DP ABHUSHAN 2023-24 Annual Report Analysis

Tue, 29 Oct

DP ABHUSHAN 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.

DP ABHUSHAN Income Statement Analysis

• Operating income during the year rose 18.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 31.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.3% in FY24 as against 3.9% in FY23.
• Depreciation charges increased by 13.8% and finance costs increased by 7.2% YoY, respectively.
• Other income grew by 77.4% YoY.
• Net profit for the year grew by 36.5% YoY.
• Net profit margins during the year grew from 2.3% in FY23 to 2.6% in FY24.

DP ABHUSHAN Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	19,751	23,400	18.5%
Other income	Rs m	2	4	77.4%
Total Revenues	Rs m	19,754	23,404	18.5%
Gross profit	Rs m	768	1,009	31.3%
Depreciation	Rs m	49	56	13.8%
Interest	Rs m	115	123	7.2%
Profit before tax	Rs m	606	834	37.5%
Tax	Rs m	153	215	40.4%
Profit after tax	Rs m	453	619	36.5%
Gross profit margin	%	3.9	4.3
Effective tax rate	%	25.3	25.8
Net profit margin	%	2.3	2.6

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DP ABHUSHAN Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 42.2%.
• Long-term debt down at Rs 35 million as compared to Rs 198 million during FY23, a fall of 82.5%.
• Current assets rose 35% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 502 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 31%.

DP ABHUSHAN Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,811	2,388	31.9
Current Liabilities	Rs m	2,135	3,036	42.2
Long-term Debt	Rs m	198	35	-82.5
Total Liabilities	Rs m	4,245	5,579	31.4
Current assets	Rs m	3,748	5,077	35.5
Fixed Assets	Rs m	497	502	0.9
Total Assets	Rs m	4,245	5,579	31.4

DP ABHUSHAN Cash Flow Statement Analysis

• DP ABHUSHAN's cash flow from operating activities (CFO) during FY24 stood at Rs -3 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -39 million, an improvement of 262.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 283 million, an improvement of 148% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 242 million from the Rs 3 million net cash flows seen during FY23.

DP ABHUSHAN 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	610	-3	-
Cash Flow from Investing Activities	Rs m	-11	-39	-
Cash Flow from Financing Activities	Rs m	-596	283	-
Net Cash Flow	Rs m	3	242	7,455.9%

Current Valuations for DP ABHUSHAN

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.8, an improvement from the EPS of Rs 20.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,773.7, stands at 48.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 16.8 times, while the price to sales ratio stands at 1.7 times.
• The company's price to cash flow (P/CF) ratio stood at 18.7 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	887.7	1,051.7
TTM Earnings per share	Rs	20.4	27.8
Diluted earnings per share	Rs	20.0	27.4
Price to Cash Flow	x	0.0	18.7
TTM P/E ratio	x	0.0	48.2
Price / Book Value ratio	x	4.7	5.3
Market Cap	Rs m	8,535	12,636
Dividends per share (Unadj.)	Rs	1.0	1.0

Ratio Analysis for DP ABHUSHAN

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 1.8x 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 7.8x during FY24, from 6.3x 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 improved and stood at 25.9% during FY24, from 25.0% 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 improved and stood at 39.5% during FY24, from 35.9% 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 13.3% during FY24, from 13.4% 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	1.8	1.7
Debtors’ Days	Days	1	1
Interest coverage	x	6.3	7.8
Debt to equity ratio	x	0.1	0.0
Return on assets	%	13.4	13.3
Return on equity	%	25.0	25.9
Return on capital employed	%	35.9	39.5

To see how DP ABHUSHAN has performed over the last 5 years, please visit here.

DP ABHUSHAN Share Price Performance

Over the last one year, DP ABHUSHAN share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 0.2% over the year.

(To know more, check out historical annual results for DP ABHUSHAN and quarterly results for DP ABHUSHAN)