GANESH BENZO 2023-24 Annual Report Analysis

Thu, 26 Sep

GANESH BENZO 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.

GANESH BENZO Income Statement Analysis

• Operating income during the year rose 13.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 9.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.0% in FY24 as against 20.8% in FY23.
• Depreciation charges increased by 17.2% and finance costs increased by 16.9% YoY, respectively.
• Other income grew by 62.7% YoY.
• Net profit for the year grew by 11.6% YoY.
• Net profit margins during the year declined from 13.1% in FY23 to 12.9% in FY24.

GANESH BENZO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,208	4,771	13.4%
Other income	Rs m	83	135	62.7%
Total Revenues	Rs m	4,291	4,906	14.3%
Gross profit	Rs m	873	956	9.4%
Depreciation	Rs m	173	203	17.2%
Interest	Rs m	41	48	16.9%
Profit before tax	Rs m	742	840	13.1%
Tax	Rs m	192	226	17.7%
Profit after tax	Rs m	551	614	11.6%
Gross profit margin	%	20.8	20.0
Effective tax rate	%	25.8	26.8
Net profit margin	%	13.1	12.9

Don't Miss: Key Information for Long-term Investors

GANESH BENZO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 972 million in FY23, thereby witnessing an increase of 4.1%.
• Long-term debt down at Rs 3 million as compared to Rs 13 million during FY23, a fall of 74.9%.
• Current assets rose 35% and stood at Rs 2 billion, while fixed assets rose 24% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 27%.

GANESH BENZO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,487	5,016	43.9
Current Liabilities	Rs m	972	1,012	4.1
Long-term Debt	Rs m	13	3	-74.9
Total Liabilities	Rs m	5,334	6,766	26.9
Current assets	Rs m	1,512	2,034	34.6
Fixed Assets	Rs m	3,822	4,732	23.8
Total Assets	Rs m	5,334	6,766	26.9

GANESH BENZO Cash Flow Statement Analysis

• GANESH BENZO's cash flow from operating activities (CFO) during FY24 stood at Rs 833 million, an improvement of 105.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 136.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 729 million, an improvement of 387% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 95 million from the Rs -65 million net cash flows seen during FY23.

GANESH BENZO 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	406	833	105.1%
Cash Flow from Investing Activities	Rs m	-621	-1,467	-
Cash Flow from Financing Activities	Rs m	150	729	386.8%
Net Cash Flow	Rs m	-65	95	-

Current Valuations for GANESH BENZO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.5, an improvement from the EPS of Rs 8.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 146.1, stands at 16.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at 15.5 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	64.6	66.3
TTM Earnings per share	Rs	8.5	8.5
Diluted earnings per share	Rs	7.7	8.5
Price to Cash Flow	x	16.1	15.5
TTM P/E ratio	x	21.2	16.9
Price / Book Value ratio	x	2.6	2.5
Market Cap	Rs m	9,083	12,668
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GANESH BENZO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY24, from 1.6x 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 18.5x during FY24, from 19.0x 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 12.2% during FY24, from 15.8% 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 declined and down at 17.7% during FY24, from 22.4% 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 9.8% during FY24, from 11.1% 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	1.6	2.0
Debtors’ Days	Days	22	45
Interest coverage	x	19.0	18.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.1	9.8
Return on equity	%	15.8	12.2
Return on capital employed	%	22.4	17.7

To see how GANESH BENZO has performed over the last 5 years, please visit here.

GANESH BENZO Share Price Performance

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(To know more, check out historical annual results for GANESH BENZO and quarterly results for GANESH BENZO)