BROOKFIELD INDIA REIT 2023-24 Annual Report Analysis

Tue, 2 Jul

BROOKFIELD INDIA REIT 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.

BROOKFIELD INDIA REIT Income Statement Analysis

• Operating income during the year fell 67.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 59.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 85.2% in FY24 as against 68.1% in FY23.
• Depreciation charges decreased by 100.0% and finance costs decreased by 92.0% YoY, respectively.
• Other income declined by 99.8% YoY.
• Net profit for the year grew by 127.4% YoY.
• Net profit margins during the year grew from 11.0% in FY23 to 76.7% in FY24.

BROOKFIELD INDIA REIT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	11,970	3,889	-67.5%
Other income	Rs m	325	1	-99.8%
Total Revenues	Rs m	12,295	3,890	-68.4%
Gross profit	Rs m	8,156	3,313	-59.4%
Depreciation	Rs m	2,752	0	-100.0%
Interest	Rs m	4,325	345	-92.0%
Profit before tax	Rs m	1,404	2,969	111.5%
Tax	Rs m	92	-15	NA
Profit after tax	Rs m	1,312	2,984	127.4%
Gross profit margin	%	68.1	85.2
Effective tax rate	%	6.5	-0.5
Net profit margin	%	11.0	76.7

Don't Miss: Key Information for Long-term Investors

BROOKFIELD INDIA REIT Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 7 billion as compared to Rs 7 billion in FY23, thereby witnessing an increase of 12.0%.
• Current assets fell 32% and stood at Rs 3 billion, while fixed assets fell 17% and stood at Rs 114 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 117 billion as against Rs 143 billion during FY23, thereby witnessing a fall of 18%.

BROOKFIELD INDIA REIT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	83,337	109,816	31.8
Current Liabilities	Rs m	6,645	7,444	12.0
Long-term Debt	Rs m	53,984	0	-100.0
Total Liabilities	Rs m	142,716	117,285	-17.8
Current assets	Rs m	4,199	2,857	-32.0
Fixed Assets	Rs m	138,517	114,428	-17.4
Total Assets	Rs m	142,716	117,285	-17.8

BROOKFIELD INDIA REIT Cash Flow Statement Analysis

• BROOKFIELD INDIA REIT's cash flow from operating activities (CFO) during FY24 stood at Rs -150 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -21 billion, an improvement of 2,602.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 22 billion, an improvement of 362% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 710 million from the Rs 53 million net cash flows seen during FY23.

BROOKFIELD INDIA REIT 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	9,218	-150	-
Cash Flow from Investing Activities	Rs m	-780	-21,084	-
Cash Flow from Financing Activities	Rs m	-8,385	21,944	-
Net Cash Flow	Rs m	53	710	1,242.3%

Current Valuations for BROOKFIELD INDIA REIT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.8, an improvement from the EPS of Rs 3.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 266.0, stands at 39.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 30.0 times.
• The company's price to cash flow (P/CF) ratio stood at 37.9 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	35.7	8.9
TTM Earnings per share	Rs	3.9	6.8
Diluted earnings per share	Rs	3.0	6.8
Price to Cash Flow	x	23.0	37.9
TTM P/E ratio	x	71.3	39.1
Price / Book Value ratio	x	1.2	1.0
Market Cap	Rs m	99,680	113,086
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BROOKFIELD INDIA REIT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.4x during FY24, from 0.6x 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 9.6x during FY24, from 1.3x 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 improved and stood at 2.7% during FY24, from 1.6% 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 3.0% during FY24, from 4.2% 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 2.8% during FY24, from 3.9% 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	0.6	0.4
Debtors’ Days	Days	7	0
Interest coverage	x	1.3	9.6
Debt to equity ratio	x	0.6	0.0
Return on assets	%	3.9	2.8
Return on equity	%	1.6	2.7
Return on capital employed	%	4.2	3.0

To see how BROOKFIELD INDIA REIT has performed over the last 5 years, please visit here.

BROOKFIELD INDIA REIT Share Price Performance

Over the last one year, BROOKFIELD INDIA REIT share price has moved down from Rs 266.6 to Rs 266.0, registering a loss of Rs 0.6 or around 0.2%.

Overall, the S&P BSE SENSEX is up 24.3% over the year.

(To know more, check out historical annual results for BROOKFIELD INDIA REIT and quarterly results for BROOKFIELD INDIA REIT)