GOKALDAS EXPORTS 2023-24 Annual Report Analysis

Mon, 2 Sep

GOKALDAS EXPORTS 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.

GOKALDAS EXPORTS Income Statement Analysis

• Operating income during the year rose 7.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.6% in FY24 as against 12.2% in FY23.
• Depreciation charges increased by 23.7% and finance costs increased by 41.3% YoY, respectively.
• Other income declined by 0.7% YoY.
• Net profit for the year declined by 24.3% YoY.
• Net profit margins during the year declined from 7.8% in FY23 to 5.5% in FY24.

GOKALDAS EXPORTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	22,222	23,789	7.1%
Other income	Rs m	317	315	-0.7%
Total Revenues	Rs m	22,539	24,104	6.9%
Gross profit	Rs m	2,701	2,526	-6.5%
Depreciation	Rs m	718	888	23.7%
Interest	Rs m	257	363	41.3%
Profit before tax	Rs m	2,044	1,590	-22.2%
Tax	Rs m	314	280	-10.8%
Profit after tax	Rs m	1,730	1,310	-24.3%
Gross profit margin	%	12.2	10.6
Effective tax rate	%	15.4	17.6
Net profit margin	%	7.8	5.5

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GOKALDAS EXPORTS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 10 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 193.0%.
• Long-term debt stood at Rs 3 billion as compared to Rs 96 million during FY23, a growth of 2813.8%.
• Current assets rose 58% and stood at Rs 14 billion, while fixed assets rose 204% and stood at Rs 13 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 27 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 106%.

GOKALDAS EXPORTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,623	12,444	44.3
Current Liabilities	Rs m	3,459	10,133	193.0
Long-term Debt	Rs m	96	2,810	2,813.8
Total Liabilities	Rs m	13,114	27,003	105.9
Current assets	Rs m	8,798	13,866	57.6
Fixed Assets	Rs m	4,316	13,137	204.4
Total Assets	Rs m	13,114	27,003	105.9

GOKALDAS EXPORTS Cash Flow Statement Analysis

• GOKALDAS EXPORTS's cash flow from operating activities (CFO) during FY24 stood at Rs -2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -5 billion, an improvement of 84.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 8 billion, an improvement of 1,099% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 395 million from the Rs 20 million net cash flows seen during FY23.

GOKALDAS EXPORTS 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	3,688	-1,771	-
Cash Flow from Investing Activities	Rs m	-2,914	-5,374	-
Cash Flow from Financing Activities	Rs m	-754	7,532	-
Net Cash Flow	Rs m	20	395	1,837.5%

Current Valuations for GOKALDAS EXPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.7, an decline from the EPS of Rs 28.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 930.2, stands at 52.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.3 times, while the price to sales ratio stands at 2.5 times.
• The company's price to cash flow (P/CF) ratio stood at 19.8 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	366.8	375.3
TTM Earnings per share	Rs	28.6	20.7
Diluted earnings per share	Rs	24.2	18.3
Price to Cash Flow	x	10.4	19.8
TTM P/E ratio	x	14.7	52.9
Price / Book Value ratio	x	2.9	3.5
Market Cap	Rs m	24,857	43,514
Dividends per share (Unadj.)	Rs	1.0	0.0

Ratio Analysis for GOKALDAS EXPORTS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.4x during FY24, from 2.5x 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 5.4x during FY24, from 8.9x 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 10.5% during FY24, from 20.1% 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 12.8% during FY24, from 26.4% 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 6.2% during FY24, from 15.2% 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	2.5	1.4
Debtors’ Days	Days	223	541
Interest coverage	x	8.9	5.4
Debt to equity ratio	x	0.0	0.2
Return on assets	%	15.2	6.2
Return on equity	%	20.1	10.5
Return on capital employed	%	26.4	12.8

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

GOKALDAS EXPORTS Share Price Performance

Over the last one year, GOKALDAS EXPORTS share price has moved up from Rs 770.8 to Rs 930.2, registering a gain of Rs 159.4 or around 20.7%.

Overall, the S&P BSE SENSEX is up 27.0% over the year.

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