EMPYREAN CASHEWS 2023-24 Annual Report Analysis

Wed, 21 Aug

EMPYREAN CASHEWS 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.

EMPYREAN CASHEWS Income Statement Analysis

• Operating income during the year rose 46.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.7% in FY24 as against 14.9% in FY23.
• Depreciation charges increased by 41.3% and finance costs decreased by 1.7% YoY, respectively.
• Other income grew by 89.1% YoY.
• Net profit for the year grew by 44.2% YoY.
• Net profit margins during the year declined from 9.5% in FY23 to 9.4% in FY24.

EMPYREAN CASHEWS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	700	1,026	46.5%
Other income	Rs m	11	21	89.1%
Total Revenues	Rs m	711	1,047	47.2%
Gross profit	Rs m	104	130	25.1%
Depreciation	Rs m	14	20	41.3%
Interest	Rs m	10	10	-1.7%
Profit before tax	Rs m	91	122	33.4%
Tax	Rs m	25	26	4.1%
Profit after tax	Rs m	67	96	44.2%
Gross profit margin	%	14.9	12.7
Effective tax rate	%	27.0	21.1
Net profit margin	%	9.5	9.4

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EMPYREAN CASHEWS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 65 million as compared to Rs 47 million in FY23, thereby witnessing an increase of 37.8%.
• Long-term debt down at Rs 58 million as compared to Rs 64 million during FY23, a fall of 9.4%.
• Current assets rose 83% and stood at Rs 1 billion, while fixed assets rose 51% and stood at Rs 236 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 763 million during FY23, thereby witnessing a growth of 76%.

EMPYREAN CASHEWS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	486	1,219	150.7
Current Liabilities	Rs m	47	65	37.8
Long-term Debt	Rs m	64	58	-9.4
Total Liabilities	Rs m	763	1,345	76.4
Current assets	Rs m	607	1,110	82.8
Fixed Assets	Rs m	156	236	51.5
Total Assets	Rs m	763	1,345	76.4

EMPYREAN CASHEWS Cash Flow Statement Analysis

• EMPYREAN CASHEWS's cash flow from operating activities (CFO) during FY24 stood at Rs -335 million, an improvement of 15.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -99 million, an improvement of 309.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 463 million, an improvement of 243% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 28 million from the Rs -181 million net cash flows seen during FY23.

EMPYREAN CASHEWS 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	-291	-335	-
Cash Flow from Investing Activities	Rs m	-24	-99	-
Cash Flow from Financing Activities	Rs m	135	463	243.3%
Net Cash Flow	Rs m	-181	28	-

Current Valuations for EMPYREAN CASHEWS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.3, an improvement from the EPS of Rs 3.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 225.0, stands at 52.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.1 times, while the price to sales ratio stands at 4.9 times.
• The company's price to cash flow (P/CF) ratio stood at 52.6 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	35.4	46.0
TTM Earnings per share	Rs	3.4	4.3
Diluted earnings per share	Rs	3.0	4.3
Price to Cash Flow	x	0.0	52.6
TTM P/E ratio	x	0.0	52.2
Price / Book Value ratio	x	7.5	5.0
Market Cap	Rs m	3,642	6,095
Dividends per share (Unadj.)	Rs	0.2	0.2

Ratio Analysis for EMPYREAN CASHEWS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 17.0x during FY24, from 12.9x 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 13.3x during FY24, from 10.1x 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 7.9% during FY24, from 13.7% 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 10.3% during FY24, from 18.4% 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 declined and down at 7.9% during FY24, from 10.0% 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	12.9	17.0
Debtors’ Days	Days	225	400
Interest coverage	x	10.1	13.3
Debt to equity ratio	x	0.1	0.0
Return on assets	%	10.0	7.9
Return on equity	%	13.7	7.9
Return on capital employed	%	18.4	10.3

To see how EMPYREAN CASHEWS has performed over the last 5 years, please visit here.

EMPYREAN CASHEWS Share Price Performance

Over the last one year, EMPYREAN CASHEWS 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 up 0.0% over the year.

(To know more, check out historical annual results for EMPYREAN CASHEWS and quarterly results for EMPYREAN CASHEWS)