DISA INDIA 2023-24 Annual Report Analysis

Tue, 23 Jul

DISA INDIA 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.

DISA INDIA Income Statement Analysis

• Operating income during the year rose 25.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 36.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.5% in FY24 as against 13.3% in FY23.
• Depreciation charges increased by 5.1% and finance costs increased by 12.7% YoY, respectively.
• Other income grew by 48.1% YoY.
• Net profit for the year grew by 44.0% YoY.
• Net profit margins during the year grew from 11.4% in FY23 to 13.1% in FY24.

DISA INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,619	3,286	25.4%
Other income	Rs m	105	156	48.1%
Total Revenues	Rs m	2,724	3,441	26.3%
Gross profit	Rs m	348	476	36.5%
Depreciation	Rs m	45	47	5.1%
Interest	Rs m	6	7	12.7%
Profit before tax	Rs m	402	577	43.4%
Tax	Rs m	105	148	41.7%
Profit after tax	Rs m	298	429	44.0%
Gross profit margin	%	13.3	14.5
Effective tax rate	%	26.0	25.7
Net profit margin	%	11.4	13.1

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DISA INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 29.2%.
• Current assets rose 23% and stood at Rs 4 billion, while fixed assets fell 9% and stood at Rs 539 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 18%.

DISA INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,194	2,459	12.1
Current Liabilities	Rs m	1,338	1,728	29.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,547	4,185	18.0
Current assets	Rs m	2,957	3,646	23.3
Fixed Assets	Rs m	590	539	-8.6
Total Assets	Rs m	3,547	4,185	18.0

DISA INDIA Cash Flow Statement Analysis

• DISA INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 559 million, an improvement of 43.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -382 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -176 million, an improvement of 55% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs 38 million net cash flows seen during FY23.

DISA INDIA 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	389	559	43.5%
Cash Flow from Investing Activities	Rs m	41	-382	-
Cash Flow from Financing Activities	Rs m	-393	-176	-
Net Cash Flow	Rs m	38	1	-98.7%

Current Valuations for DISA INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 295.7, an improvement from the EPS of Rs 205.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 18,589.8, stands at 63.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 11.0 times, while the price to sales ratio stands at 8.2 times.
• The company's price to cash flow (P/CF) ratio stood at 38.7 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	1,806.2	2,265.9
TTM Earnings per share	Rs	205.3	295.7
Diluted earnings per share	Rs	204.7	294.9
Price to Cash Flow	x	33.6	38.7
TTM P/E ratio	x	38.7	63.0
Price / Book Value ratio	x	4.7	7.5
Market Cap	Rs m	10,285	18,447
Dividends per share (Unadj.)	Rs	110.0	200.0

Ratio Analysis for DISA INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY24, from 2.2x 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 82.3x during FY24, from 64.9x 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 improved and stood at 17.4% during FY24, from 13.6% 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 23.8% during FY24, from 18.6% 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 10.4% during FY24, from 8.6% 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	2.2	2.1
Debtors’ Days	Days	66	34
Interest coverage	x	64.9	82.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.6	10.4
Return on equity	%	13.6	17.4
Return on capital employed	%	18.6	23.8

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

DISA INDIA Share Price Performance

Over the last one year, DISA INDIA share price has moved up from Rs 11,397.3 to Rs 18,589.8, registering a gain of Rs 7,192.6 or around 63.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 70,999.4 (down 2.3%). Over the last one year it has moved up from 42,401.9 to 70,999.4, a gain of 28,597 points (up 67.4%).

Overall, the S&P BSE SENSEX is up 19.7% over the year.

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