DHANUKA AGRITECH 2023-24 Annual Report Analysis

Fri, 12 Jul

DHANUKA AGRITECH 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.

DHANUKA AGRITECH Income Statement Analysis

• Operating income during the year rose 3.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.6% in FY24 as against 16.4% in FY23.
• Depreciation charges increased by 130.4% and finance costs increased by 0.5% YoY, respectively.
• Other income declined by 21.9% YoY.
• Net profit for the year grew by 2.4% YoY.
• Net profit margins during the year declined from 13.7% in FY23 to 13.6% in FY24.

DHANUKA AGRITECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	17,002	17,585	3.4%
Other income	Rs m	448	350	-21.9%
Total Revenues	Rs m	17,450	17,935	2.8%
Gross profit	Rs m	2,788	3,276	17.5%
Depreciation	Rs m	176	406	130.4%
Interest	Rs m	33	33	0.5%
Profit before tax	Rs m	3,027	3,188	5.3%
Tax	Rs m	692	797	15.1%
Profit after tax	Rs m	2,335	2,391	2.4%
Gross profit margin	%	16.4	18.6
Effective tax rate	%	22.9	25.0
Net profit margin	%	13.7	13.6

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DHANUKA AGRITECH Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -6.6%.
• Current assets rose 14% and stood at Rs 10 billion, while fixed assets rose 9% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 16 billion as against Rs 14 billion during FY23, thereby witnessing a growth of 12%.

DHANUKA AGRITECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,613	12,559	18.3
Current Liabilities	Rs m	2,979	2,781	-6.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	14,053	15,791	12.4
Current assets	Rs m	8,962	10,258	14.5
Fixed Assets	Rs m	5,091	5,533	8.7
Total Assets	Rs m	14,053	15,791	12.4

DHANUKA AGRITECH Cash Flow Statement Analysis

• DHANUKA AGRITECH's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -809 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -565 million, an improvement of 59% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -30 million from the Rs 20 million net cash flows seen during FY23.

DHANUKA AGRITECH 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	1,362	1,345	-1.3%
Cash Flow from Investing Activities	Rs m	26	-809	-
Cash Flow from Financing Activities	Rs m	-1,368	-565	-
Net Cash Flow	Rs m	20	-30	-

Current Valuations for DHANUKA AGRITECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 52.5, an improvement from the EPS of Rs 51.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,682.0, stands at 32.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 4.4 times.
• The company's price to cash flow (P/CF) ratio stood at 15.5 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	373.0	385.8
TTM Earnings per share	Rs	51.2	52.5
Diluted earnings per share	Rs	51.2	52.5
Price to Cash Flow	x	11.1	15.5
TTM P/E ratio	x	11.9	32.1
Price / Book Value ratio	x	3.0	3.4
Market Cap	Rs m	32,072	43,253
Dividends per share (Unadj.)	Rs	2.0	14.0

Ratio Analysis for DHANUKA AGRITECH

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.7x during FY24, from 3.0x 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 98.6x during FY24, from 94.1x 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 19.0% during FY24, from 22.0% 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 25.6% during FY24, from 28.8% 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 15.3% during FY24, from 16.8% 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	3.0	3.7
Debtors’ Days	Days	728	720
Interest coverage	x	94.1	98.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.8	15.3
Return on equity	%	22.0	19.0
Return on capital employed	%	28.8	25.6

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

DHANUKA AGRITECH Share Price Performance

Over the last one year, DHANUKA AGRITECH share price has moved up from Rs 777.7 to Rs 1,682.0, registering a gain of Rs 904.4 or around 116.3%.

Overall, the S&P BSE SENSEX is up 22.5% over the year.

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