FOCE INDIA LTD. 2023-24 Annual Report Analysis

Wed, 16 Oct

FOCE INDIA LTD. 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.

FOCE INDIA LTD. Income Statement Analysis

• Operating income during the year rose 39.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 79.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.1% in FY24 as against 19.4% in FY23.
• Depreciation charges decreased by 13.0% and finance costs increased by 42.6% YoY, respectively.
• Other income grew by 71.3% YoY.
• Net profit for the year grew by 86.9% YoY.
• Net profit margins during the year grew from 14.7% in FY23 to 19.8% in FY24.

FOCE INDIA LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	577	803	39.1%
Other income	Rs m	1	1	71.3%
Total Revenues	Rs m	578	804	39.1%
Gross profit	Rs m	112	201	79.8%
Depreciation	Rs m	3	3	-13.0%
Interest	Rs m	5	6	42.6%
Profit before tax	Rs m	105	193	84.2%
Tax	Rs m	20	34	72.4%
Profit after tax	Rs m	85	159	86.9%
Gross profit margin	%	19.4	25.1
Effective tax rate	%	19.0	17.8
Net profit margin	%	14.7	19.8

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FOCE INDIA LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 462 million as compared to Rs 380 million in FY23, thereby witnessing an increase of 21.6%.
• Current assets rose 85% and stood at Rs 533 million, while fixed assets fell 1% and stood at Rs 573 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 864 million during FY23, thereby witnessing a growth of 28%.

FOCE INDIA LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	485	644	32.9
Current Liabilities	Rs m	380	462	21.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	864	1,106	27.9
Current assets	Rs m	288	533	84.9
Fixed Assets	Rs m	576	573	-0.6
Total Assets	Rs m	864	1,106	27.9

FOCE INDIA LTD. Cash Flow Statement Analysis

• FOCE INDIA LTD.'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 2 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 5 million from the Rs 6 million net cash flows seen during FY23.

FOCE INDIA LTD. 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	448	3	-99.4%
Cash Flow from Investing Activities	Rs m	-442	2	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	6	5	-23.9%

Current Valuations for FOCE INDIA LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 32.5, an improvement from the EPS of Rs 17.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,700.0, stands at 52.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.9 times, while the price to sales ratio stands at 10.4 times.
• The company's price to cash flow (P/CF) ratio stood at 24.6 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	118.0	164.1
TTM Earnings per share	Rs	17.4	32.5
Diluted earnings per share	Rs	17.4	32.5
Price to Cash Flow	x	0.0	24.6
TTM P/E ratio	x	0.0	52.3
Price / Book Value ratio	x	0.0	6.2
Market Cap	Rs m	0	3,975
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for FOCE INDIA LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 0.8x 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 31.1x during FY24, from 24.3x 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 24.7% during FY24, from 17.5% 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 31.0% during FY24, from 22.6% 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 15.0% during FY24, from 10.4% 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	0.8	1.2
Debtors’ Days	Days	592	2,053
Interest coverage	x	24.3	31.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.4	15.0
Return on equity	%	17.5	24.7
Return on capital employed	%	22.6	31.0

To see how FOCE INDIA LTD. has performed over the last 5 years, please visit here.

FOCE INDIA LTD. Share Price Performance

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(To know more, check out historical annual results for FOCE INDIA LTD. and quarterly results for FOCE INDIA LTD.)