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BPL LIMITED 2023-24 Annual Report Analysis

Mon, 11 Nov

BPL LIMITED 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.

BPL LIMITED Income Statement Analysis

• Operating income during the year rose 27.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 141.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.3% in FY24 as against 11.2% in FY23.
• Depreciation charges increased by 17.6% and finance costs decreased by 47.8% YoY, respectively.
• Other income declined by 44.2% YoY.
• Net profit for the year grew by 165.0% YoY.
• Net profit margins during the year grew from 9.7% in FY23 to 20.2% in FY24.

BPL LIMITED Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	522	664	27.2%
Other income	Rs m	99	55	-44.2%
Total Revenues	Rs m	621	719	15.8%
Gross profit	Rs m	59	141	141.7%
Depreciation	Rs m	17	20	17.6%
Interest	Rs m	15	8	-47.8%
Profit before tax	Rs m	125	169	34.9%
Tax	Rs m	75	35	-53.5%
Profit after tax	Rs m	51	134	165.0%
Gross profit margin	%	11.2	21.3
Effective tax rate	%	59.6	20.5
Net profit margin	%	9.7	20.2

For Investors: Our Big Prediction

BPL LIMITED Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 2.5%.
• Long-term debt stood at Rs 215 million as compared to Rs 213 million during FY23, a growth of 1.2%.
• Current assets rose 34% and stood at Rs 586 million, while fixed assets rose 1% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 3%.

BPL LIMITED Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,360	2,495	5.7
Current Liabilities	Rs m	2,054	2,107	2.5
Long-term Debt	Rs m	213	215	1.2
Total Liabilities	Rs m	5,696	5,879	3.2
Current assets	Rs m	437	586	34.0
Fixed Assets	Rs m	5,259	5,293	0.7
Total Assets	Rs m	5,696	5,879	3.2

BPL LIMITED Cash Flow Statement Analysis

• BPL LIMITED's cash flow from operating activities (CFO) during FY24 stood at Rs 68 million, an improvement of 9.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -78 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 62 million, an improvement of 161% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 52 million from the Rs 4 million net cash flows seen during FY23.

BPL LIMITED 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	63	68	9.0%
Cash Flow from Investing Activities	Rs m	43	-78	-
Cash Flow from Financing Activities	Rs m	-102	62	-
Net Cash Flow	Rs m	4	52	1,259.3%

Current Valuations for BPL LIMITED

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.7, an improvement from the EPS of Rs 1.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 114.0, stands at 22.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 8.4 times.
• The company's price to cash flow (P/CF) ratio stood at 28.7 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	10.7	13.6
TTM Earnings per share	Rs	1.0	2.7
Diluted earnings per share	Rs	1.0	2.7
Price to Cash Flow	x	38.8	28.7
TTM P/E ratio	x	51.7	22.4
Price / Book Value ratio	x	1.4	1.8
Market Cap	Rs m	3,403	4,413
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BPL LIMITED

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.3x during FY24, from 0.2x 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 22.0x during FY24, from 9.1x 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 5.4% during FY24, from 2.1% 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 improved and stood at 6.5% during FY24, from 5.5% 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 improved and stood at 2.4% during FY24, from 1.2% 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	0.2	0.3
Debtors’ Days	Days	970	1,175
Interest coverage	x	9.1	22.0
Debt to equity ratio	x	0.1	0.1
Return on assets	%	1.2	2.4
Return on equity	%	2.1	5.4
Return on capital employed	%	5.5	6.5

To see how BPL LIMITED has performed over the last 5 years, please visit here.

BPL LIMITED Share Price Performance

Over the last one year, BPL LIMITED share price has moved up from Rs 85.8 to Rs 114.0, registering a gain of Rs 28.2 or around 32.9%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 61,946.5 (up 0.5%). Over the last one year it has moved up from 45,020.2 to 61,946.5, a gain of 16,926 points (up 37.6%).

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

(To know more, check out historical annual results for BPL LIMITED and quarterly results for BPL LIMITED)