BATLIBOI 2023-24 Annual Report Analysis

Wed, 24 Jul

BATLIBOI 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.

BATLIBOI Income Statement Analysis

• Operating income during the year rose 12.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.8% in FY24 as against 6.3% in FY23.
• Depreciation charges decreased by 3.7% and finance costs decreased by 7.1% YoY, respectively.
• Other income grew by 33.9% YoY.
• Net profit for the year declined by 13.2% YoY.
• Net profit margins during the year declined from 4.2% in FY23 to 3.2% in FY24.

BATLIBOI Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,538	2,864	12.8%
Other income	Rs m	45	61	33.9%
Total Revenues	Rs m	2,584	2,925	13.2%
Gross profit	Rs m	160	167	4.9%
Depreciation	Rs m	42	40	-3.7%
Interest	Rs m	52	49	-7.1%
Profit before tax	Rs m	111	139	25.6%
Tax	Rs m	5	48	785.2%
Profit after tax	Rs m	106	92	-13.2%
Gross profit margin	%	6.3	5.8
Effective tax rate	%	4.9	34.3
Net profit margin	%	4.2	3.2

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

BATLIBOI Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 912 million as compared to Rs 679 million in FY23, thereby witnessing an increase of 34.4%.
• Long-term debt down at Rs 558 million as compared to Rs 613 million during FY23, a fall of 8.9%.
• Current assets rose 39% and stood at Rs 1 billion, while fixed assets rose 1% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 11%.

BATLIBOI Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,359	1,456	7.1
Current Liabilities	Rs m	679	912	34.4
Long-term Debt	Rs m	613	558	-8.9
Total Liabilities	Rs m	2,885	3,199	10.9
Current assets	Rs m	745	1,034	38.7
Fixed Assets	Rs m	1,962	1,987	1.3
Total Assets	Rs m	2,885	3,199	10.9

BATLIBOI Cash Flow Statement Analysis

• BATLIBOI's cash flow from operating activities (CFO) during FY24 stood at Rs 75 million, an improvement of 696.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -31 million, an improvement of 2.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 55 million, an improvement of 212% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 99 million from the Rs -71 million net cash flows seen during FY23.

BATLIBOI 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	75	696.5%
Cash Flow from Investing Activities	Rs m	-30	-31	-
Cash Flow from Financing Activities	Rs m	-50	55	-
Net Cash Flow	Rs m	-71	99	-

Current Valuations for BATLIBOI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.2, an decline from the EPS of Rs 3.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 120.0, stands at 44.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 24.2 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	87.9	98.6
TTM Earnings per share	Rs	3.7	3.2
Diluted earnings per share	Rs	3.1	2.7
Price to Cash Flow	x	13.7	24.2
TTM P/E ratio	x	19.2	44.9
Price / Book Value ratio	x	1.1	2.2
Market Cap	Rs m	1,476	3,185
Dividends per share (Unadj.)	Rs	0.0	0.5

Ratio Analysis for BATLIBOI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x 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 3.9x during FY24, from 3.1x 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 declined and down at 6.3% during FY24, from 7.8% 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 9.3% during FY24, from 8.3% 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 4.4% during FY24, from 5.5% 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	1.1
Debtors’ Days	Days	454	478
Interest coverage	x	3.1	3.9
Debt to equity ratio	x	0.5	0.4
Return on assets	%	5.5	4.4
Return on equity	%	7.8	6.3
Return on capital employed	%	8.3	9.3

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

BATLIBOI Share Price Performance

Over the last one year, BATLIBOI share price has moved up from Rs 76.5 to Rs 120.0, registering a gain of Rs 43.5 or around 56.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 71,724.6 (up 0.7%). Over the last one year it has moved up from 42,734.2 to 71,724.6, a gain of 28,990 points (up 67.8%).

Overall, the S&P BSE SENSEX is up 20.9% over the year.

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