GEECEE VENTURES 2023-24 Annual Report Analysis

Tue, 5 Nov

GEECEE VENTURES 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.

GEECEE VENTURES Income Statement Analysis

• Operating income during the year rose 141.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 199.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 46.4% in FY24 as against 37.4% in FY23.
• Depreciation charges increased by 12.7% and finance costs decreased by 68.1% YoY, respectively.
• Other income declined by 58.4% YoY.
• Net profit for the year grew by 220.8% YoY.
• Net profit margins during the year grew from 29.0% in FY23 to 38.5% in FY24.

GEECEE VENTURES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	401	967	141.4%
Other income	Rs m	13	5	-58.4%
Total Revenues	Rs m	414	972	135.1%
Gross profit	Rs m	150	449	199.6%
Depreciation	Rs m	17	19	12.7%
Interest	Rs m	2	1	-68.1%
Profit before tax	Rs m	143	434	202.4%
Tax	Rs m	27	62	124.5%
Profit after tax	Rs m	116	372	220.8%
Gross profit margin	%	37.4	46.4
Effective tax rate	%	19.1	14.2
Net profit margin	%	29.0	38.5

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GEECEE VENTURES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 606 million as compared to Rs 403 million in FY23, thereby witnessing an increase of 50.4%.
• Current assets rose 28% and stood at Rs 4 billion, while fixed assets rose 7% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 18%.

GEECEE VENTURES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,611	6,451	15.0
Current Liabilities	Rs m	403	606	50.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	6,165	7,279	18.1
Current assets	Rs m	3,313	4,233	27.8
Fixed Assets	Rs m	2,852	3,046	6.8
Total Assets	Rs m	6,165	7,279	18.1

GEECEE VENTURES Cash Flow Statement Analysis

• GEECEE VENTURES's cash flow from operating activities (CFO) during FY24 stood at Rs -209 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 628 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -42 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 376 million from the Rs 352 million net cash flows seen during FY23.

GEECEE VENTURES 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	684	-209	-
Cash Flow from Investing Activities	Rs m	-329	628	-
Cash Flow from Financing Activities	Rs m	-2	-42	-
Net Cash Flow	Rs m	352	376	6.7%

Current Valuations for GEECEE VENTURES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.8, an improvement from the EPS of Rs 5.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 404.0, stands at 20.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 8.7 times.
• The company's price to cash flow (P/CF) ratio stood at 12.7 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	19.2	46.2
TTM Earnings per share	Rs	5.5	17.8
Diluted earnings per share	Rs	5.5	17.8
Price to Cash Flow	x	20.1	12.7
TTM P/E ratio	x	23.1	20.0
Price / Book Value ratio	x	0.5	0.8
Market Cap	Rs m	3,014	4,971
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for GEECEE VENTURES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 7.0x during FY24, from 8.2x 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 668.4x during FY24, from 71.3x 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 5.8% during FY24, from 2.1% 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 6.7% during FY24, from 2.6% 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 5.1% during FY24, from 1.9% 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	8.2	7.0
Debtors’ Days	Days	137	245
Interest coverage	x	71.3	668.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.9	5.1
Return on equity	%	2.1	5.8
Return on capital employed	%	2.6	6.7

To see how GEECEE VENTURES has performed over the last 5 years, please visit here.

GEECEE VENTURES Share Price Performance

Over the last one year, GEECEE VENTURES share price has moved up from Rs 190.7 to Rs 404.0, registering a gain of Rs 213.3 or around 111.9%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for GEECEE VENTURES and quarterly results for GEECEE VENTURES)