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BSE 2023-24 Annual Report Analysis

Fri, 23 Aug

BSE 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.

BSE Income Statement Analysis

• Operating income during the year rose 76.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 236.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 68.3% in FY24 as against 35.9% in FY23.
• Depreciation charges increased by 58.2% and finance costs increased by 5.0% YoY, respectively.
• Other income declined by 7.9% YoY.
• Net profit for the year grew by 275.2% YoY.
• Net profit margins during the year grew from 23.5% in FY23 to 50.0% in FY24.

BSE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,742	15,439	76.6%
Other income	Rs m	808	745	-7.9%
Total Revenues	Rs m	9,550	16,183	69.5%
Gross profit	Rs m	3,136	10,552	236.4%
Depreciation	Rs m	603	954	58.2%
Interest	Rs m	369	387	5.0%
Profit before tax	Rs m	2,973	9,955	234.9%
Tax	Rs m	916	2,239	144.4%
Profit after tax	Rs m	2,057	7,717	275.2%
Gross profit margin	%	35.9	68.3
Effective tax rate	%	30.8	22.5
Net profit margin	%	23.5	50.0

For Investors: Our Big Prediction

BSE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 50 billion as compared to Rs 24 billion in FY23, thereby witnessing an increase of 110.1%.
• Current assets rose 55% and stood at Rs 60 billion, while fixed assets rose 67% and stood at Rs 34 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 94 billion as against Rs 59 billion during FY23, thereby witnessing a growth of 59%.

BSE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	34,588	42,573	23.1
Current Liabilities	Rs m	23,927	50,270	110.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	59,093	93,915	58.9
Current assets	Rs m	38,571	59,699	54.8
Fixed Assets	Rs m	20,522	34,216	66.7
Total Assets	Rs m	59,093	93,915	58.9

BSE Cash Flow Statement Analysis

• BSE's cash flow from operating activities (CFO) during FY24 stood at Rs 28 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -11 billion, an improvement of 862.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 20% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 16 billion from the Rs -4 billion net cash flows seen during FY23.

BSE 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	-1,371	28,420	-
Cash Flow from Investing Activities	Rs m	-1,113	-10,715	-
Cash Flow from Financing Activities	Rs m	-1,855	-1,491	-
Net Cash Flow	Rs m	-4,340	16,215	-

Current Valuations for BSE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 57.0, an improvement from the EPS of Rs 15.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,730.0, stands at 72.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 23.9 times.
• The company's price to cash flow (P/CF) ratio stood at 23.7 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	64.5	114.0
TTM Earnings per share	Rs	15.2	57.0
Diluted earnings per share	Rs	15.2	57.0
Price to Cash Flow	x	0.0	23.7
TTM P/E ratio	x	0.0	72.0
Price / Book Value ratio	x	2.6	4.8
Market Cap	Rs m	91,498	205,234
Dividends per share (Unadj.)	Rs	12.0	15.0

Ratio Analysis for BSE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.6x 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 26.7x 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 18.1% during FY24, from 5.9% 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 24.3% during FY24, from 9.7% 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 8.6% during FY24, from 4.1% 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	1.6	1.2
Debtors’ Days	Days	379	499
Interest coverage	x	9.1	26.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.1	8.6
Return on equity	%	5.9	18.1
Return on capital employed	%	9.7	24.3

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

BSE Share Price Performance

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

Overall, the NIFTY 50 is up 0.1% over the year.

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