BCL INDUSTRIES 2023-24 Annual Report Analysis

Wed, 28 Aug

BCL INDUSTRIES 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.

BCL INDUSTRIES Income Statement Analysis

• Operating income during the year rose 13.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 54.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.3% in FY24 as against 6.8% in FY23.
• Depreciation charges increased by 44.2% and finance costs increased by 66.7% YoY, respectively.
• Other income grew by 17.5% YoY.
• Net profit for the year grew by 49.0% YoY.
• Net profit margins during the year grew from 3.5% in FY23 to 4.7% in FY24.

BCL INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	18,167	20,578	13.3%
Other income	Rs m	67	79	17.5%
Total Revenues	Rs m	18,235	20,657	13.3%
Gross profit	Rs m	1,236	1,908	54.5%
Depreciation	Rs m	250	360	44.2%
Interest	Rs m	198	331	66.7%
Profit before tax	Rs m	855	1,297	51.7%
Tax	Rs m	211	338	59.8%
Profit after tax	Rs m	644	959	49.0%
Gross profit margin	%	6.8	9.3
Effective tax rate	%	24.7	26.0
Net profit margin	%	3.5	4.7

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BCL INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 4 billion in FY23, thereby witnessing an decrease of -3.8%.
• Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY23, a growth of 9.0%.
• Current assets rose 22% and stood at Rs 6 billion, while fixed assets rose 16% and stood at Rs 7 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 13 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 19%.

BCL INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,313	6,302	46.1
Current Liabilities	Rs m	3,613	3,477	-3.8
Long-term Debt	Rs m	2,290	2,497	9.0
Total Liabilities	Rs m	10,955	13,007	18.7
Current assets	Rs m	5,154	6,289	22.0
Fixed Assets	Rs m	5,801	6,718	15.8
Total Assets	Rs m	10,955	13,007	18.7

BCL INDUSTRIES Cash Flow Statement Analysis

• BCL INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs 392 million, an improvement of 37.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 921 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 4 million from the Rs -162 million net cash flows seen during FY23.

BCL INDUSTRIES 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	285	392	37.3%
Cash Flow from Investing Activities	Rs m	-2,504	-1,309	-
Cash Flow from Financing Activities	Rs m	2,057	921	-55.2%
Net Cash Flow	Rs m	-162	4	-

Current Valuations for BCL INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.5, an decline from the EPS of Rs 26.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 56.9, stands at 16.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 65.6 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	752.3	75.6
TTM Earnings per share	Rs	26.6	3.5
Diluted earnings per share	Rs	2.2	3.2
Price to Cash Flow	x	130.5	65.6
TTM P/E ratio	x	181.1	16.7
Price / Book Value ratio	x	2.2	13.7
Market Cap	Rs m	9,570	86,485
Dividends per share (Unadj.)	Rs	0.5	0.3

Ratio Analysis for BCL INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.4x 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 deteriorated and stood at 4.9x during FY24, from 5.3x 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 15.2% during FY24, from 14.9% 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 18.5% during FY24, from 15.9% 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 9.9% during FY24, from 7.7% 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	1.4	1.8
Debtors’ Days	Days	187	216
Interest coverage	x	5.3	4.9
Debt to equity ratio	x	0.5	0.4
Return on assets	%	7.7	9.9
Return on equity	%	14.9	15.2
Return on capital employed	%	15.9	18.5

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

BCL INDUSTRIES Share Price Performance

Over the last one year, BCL INDUSTRIES share price has moved down from Rs 456.7 to Rs 56.9, registering a loss of Rs 399.7 or around 87.5%.

Overall, the S&P BSE SENSEX is up 26.1% over the year.

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