GOODRICKE 2023-24 Annual Report Analysis

Mon, 8 Jul

GOODRICKE 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.

GOODRICKE Income Statement Analysis

• Operating income during the year fell 6.6% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 5.9% in FY24 as against 1.1% in FY23.
• Depreciation charges increased by 0.4% and finance costs increased by 83.7% YoY, respectively.
• Other income declined by 27.6% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 0.0% in FY23 to 8.4% in FY24.

GOODRICKE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,822	8,240	-6.6%
Other income	Rs m	192	139	-27.6%
Total Revenues	Rs m	9,014	8,379	-7.0%
Gross profit	Rs m	95	-487	NA
Depreciation	Rs m	206	207	0.4%
Interest	Rs m	55	101	83.7%
Profit before tax	Rs m	25	-656	NA
Tax	Rs m	29	37	29.1%
Profit after tax	Rs m	-3	-693	NA
Gross profit margin	%	1.1	-5.9
Effective tax rate	%	112.8	-5.6
Net profit margin	%	0.0	-8.4

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GOODRICKE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 31.6%.
• Long-term debt down at Rs 167 million as compared to Rs 175 million during FY23, a fall of 4.7%.
• Current assets rose 5% and stood at Rs 3 billion, while fixed assets fell 1% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 1%.

GOODRICKE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,109	2,412	-22.4
Current Liabilities	Rs m	2,140	2,817	31.6
Long-term Debt	Rs m	175	167	-4.7
Total Liabilities	Rs m	6,392	6,481	1.4
Current assets	Rs m	2,698	2,823	4.6
Fixed Assets	Rs m	3,694	3,658	-1.0
Total Assets	Rs m	6,392	6,481	1.4

GOODRICKE Cash Flow Statement Analysis

• GOODRICKE's cash flow from operating activities (CFO) during FY24 stood at Rs -250 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -180 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 438 million, an improvement of 340% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 9 million from the Rs 16 million net cash flows seen during FY23.

GOODRICKE 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	99	-250	-
Cash Flow from Investing Activities	Rs m	-182	-180	-
Cash Flow from Financing Activities	Rs m	99	438	340.5%
Net Cash Flow	Rs m	16	9	-46.8%

Current Valuations for GOODRICKE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -32.1, an decline from the EPS of Rs -0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 196.3, stands at -6.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at -8.6 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	408.4	381.5
TTM Earnings per share	Rs	-0.1	-32.1
Diluted earnings per share	Rs	-0.1	-32.1
Price to Cash Flow	x	17.6	-8.6
TTM P/E ratio	x	-1,112.1	-6.1
Price / Book Value ratio	x	1.5	1.7
Market Cap	Rs m	4,664	4,158
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GOODRICKE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.3x 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 -5.5x 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 declined and down at -28.7% during FY24, from -0.1% 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 declined and down at -21.5% during FY24, from 2.4% 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 -9.1% during FY24, from 0.8% 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	1.3	1.0
Debtors’ Days	Days	27	32
Interest coverage	x	1.5	-5.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	0.8	-9.1
Return on equity	%	-0.1	-28.7
Return on capital employed	%	2.4	-21.5

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

GOODRICKE Share Price Performance

Over the last one year, GOODRICKE share price has moved up from Rs 186.0 to Rs 196.3, registering a gain of Rs 10.3 or around 5.5%.

Overall, the S&P BSE SENSEX is up 22.1% over the year.

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