HIMATSINGKA SEIDE 2023-24 Annual Report Analysis

Wed, 16 Oct

HIMATSINGKA SEIDE 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.

HIMATSINGKA SEIDE Income Statement Analysis

• Operating income during the year rose 6.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 120.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.0% in FY24 as against 10.1% in FY23.
• Depreciation charges decreased by 3.6% and finance costs increased by 15.3% YoY, respectively.
• Other income declined by 71.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 2.4% in FY23 to 4.0% in FY24.

HIMATSINGKA SEIDE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	26,777	28,415	6.1%
Other income	Rs m	750	211	-71.8%
Total Revenues	Rs m	27,528	28,626	4.0%
Gross profit	Rs m	2,710	5,962	120.0%
Depreciation	Rs m	1,640	1,581	-3.6%
Interest	Rs m	2,572	2,965	15.3%
Profit before tax	Rs m	-752	1,628	NA
Tax	Rs m	-111	499	NA
Profit after tax	Rs m	-641	1,128	NA
Gross profit margin	%	10.1	21.0
Effective tax rate	%	14.8	30.7
Net profit margin	%	-2.4	4.0

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

HIMATSINGKA SEIDE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 23 billion as compared to Rs 23 billion in FY23, thereby witnessing an increase of 1.8%.
• Long-term debt stood at Rs 16 billion as compared to Rs 15 billion during FY23, a growth of 7.7%.
• Current assets rose 17% and stood at Rs 28 billion, while fixed assets fell 4% and stood at Rs 33 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 61 billion as against Rs 59 billion during FY23, thereby witnessing a growth of 4%.

HIMATSINGKA SEIDE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	14,490	15,590	7.6
Current Liabilities	Rs m	22,879	23,300	1.8
Long-term Debt	Rs m	14,770	15,902	7.7
Total Liabilities	Rs m	58,545	61,153	4.5
Current assets	Rs m	23,529	27,645	17.5
Fixed Assets	Rs m	34,173	32,653	-4.4
Total Assets	Rs m	58,545	61,153	4.5

HIMATSINGKA SEIDE Cash Flow Statement Analysis

• HIMATSINGKA SEIDE's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion, an improvement of 43% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -233 million from the Rs -567 million net cash flows seen during FY23.

HIMATSINGKA SEIDE 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	3,541	3,223	-9.0%
Cash Flow from Investing Activities	Rs m	22	-1,174	-
Cash Flow from Financing Activities	Rs m	-4,009	-2,281	-
Net Cash Flow	Rs m	-567	-233	-

Current Valuations for HIMATSINGKA SEIDE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.5, an improvement from the EPS of Rs -6.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 160.0, stands at 15.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at 4.7 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	272.0	288.6
TTM Earnings per share	Rs	-6.5	11.5
Diluted earnings per share	Rs	-6.5	11.5
Price to Cash Flow	x	6.8	4.7
TTM P/E ratio	x	-10.6	15.1
Price / Book Value ratio	x	0.8	0.8
Market Cap	Rs m	11,886	12,658
Dividends per share (Unadj.)	Rs	0.0	0.3

Ratio Analysis for HIMATSINGKA SEIDE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 1.0x 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 1.5x during FY24, from 0.7x 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 7.2% during FY24, from -4.4% 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 14.6% during FY24, from 6.2% 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 6.7% during FY24, from 3.3% 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	1.0	1.2
Debtors’ Days	Days	913	1,158
Interest coverage	x	0.7	1.5
Debt to equity ratio	x	1.0	1.0
Return on assets	%	3.3	6.7
Return on equity	%	-4.4	7.2
Return on capital employed	%	6.2	14.6

To see how HIMATSINGKA SEIDE has performed over the last 5 years, please visit here.

HIMATSINGKA SEIDE Share Price Performance

Over the last one year, HIMATSINGKA SEIDE share price has moved up from Rs 142.6 to Rs 160.0, registering a gain of Rs 17.4 or around 12.2%.

Overall, the S&P BSE SENSEX is up 23.2% over the year.

(To know more, check out historical annual results for HIMATSINGKA SEIDE and quarterly results for HIMATSINGKA SEIDE)