DRONE DESTINATION 2023-24 Annual Report Analysis

Tue, 23 Jul

DRONE DESTINATION 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.

DRONE DESTINATION Income Statement Analysis

• Operating income during the year rose 163.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 172.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 41.1% in FY24 as against 39.7% in FY23.
• Depreciation charges increased by 224.5% and finance costs increased by 125.4% YoY, respectively.
• Other income grew by 15880.0% YoY.
• Net profit for the year grew by 176.4% YoY.
• Net profit margins during the year grew from 21.2% in FY23 to 22.3% in FY24.

DRONE DESTINATION Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	121	318	163.6%
Other income	Rs m	0	8	15,880.0%
Total Revenues	Rs m	121	326	170.1%
Gross profit	Rs m	48	131	172.7%
Depreciation	Rs m	12	40	224.5%
Interest	Rs m	2	4	125.4%
Profit before tax	Rs m	34	95	179.3%
Tax	Rs m	8	24	188.0%
Profit after tax	Rs m	26	71	176.4%
Gross profit margin	%	39.7	41.1
Effective tax rate	%	24.5	25.3
Net profit margin	%	21.2	22.3

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DRONE DESTINATION Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 118 million as compared to Rs 49 million in FY23, thereby witnessing an increase of 141.7%.
• Long-term debt stood at Rs 24 million as compared to Rs 10 million during FY23, a growth of 136.8%.
• Current assets rose 226% and stood at Rs 594 million, while fixed assets rose 204% and stood at Rs 163 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 757 million as against Rs 236 million during FY23, thereby witnessing a growth of 221%.

DRONE DESTINATION Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	176	616	250.2
Current Liabilities	Rs m	49	118	141.7
Long-term Debt	Rs m	10	24	136.8
Total Liabilities	Rs m	236	757	220.9
Current assets	Rs m	182	594	225.9
Fixed Assets	Rs m	54	163	204.0
Total Assets	Rs m	236	757	220.9

DRONE DESTINATION Cash Flow Statement Analysis

• DRONE DESTINATION's cash flow from operating activities (CFO) during FY24 stood at Rs -147 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -132 million, an improvement of 126.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 391 million, an improvement of 163% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 111 million from the Rs 99 million net cash flows seen during FY23.

DRONE DESTINATION 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	8	-147	-
Cash Flow from Investing Activities	Rs m	-58	-132	-
Cash Flow from Financing Activities	Rs m	149	391	162.5%
Net Cash Flow	Rs m	99	111	12.7%

Current Valuations for DRONE DESTINATION

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.9, an decline from the EPS of Rs 5.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 388.9, stands at 133.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 15.3 times, while the price to sales ratio stands at 29.7 times.
• The company's price to cash flow (P/CF) ratio stood at 33.3 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	24.1	13.1
TTM Earnings per share	Rs	5.1	2.9
Diluted earnings per share	Rs	1.1	2.9
Price to Cash Flow	x	0.0	33.3
TTM P/E ratio	x	0.0	133.4
Price / Book Value ratio	x	0.0	6.0
Market Cap	Rs m	0	3,696
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DRONE DESTINATION

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.0x during FY24, from 3.7x 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 25.9x during FY24, from 21.1x 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 11.5% during FY24, from 14.6% 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 15.4% during FY24, from 19.1% 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 declined and down at 9.9% during FY24, from 11.6% 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	3.7	5.0
Debtors’ Days	Days	201,637	217,963
Interest coverage	x	21.1	25.9
Debt to equity ratio	x	0.1	0.0
Return on assets	%	11.6	9.9
Return on equity	%	14.6	11.5
Return on capital employed	%	19.1	15.4

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

DRONE DESTINATION Share Price Performance

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