CAPRI GLOBAL CAPITAL 2023-24 Annual Report Analysis

Thu, 12 Sep

CAPRI GLOBAL CAPITAL 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.

CAPRI GLOBAL CAPITAL Income Statement Analysis

• Operating income during the year rose 58.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 52.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 55.5% in FY24 as against 57.6% in FY23.
• Depreciation charges increased by 100.1% and finance costs increased by 56.6% YoY, respectively.
• Other income grew by 78.0% YoY.
• Net profit for the year grew by 36.5% YoY.
• Net profit margins during the year declined from 14.0% in FY23 to 12.1% in FY24.

CAPRI GLOBAL CAPITAL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,642	23,129	58.0%
Other income	Rs m	40	72	78.0%
Total Revenues	Rs m	14,683	23,200	58.0%
Gross profit	Rs m	8,429	12,838	52.3%
Depreciation	Rs m	439	879	100.1%
Interest	Rs m	5,347	8,375	56.6%
Profit before tax	Rs m	2,683	3,656	36.3%
Tax	Rs m	636	862	35.5%
Profit after tax	Rs m	2,047	2,794	36.5%
Gross profit margin	%	57.6	55.5
Effective tax rate	%	23.7	23.6
Net profit margin	%	14.0	12.1

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CAPRI GLOBAL CAPITAL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 14 billion as compared to Rs 8 billion in FY23, thereby witnessing an increase of 77.6%.
• Long-term debt stood at Rs 100 billion as compared to Rs 74 billion during FY23, a growth of 34.2%.
• Current assets fell 31% and stood at Rs 13 billion, while fixed assets rose 39% and stood at Rs 143 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 156 billion as against Rs 122 billion during FY23, thereby witnessing a growth of 28%.

CAPRI GLOBAL CAPITAL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	35,401	38,051	7.5
Current Liabilities	Rs m	8,067	14,330	77.6
Long-term Debt	Rs m	74,470	99,944	34.2
Total Liabilities	Rs m	121,704	156,022	28.2
Current assets	Rs m	18,796	13,036	-30.6
Fixed Assets	Rs m	102,908	142,986	38.9
Total Assets	Rs m	121,704	156,022	28.2

CAPRI GLOBAL CAPITAL Cash Flow Statement Analysis

• CAPRI GLOBAL CAPITAL's cash flow from operating activities (CFO) during FY24 stood at Rs -37 billion, an improvement of 23.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -71 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 29 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -8 billion from the Rs 12 billion net cash flows seen during FY23.

CAPRI GLOBAL CAPITAL 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	-30,069	-37,001	-
Cash Flow from Investing Activities	Rs m	654	-71	-
Cash Flow from Financing Activities	Rs m	40,955	28,703	-29.9%
Net Cash Flow	Rs m	11,540	-8,369	-

Current Valuations for CAPRI GLOBAL CAPITAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.4, an decline from the EPS of Rs 9.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 213.2, stands at 60.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.6 times, while the price to sales ratio stands at 7.6 times.
• The company's price to cash flow (P/CF) ratio stood at 48.8 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	71.0	28.0
TTM Earnings per share	Rs	9.9	3.4
Diluted earnings per share	Rs	2.5	3.4
Price to Cash Flow	x	54.1	48.8
TTM P/E ratio	x	65.8	60.3
Price / Book Value ratio	x	4.0	4.7
Market Cap	Rs m	141,354	179,291
Dividends per share (Unadj.)	Rs	0.3	0.2

Ratio Analysis for CAPRI GLOBAL CAPITAL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.9x during FY24, from 2.3x 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 deteriorated and stood at 1.4x during FY24, from 1.5x 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 7.3% during FY24, from 5.8% 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 8.7% during FY24, from 7.3% 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 improved and stood at 7.2% during FY24, from 6.1% 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	2.3	0.9
Debtors’ Days	Days	8	22
Interest coverage	x	1.5	1.4
Debt to equity ratio	x	2.1	2.6
Return on assets	%	6.1	7.2
Return on equity	%	5.8	7.3
Return on capital employed	%	7.3	8.7

To see how CAPRI GLOBAL CAPITAL has performed over the last 5 years, please visit here.

CAPRI GLOBAL CAPITAL Share Price Performance

Over the last one year, CAPRI GLOBAL CAPITAL share price has moved up from Rs 196.1 to Rs 213.2, registering a gain of Rs 17.1 or around 8.7%.

Overall, the S&P BSE SENSEX is up 23.6% over the year.

(To know more, check out historical annual results for CAPRI GLOBAL CAPITAL and quarterly results for CAPRI GLOBAL CAPITAL)