9%
Cash Flow from Investing Activities	Rs m	-656	-2,952	-
Cash Flow from Financing Activities	Rs m	464	2,901	525.1%
Net Cash Flow	Rs m	97	146	51.5%

Current Valuations for BLS E-SERVICES LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.7, an improvement from the EPS of Rs 3.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 216.6, stands at 58.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.6 times, while the price to sales ratio stands at 6.5 times.
• The company's price to cash flow (P/CF) ratio stood at 85.1 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	36.4	33.2
TTM Earnings per share	Rs	3.0	3.7
Diluted earnings per share	Rs	2.2	3.7
Price to Cash Flow	x	0.0	85.1
TTM P/E ratio	x	0.0	58.7
Price / Book Value ratio	x	0.0	7.3
Market Cap	Rs m	0	31,391
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BLS E-SERVICES LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.7x during FY24, from 1.1x 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 50.3x during FY24, from 7.8x 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 declined and down at 7.8% during FY24, from 19.0% 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 10.8% during FY24, from 29.0% 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 declined and down at 6.8% during FY24, from 13.8% 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	1.1	4.7
Debtors’ Days	Days	274	305
Interest coverage	x	7.8	50.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.8	6.8
Return on equity	%	19.0	7.8
Return on capital employed	%	29.0	10.8

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

BLS E-SERVICES LTD. Share Price Performance

Over the last one year, BLS E-SERVICES LTD. share price has moved up from Rs 0.0 to Rs 216.6, registering a gain of Rs 216.6 or around 0.0%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for BLS E-SERVICES LTD. and quarterly results for BLS E-SERVICES LTD.)