COSMIC CRF 2023-24 Annual Report Analysis

Wed, 24 Jul

COSMIC CRF 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.

COSMIC CRF Income Statement Analysis

• Operating income during the year rose 108.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 85.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.9% in FY24 as against 10.0% in FY23.
• Depreciation charges increased by 313.8% and finance costs increased by 28.4% YoY, respectively.
• Other income grew by 3950.0% YoY.
• Net profit for the year grew by 98.9% YoY.
• Net profit margins during the year grew from 0.0% in FY23 to 5.0% in FY24.

COSMIC CRF Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,215	2,535	108.6%
Other income	Rs m	0	2	3,950.0%
Total Revenues	Rs m	1,215	2,536	108.8%
Gross profit	Rs m	121	224	85.0%
Depreciation	Rs m	9	36	313.8%
Interest	Rs m	26	33	28.4%
Profit before tax	Rs m	87	157	80.9%
Tax	Rs m	23	29	30.0%
Profit after tax	Rs m	64	128	98.9%
Gross profit margin	%	10.0	8.9
Effective tax rate	%	26.1	18.8
Net profit margin	%	0.0	5.0

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COSMIC CRF Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 338 million as compared to Rs 255 million in FY23, thereby witnessing an increase of 32.3%.
• Long-term debt down at Rs 102 million as compared to Rs 267 million during FY23, a fall of 61.7%.
• Current assets rose 423% and stood at Rs 1 billion, while fixed assets rose 168% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 688 million during FY23, thereby witnessing a growth of 269%.

COSMIC CRF Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	163	2,100	1,189.1
Current Liabilities	Rs m	255	338	32.3
Long-term Debt	Rs m	267	102	-61.7
Total Liabilities	Rs m	688	2,535	268.7
Current assets	Rs m	272	1,423	423.3
Fixed Assets	Rs m	416	1,112	167.6
Total Assets	Rs m	688	2,535	268.7

COSMIC CRF Cash Flow Statement Analysis

• COSMIC CRF's cash flow from operating activities (CFO) during FY24 stood at Rs -250 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -266 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 1 billion, an improvement of 396% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 643 million from the Rs -2 million net cash flows seen during FY23.

COSMIC CRF 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	37	-250	-
Cash Flow from Investing Activities	Rs m	-271	-266	-
Cash Flow from Financing Activities	Rs m	233	1,159	396.3%
Net Cash Flow	Rs m	-2	643	-

Current Valuations for COSMIC CRF

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.6, an improvement from the EPS of Rs 12.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,942.5, stands at 124.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.6 times, while the price to sales ratio stands at 6.3 times.
• The company's price to cash flow (P/CF) ratio stood at 31.8 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	238.2	309.1
TTM Earnings per share	Rs	12.6	15.6
Diluted earnings per share	Rs	7.8	15.6
Price to Cash Flow	x	0.0	31.8
TTM P/E ratio	x	0.0	124.8
Price / Book Value ratio	x	0.0	2.5
Market Cap	Rs m	0	5,189
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for COSMIC CRF

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.2x 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 5.7x during FY24, from 4.3x 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 declined and down at 6.1% during FY24, from 39.4% 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 8.6% during FY24, from 26.3% 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 6.3% during FY24, from 13.1% 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	1.1	4.2
Debtors’ Days	Days	175	486
Interest coverage	x	4.3	5.7
Debt to equity ratio	x	1.6	0.0
Return on assets	%	13.1	6.3
Return on equity	%	39.4	6.1
Return on capital employed	%	26.3	8.6

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

COSMIC CRF Share Price Performance

Over the last one year, COSMIC CRF share price has moved up from Rs 185.9 to Rs 1,942.5, registering a gain of Rs 1,756.6 or around 944.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 31,696.6 (up 0.5%). Over the last one year it has moved up from 21,065.4 to 31,696.6, a gain of 10,631 points (up 50.5%).

Overall, the S&P BSE SENSEX is up 20.4% over the year.

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