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HIMADRI SPECIALITY CHEMICAL 2023-24 Annual Report Analysis
Wed, 29 May

HIMADRI SPECIALITY CHEMICAL 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.

HIMADRI SPECIALITY CHEMICAL Income Statement Analysis

  • Operating income during the year rose 0.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 71.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY24 as against 8.8% in FY23.
  • Depreciation charges decreased by 6.1% and finance costs decreased by 3.6% YoY, respectively.
  • Other income grew by 86.7% YoY.
  • Net profit for the year grew by 90.4% YoY.
  • Net profit margins during the year grew from 5.2% in FY23 to 9.8% in FY24.

HIMADRI SPECIALITY CHEMICAL Income Statement 2023-24

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change
Net Sales Rs m 41,718 41,849 0.3%
Other income Rs m 280 522 86.7%
Total Revenues Rs m 41,998 42,371 0.9%
Gross profit Rs m 3,692 6,324 71.3%
Depreciation Rs m 508 477 -6.1%
Interest Rs m 661 637 -3.6%
Profit before tax Rs m 2,803 5,731 104.5%
Tax Rs m 644 1,621 151.8%
Profit after tax Rs m 2,159 4,110 90.4%
Gross profit margin % 8.8 15.1
Effective tax rate % 23.0 28.3
Net profit margin % 5.2 9.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

HIMADRI SPECIALITY CHEMICAL Balance Sheet Analysis

  • The company's current liabilities during FY24 down at Rs 13 billion as compared to Rs 13 billion in FY23, thereby witnessing an decrease of -2.1%.
  • Long-term debt down at Rs 215 million as compared to Rs 483 million during FY23, a fall of 55.4%.
  • Current assets rose 22% and stood at Rs 24 billion, while fixed assets rose 16% and stood at Rs 24 billion in FY24.
  • Overall, the total assets and liabilities for FY24 stood at Rs 48 billion as against Rs 40 billion during FY23, thereby witnessing a growth of 19%.

HIMADRI SPECIALITY CHEMICAL Balance Sheet as on March 2024

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change
Networth Rs m 21,741 29,800 37.1
 
Current Liabilities Rs m 12,950 12,680 -2.1
Long-term Debt Rs m 483 215 -55.4
Total Liabilities Rs m 39,855 47,572 19.4
 
Current assets Rs m 19,325 23,656 22.4
Fixed Assets Rs m 20,530 23,916 16.5
Total Assets Rs m 39,855 47,572 19.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



HIMADRI SPECIALITY CHEMICAL Cash Flow Statement Analysis

  • HIMADRI SPECIALITY CHEMICAL's cash flow from operating activities (CFO) during FY24 stood at Rs 4 billion, an improvement of 641.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 2.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY24 stood at Rs 81 million on a YoY basis.
  • Overall, net cash flows for the company during FY24 stood at Rs 34 million from the Rs 344 million net cash flows seen during FY23.

HIMADRI SPECIALITY CHEMICAL 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 540 4,004 641.9%
Cash Flow from Investing Activities Rs m -3,967 -4,051 -
Cash Flow from Financing Activities Rs m 3,771 81 -97.8%
Net Cash Flow Rs m 344 34 -90.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for HIMADRI SPECIALITY CHEMICAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.3, an improvement from the EPS of Rs 5.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 345.1, stands at 41.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 4.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.1 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 96.4 85.0
TTM Earnings per share Rs 5.0 8.3
Diluted earnings per share Rs 4.4 8.3
Price to Cash Flow x 16.2 26.1
TTM P/E ratio x 20.0 41.5
Price / Book Value ratio x 1.6 4.0
Market Cap Rs m 35,536 119,580
Dividends per share (Unadj.) Rs 0.3 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for HIMADRI SPECIALITY CHEMICAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY24, from 1.5x 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 improved and stood at 10.0x during FY24, from 5.2x 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 13.8% during FY24, from 9.9% 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 improved and stood at 21.2% during FY24, from 15.6% 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 10.0% during FY24, from 7.1% 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 1.5 1.9
Debtors’ Days Days 442 572
Interest coverage x 5.2 10.0
Debt to equity ratio x 0.0 0.0
Return on assets % 7.1 10.0
Return on equity % 9.9 13.8
Return on capital employed % 15.6 21.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how HIMADRI SPECIALITY CHEMICAL has performed over the last 5 years, please visit here.

HIMADRI SPECIALITY CHEMICAL Share Price Performance

Over the last one year, HIMADRI SPECIALITY CHEMICAL share price has moved up from Rs 124.5 to Rs 345.1, registering a gain of Rs 220.6 or around 177.3%.

Overall, the S&P BSE SENSEX is up 18.7% over the year.

(To know more, check out historical annual results for HIMADRI SPECIALITY CHEMICAL and quarterly results for HIMADRI SPECIALITY CHEMICAL)

Annual Report FAQs

What is the current share price of HIMADRI SPECIALITY CHEMICAL?

HIMADRI SPECIALITY CHEMICAL currently trades at Rs 494.8 per share. You can check out the latest share price performance of HIMADRI SPECIALITY CHEMICAL here...

What was the revenue of HIMADRI SPECIALITY CHEMICAL in FY24? How does it compare to earlier years?

The revenues of HIMADRI SPECIALITY CHEMICAL stood at Rs 42,371 m in FY24, which was up 0.9% compared to Rs 41,998 m reported in FY23.

HIMADRI SPECIALITY CHEMICAL's revenue has grown from Rs 18,138 m in FY20 to Rs 42,371 m in FY24.

Over the past 5 years, the revenue of HIMADRI SPECIALITY CHEMICAL has grown at a CAGR of 23.6%.

What was the net profit of HIMADRI SPECIALITY CHEMICAL in FY24? How does it compare to earlier years?

The net profit of HIMADRI SPECIALITY CHEMICAL stood at Rs 4,110 m in FY24, which was up 90.4% compared to Rs 2,159 m reported in FY23.

This compares to a net profit of Rs 391 m in FY22 and a net profit of Rs 473 m in FY21.

Over the past 5 years, HIMADRI SPECIALITY CHEMICAL net profit has grown at a CAGR of 18.9%.

What does the cash flow statement of HIMADRI SPECIALITY CHEMICAL reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of HIMADRI SPECIALITY CHEMICAL reveals:

  • Cash flow from operations increased in FY24 and stood at Rs 4,004 m as compared to Rs 540 m in FY23.
  • Cash flow from investments decreased in FY24 and stood at Rs -4,051 m as compared to Rs -3,967 m in FY23.
  • Cash flow from financial activity decreased in FY24 and stood at Rs 81 m as compared to Rs 3,771 m in FY23.

Here's the cash flow statement of HIMADRI SPECIALITY CHEMICAL for the past 5 years.

(Rs m)FY20FY21FY22FY23FY24
From Operations2,826-4043,3095404,004
From Investments-2,138-1,136-282-3,967-4,051
From Financial Activity-4081,647-1,8203,77181
Net Cashflow2801071,20734434

What does the Key Ratio analysis of HIMADRI SPECIALITY CHEMICAL reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of HIMADRI SPECIALITY CHEMICAL reveals:

  • Operating profit margins witnessed a fall and down at 15.1% in FY24 as against 8.8% in FY23.
  • Net profit margins grew from 5.2% in FY23 to 9.8% in FY24.
  • Debt to Equity ratio for FY24 stood at 0.0 as compared to 0.0 in FY23.

Here's the ratio/financial analysis of HIMADRI SPECIALITY CHEMICAL for the past 5 years.

 FY20FY21FY22FY23FY24
Operating Profit Margin (%)15.57.84.78.815.1
Net Profit Margin (%)11.42.81.45.29.8
Debt to Equity Ratio (x)0.00.00.00.00.0

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