GIRIRAJ DEVELOPERS 2023-24 Annual Report Analysis

Wed, 20 Nov

GIRIRAJ DEVELOPERS 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.

GIRIRAJ DEVELOPERS Income Statement Analysis

• Operating income during the year rose 39.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 97.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.1% in FY24 as against 9.2% in FY23.
• Depreciation charges increased by 133.9% and finance costs increased by 26.2% YoY, respectively.
• Other income grew by 111.1% YoY.
• Net profit for the year grew by 124.7% YoY.
• Net profit margins during the year grew from 5.7% in FY23 to 9.2% in FY24.

GIRIRAJ DEVELOPERS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	793	1,104	39.1%
Other income	Rs m	12	25	111.1%
Total Revenues	Rs m	805	1,128	40.1%
Gross profit	Rs m	73	145	97.7%
Depreciation	Rs m	5	11	133.9%
Interest	Rs m	21	27	26.2%
Profit before tax	Rs m	59	132	122.8%
Tax	Rs m	14	30	116.9%
Profit after tax	Rs m	45	101	124.7%
Gross profit margin	%	9.2	13.1
Effective tax rate	%	23.8	23.1
Net profit margin	%	5.7	9.2

Don't Miss: Key Information for Long-term Investors

GIRIRAJ DEVELOPERS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 547 million as compared to Rs 494 million in FY23, thereby witnessing an increase of 10.7%.
• Long-term debt stood at Rs 15 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets rose 30% and stood at Rs 1 billion, while fixed assets rose 120% and stood at Rs 675 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 54%.

GIRIRAJ DEVELOPERS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	603	1,132	87.7
Current Liabilities	Rs m	494	547	10.7
Long-term Debt	Rs m	0	15	0.0
Total Liabilities	Rs m	1,115	1,722	54.5
Current assets	Rs m	807	1,046	29.6
Fixed Assets	Rs m	308	675	119.7
Total Assets	Rs m	1,115	1,722	54.5

GIRIRAJ DEVELOPERS Cash Flow Statement Analysis

• GIRIRAJ DEVELOPERS's cash flow from operating activities (CFO) during FY24 stood at Rs -279 million, an improvement of 21.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -94 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 303 million, an improvement of 40% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -70 million from the Rs 121 million net cash flows seen during FY23.

GIRIRAJ DEVELOPERS 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	-231	-279	-
Cash Flow from Investing Activities	Rs m	135	-94	-
Cash Flow from Financing Activities	Rs m	216	303	40.5%
Net Cash Flow	Rs m	121	-70	-

Current Valuations for GIRIRAJ DEVELOPERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.2, an decline from the EPS of Rs 11.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 399.0, stands at 94.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.4 times, while the price to sales ratio stands at 8.6 times.
• The company's price to cash flow (P/CF) ratio stood at 237.6 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	196.4	46.1
TTM Earnings per share	Rs	11.2	4.2
Diluted earnings per share	Rs	1.9	4.2
Price to Cash Flow	x	0.0	237.6
TTM P/E ratio	x	0.0	94.3
Price / Book Value ratio	x	1.4	23.6
Market Cap	Rs m	819	26,723
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GIRIRAJ DEVELOPERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY24, from 1.6x 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 6.0x during FY24, from 3.8x 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 8.9% during FY24, from 7.5% 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 13.8% during FY24, from 13.3% 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 7.4% during FY24, from 5.9% 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	1.6	1.9
Debtors’ Days	Days	819	1,093
Interest coverage	x	3.8	6.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.9	7.4
Return on equity	%	7.5	8.9
Return on capital employed	%	13.3	13.8

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

GIRIRAJ DEVELOPERS Share Price Performance

Over the last one year, GIRIRAJ DEVELOPERS share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is up 0.3% over the year.

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