KOKUYO CAMLIN 2023-24 Annual Report Analysis

Tue, 16 Jul

KOKUYO CAMLIN 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.

KOKUYO CAMLIN Income Statement Analysis

• Operating income during the year rose 5.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 40.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.4% in FY24 as against 7.0% in FY23.
• Depreciation charges increased by 10.7% and finance costs decreased by 5.2% YoY, respectively.
• Other income grew by 173.0% YoY.
• Net profit for the year grew by 79.3% YoY.
• Net profit margins during the year grew from 3.2% in FY23 to 5.4% in FY24.

KOKUYO CAMLIN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,749	8,159	5.3%
Other income	Rs m	21	57	173.0%
Total Revenues	Rs m	7,770	8,216	5.7%
Gross profit	Rs m	544	766	40.9%
Depreciation	Rs m	169	187	10.7%
Interest	Rs m	45	42	-5.2%
Profit before tax	Rs m	351	594	69.0%
Tax	Rs m	107	156	45.4%
Profit after tax	Rs m	244	438	79.3%
Gross profit margin	%	7.0	9.4
Effective tax rate	%	30.4	26.2
Net profit margin	%	3.2	5.4

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KOKUYO CAMLIN 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 2.3%.
• Current assets rose 14% and stood at Rs 3 billion, while fixed assets rose 9% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 11%.

KOKUYO CAMLIN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,626	2,963	12.9
Current Liabilities	Rs m	1,714	1,753	2.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,423	4,931	11.5
Current assets	Rs m	2,711	3,100	14.4
Fixed Assets	Rs m	1,677	1,830	9.1
Total Assets	Rs m	4,423	4,931	11.5

KOKUYO CAMLIN Cash Flow Statement Analysis

• KOKUYO CAMLIN's cash flow from operating activities (CFO) during FY24 stood at Rs 188 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -177 million, an improvement of 138.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 100% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 12 million from the Rs 12 million net cash flows seen during FY23.

KOKUYO CAMLIN 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	275	188	-31.5%
Cash Flow from Investing Activities	Rs m	-74	-177	-
Cash Flow from Financing Activities	Rs m	-188	0	-
Net Cash Flow	Rs m	12	12	-3.0%

Current Valuations for KOKUYO CAMLIN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.4, an improvement from the EPS of Rs 2.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 155.0, stands at 35.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 19.8 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	77.3	81.3
TTM Earnings per share	Rs	2.4	4.4
Diluted earnings per share	Rs	2.4	4.4
Price to Cash Flow	x	16.7	19.8
TTM P/E ratio	x	28.2	35.5
Price / Book Value ratio	x	2.8	4.2
Market Cap	Rs m	7,332	12,357
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for KOKUYO CAMLIN

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x 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 15.1x during FY24, from 8.9x 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 14.8% during FY24, from 9.3% 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 21.5% during FY24, from 15.1% 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 9.7% during FY24, from 6.5% 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	1.6	1.8
Debtors’ Days	Days	346	370
Interest coverage	x	8.9	15.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.5	9.7
Return on equity	%	9.3	14.8
Return on capital employed	%	15.1	21.5

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

KOKUYO CAMLIN Share Price Performance

Over the last one year, KOKUYO CAMLIN share price has moved up from Rs 125.4 to Rs 155.0, registering a gain of Rs 29.7 or around 23.7%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 21,941.6 (up 0.9%). Over the last one year it has moved up from 19,173.9 to 21,941.6, a gain of 2,768 points (up 14.4%).

Overall, the S&P BSE SENSEX is up 23.4% over the year.

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