HAZOOR MULTI PROJECTS 2023-24 Annual Report Analysis

Tue, 6 Aug

HAZOOR MULTI PROJECTS 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.

HAZOOR MULTI PROJECTS Income Statement Analysis

• Operating income during the year fell 29.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 33.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.3% in FY24 as against 8.1% in FY23.
• Depreciation charges increased by 58.1% and finance costs increased by 33.8% YoY, respectively.
• Other income grew by 1178.2% YoY.
• Net profit for the year grew by 39.9% YoY.
• Net profit margins during the year grew from 5.9% in FY23 to 11.7% in FY24.

HAZOOR MULTI PROJECTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,758	5,446	-29.8%
Other income	Rs m	4	49	1,178.2%
Total Revenues	Rs m	7,762	5,495	-29.2%
Gross profit	Rs m	627	834	33.0%
Depreciation	Rs m	1	2	58.1%
Interest	Rs m	17	23	33.8%
Profit before tax	Rs m	612	859	40.2%
Tax	Rs m	157	221	41.0%
Profit after tax	Rs m	456	638	39.9%
Gross profit margin	%	8.1	15.3
Effective tax rate	%	25.6	25.7
Net profit margin	%	5.9	11.7

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HAZOOR MULTI PROJECTS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 83.1%.
• Long-term debt stood at Rs 986 million as compared to Rs 219 million during FY23, a growth of 350.9%.
• Current assets rose 535% and stood at Rs 6 billion, while fixed assets fell 70% and stood at Rs 475 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 159%.

HAZOOR MULTI PROJECTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	813	2,366	191.0
Current Liabilities	Rs m	1,495	2,737	83.1
Long-term Debt	Rs m	219	986	350.9
Total Liabilities	Rs m	2,529	6,555	159.3
Current assets	Rs m	957	6,080	535.4
Fixed Assets	Rs m	1,572	475	-69.8
Total Assets	Rs m	2,529	6,555	159.3

HAZOOR MULTI PROJECTS Cash Flow Statement Analysis

• HAZOOR MULTI PROJECTS's cash flow from operating activities (CFO) during FY24 stood at Rs -1 billion, an improvement of 1,302.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -48 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 1,797% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 671 million from the Rs -67 million net cash flows seen during FY23.

HAZOOR MULTI PROJECTS 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	-88	-1,230	-
Cash Flow from Investing Activities	Rs m	-69	-48	-
Cash Flow from Financing Activities	Rs m	90	1,706	1,796.7%
Net Cash Flow	Rs m	-67	671	-

Current Valuations for HAZOOR MULTI PROJECTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 34.1, an improvement from the EPS of Rs 29.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 384.0, stands at 7.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 7.9 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	509.4	291.1
TTM Earnings per share	Rs	29.9	34.1
Diluted earnings per share	Rs	24.2	33.8
Price to Cash Flow	x	3.8	7.9
TTM P/E ratio	x	3.8	7.4
Price / Book Value ratio	x	1.4	2.1
Market Cap	Rs m	1,165	5,043
Dividends per share (Unadj.)	Rs	0.0	3.0

Ratio Analysis for HAZOOR MULTI PROJECTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 0.6x 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 38.5x during FY24, from 36.8x 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 declined and down at 27.0% during FY24, from 56.1% 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 26.3% during FY24, from 61.0% 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 10.1% during FY24, from 18.7% 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	0.6	2.2
Debtors’ Days	Days	386	131
Interest coverage	x	36.8	38.5
Debt to equity ratio	x	0.3	0.4
Return on assets	%	18.7	10.1
Return on equity	%	56.1	27.0
Return on capital employed	%	61.0	26.3

To see how HAZOOR MULTI PROJECTS has performed over the last 5 years, please visit here.

HAZOOR MULTI PROJECTS Share Price Performance

Over the last one year, HAZOOR MULTI PROJECTS share price has moved up from Rs 125.0 to Rs 384.0, registering a gain of Rs 259.0 or around 207.2%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for HAZOOR MULTI PROJECTS and quarterly results for HAZOOR MULTI PROJECTS)