INDO US BIO-TECH 2023-24 Annual Report Analysis

Fri, 29 Nov

INDO US BIO-TECH 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.

INDO US BIO-TECH Income Statement Analysis

• Operating income during the year rose 18.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 15.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.8% in FY24 as against 15.2% in FY23.
• Depreciation charges decreased by 3.1% and finance costs increased by 26.5% YoY, respectively.
• Other income grew by 1423.8% YoY.
• Net profit for the year grew by 14.0% YoY.
• Net profit margins during the year declined from 11.7% in FY23 to 11.3% in FY24.

INDO US BIO-TECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	617	728	18.0%
Other income	Rs m	0	3	1,423.8%
Total Revenues	Rs m	618	732	18.4%
Gross profit	Rs m	94	108	15.0%
Depreciation	Rs m	8	8	-3.1%
Interest	Rs m	12	15	26.5%
Profit before tax	Rs m	74	88	19.2%
Tax	Rs m	1	6	278.8%
Profit after tax	Rs m	72	83	14.0%
Gross profit margin	%	15.2	14.8
Effective tax rate	%	2.0	6.3
Net profit margin	%	11.7	11.3

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INDO US BIO-TECH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 175 million as compared to Rs 123 million in FY23, thereby witnessing an increase of 42.1%.
• Long-term debt stood at Rs 28 million as compared to Rs 17 million during FY23, a growth of 64.3%.
• Current assets rose 22% and stood at Rs 731 million, while fixed assets rose 19% and stood at Rs 107 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 838 million as against Rs 689 million during FY23, thereby witnessing a growth of 22%.

INDO US BIO-TECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	545	627	15.1
Current Liabilities	Rs m	123	175	42.1
Long-term Debt	Rs m	17	28	64.3
Total Liabilities	Rs m	689	838	21.7
Current assets	Rs m	599	731	22.0
Fixed Assets	Rs m	90	107	19.3
Total Assets	Rs m	689	838	21.7

INDO US BIO-TECH Cash Flow Statement Analysis

• INDO US BIO-TECH's cash flow from operating activities (CFO) during FY24 stood at Rs -46 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 43 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 12 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 9 million from the Rs 1 million net cash flows seen during FY23.

INDO US BIO-TECH 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	5	-46	-
Cash Flow from Investing Activities	Rs m	-67	43	-
Cash Flow from Financing Activities	Rs m	63	12	-80.7%
Net Cash Flow	Rs m	1	9	544.7%

Current Valuations for INDO US BIO-TECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.1, an decline from the EPS of Rs 7.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 258.2, stands at 44.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.3 times, while the price to sales ratio stands at 7.1 times.
• The company's price to cash flow (P/CF) ratio stood at 43.6 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	61.6	36.3
TTM Earnings per share	Rs	7.2	4.1
Diluted earnings per share	Rs	3.6	4.1
Price to Cash Flow	x	26.4	43.6
TTM P/E ratio	x	29.4	44.1
Price / Book Value ratio	x	1.4	6.3
Market Cap	Rs m	754	3,951
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INDO US BIO-TECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.2x during FY24, from 4.9x 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 deteriorated and stood at 6.8x during FY24, from 7.2x 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 declined and down at 13.2% during FY24, from 13.3% 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 15.7% during FY24, from 15.3% 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 declined and down at 11.7% during FY24, from 12.3% 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	4.9	4.2
Debtors’ Days	Days	146,261,410	95,439,526
Interest coverage	x	7.2	6.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.3	11.7
Return on equity	%	13.3	13.2
Return on capital employed	%	15.3	15.7

To see how INDO US BIO-TECH has performed over the last 5 years, please visit here.

INDO US BIO-TECH Share Price Performance

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(To know more, check out historical annual results for INDO US BIO-TECH and quarterly results for INDO US BIO-TECH)