DOLLAR INDUSTRIES 2023-24 Annual Report Analysis

Wed, 10 Jul

DOLLAR 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.

DOLLAR INDUSTRIES Income Statement Analysis

• Operating income during the year rose 11.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 64.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.0% in FY24 as against 6.7% in FY23.
• Depreciation charges increased by 20.3% and finance costs increased by 24.9% YoY, respectively.
• Other income declined by 5.9% YoY.
• Net profit for the year grew by 70.4% YoY.
• Net profit margins during the year grew from 3.8% in FY23 to 5.8% in FY24.

DOLLAR INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	13,938	15,491	11.1%
Other income	Rs m	47	45	-5.9%
Total Revenues	Rs m	13,986	15,536	11.1%
Gross profit	Rs m	936	1,543	64.8%
Depreciation	Rs m	176	212	20.3%
Interest	Rs m	151	188	24.9%
Profit before tax	Rs m	656	1,187	80.8%
Tax	Rs m	132	293	122.1%
Profit after tax	Rs m	524	894	70.4%
Gross profit margin	%	6.7	10.0
Effective tax rate	%	20.1	24.7
Net profit margin	%	3.8	5.8

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DOLLAR INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 47.8%.
• Long-term debt stood at Rs 300 million as compared to Rs 1 million during FY23, a growth of 20767.4%.
• Current assets rose 23% and stood at Rs 11 billion, while fixed assets rose 26% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 14 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 24%.

DOLLAR INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,072	7,907	11.8
Current Liabilities	Rs m	3,462	5,115	47.8
Long-term Debt	Rs m	1	300	20,767.4
Total Liabilities	Rs m	10,908	13,516	23.9
Current assets	Rs m	8,551	10,551	23.4
Fixed Assets	Rs m	2,357	2,966	25.8
Total Assets	Rs m	10,908	13,516	23.9

DOLLAR INDUSTRIES Cash Flow Statement Analysis

• DOLLAR INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs -63 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -813 million, an improvement of 41.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 876 million, an improvement of 212% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY23.

DOLLAR 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	1,359	-63	-
Cash Flow from Investing Activities	Rs m	-576	-813	-
Cash Flow from Financing Activities	Rs m	-785	876	-
Net Cash Flow	Rs m	0	0	-

Current Valuations for DOLLAR INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.8, an improvement from the EPS of Rs 9.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 516.5, stands at 31.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 22.6 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	245.7	273.1
TTM Earnings per share	Rs	9.2	15.8
Diluted earnings per share	Rs	9.2	15.8
Price to Cash Flow	x	28.1	22.6
TTM P/E ratio	x	34.0	31.5
Price / Book Value ratio	x	3.7	3.2
Market Cap	Rs m	26,323	24,972
Dividends per share (Unadj.)	Rs	3.0	3.0

Ratio Analysis for DOLLAR INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY24, from 2.5x 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 7.3x during FY24, from 5.4x 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 11.3% during FY24, from 7.4% 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 improved and stood at 16.8% during FY24, from 11.4% 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 8.0% during FY24, from 6.2% 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	2.5	2.1
Debtors’ Days	Days	1,122	1,132
Interest coverage	x	5.4	7.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.2	8.0
Return on equity	%	7.4	11.3
Return on capital employed	%	11.4	16.8

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

DOLLAR INDUSTRIES Share Price Performance

Over the last one year, DOLLAR INDUSTRIES share price has moved up from Rs 372.9 to Rs 516.5, registering a gain of Rs 143.7 or around 38.5%.

Overall, the S&P BSE SENSEX is up 22.3% over the year.

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