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GUJ.THEMIS. 2023-24 Annual Report Analysis

Wed, 3 Jul

GUJ.THEMIS. 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.

GUJ.THEMIS. Income Statement Analysis

• Operating income during the year rose 14.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 46.4% in FY24 as against 49.6% in FY23.
• Depreciation charges increased by 37.3% and finance costs increased by 30.1% YoY, respectively.
• Other income declined by 33.7% YoY.
• Net profit for the year grew by 2.1% YoY.
• Net profit margins during the year declined from 39.1% in FY23 to 34.8% in FY24.

GUJ.THEMIS. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,484	1,698	14.4%
Other income	Rs m	66	44	-33.7%
Total Revenues	Rs m	1,550	1,742	12.4%
Gross profit	Rs m	736	787	6.9%
Depreciation	Rs m	26	35	37.3%
Interest	Rs m	2	2	30.1%
Profit before tax	Rs m	775	793	2.4%
Tax	Rs m	195	202	3.5%
Profit after tax	Rs m	580	592	2.1%
Gross profit margin	%	49.6	46.4
Effective tax rate	%	25.2	25.4
Net profit margin	%	39.1	34.8

For Investors: Our Big Prediction

GUJ.THEMIS. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 362 million as compared to Rs 357 million in FY23, thereby witnessing an increase of 1.4%.
• Current assets fell 18% and stood at Rs 676 million, while fixed assets rose 66% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 29%.

GUJ.THEMIS. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,491	2,014	35.0
Current Liabilities	Rs m	357	362	1.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,868	2,412	29.1
Current assets	Rs m	822	676	-17.7
Fixed Assets	Rs m	1,046	1,736	65.9
Total Assets	Rs m	1,868	2,412	29.1

GUJ.THEMIS. Cash Flow Statement Analysis

• GUJ.THEMIS.'s cash flow from operating activities (CFO) during FY24 stood at Rs 642 million, an improvement of 62.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -552 million, an improvement of 170.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -86 million, an improvement of 35% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 4 million from the Rs 58 million net cash flows seen during FY23.

GUJ.THEMIS. 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	395	642	62.7%
Cash Flow from Investing Activities	Rs m	-204	-552	-
Cash Flow from Financing Activities	Rs m	-133	-86	-
Net Cash Flow	Rs m	58	4	-92.9%

Current Valuations for GUJ.THEMIS.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.1, an decline from the EPS of Rs 39.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 480.6, stands at 59.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.3 times, while the price to sales ratio stands at 20.6 times.
• The company's price to cash flow (P/CF) ratio stood at 71.3 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	102.1	23.4
TTM Earnings per share	Rs	39.9	8.1
Diluted earnings per share	Rs	8.0	8.1
Price to Cash Flow	x	82.4	71.3
TTM P/E ratio	x	86.0	59.0
Price / Book Value ratio	x	6.3	22.2
Market Cap	Rs m	9,423	44,723
Dividends per share (Unadj.)	Rs	1.1	1.0

Ratio Analysis for GUJ.THEMIS.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY24, from 2.3x 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 347.4x during FY24, from 441.1x 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 29.4% during FY24, from 38.9% 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 39.5% during FY24, from 52.1% 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 24.6% during FY24, from 31.1% 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	2.3	1.9
Debtors’ Days	Days	440	581
Interest coverage	x	441.1	347.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	31.1	24.6
Return on equity	%	38.9	29.4
Return on capital employed	%	52.1	39.5

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

GUJ.THEMIS. Share Price Performance

Over the last one year, GUJ.THEMIS. share price has moved down from Rs 796.7 to Rs 480.6, registering a loss of Rs 316.1 or around 39.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 37,441.0 (up 0.8%). Over the last one year it has moved up from 25,627.6 to 37,441.0, a gain of 11,813 points (up 46.1%).

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for GUJ.THEMIS. and quarterly results for GUJ.THEMIS.)