360 ONE WAM 2023-24 Annual Report Analysis

Fri, 21 Jun

360 ONE WAM 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.

360 ONE WAM Income Statement Analysis

• Operating income during the year rose 31.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 24.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 51.5% in FY24 as against 54.5% in FY23.
• Depreciation charges increased by 22.3% and finance costs increased by 61.2% YoY, respectively.
• Other income grew by 61.1% YoY.
• Net profit for the year grew by 22.2% YoY.
• Net profit margins during the year declined from 34.6% in FY23 to 32.1% in FY24.

360 ONE WAM Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	19,026	25,070	31.8%
Other income	Rs m	2,592	4,177	61.1%
Total Revenues	Rs m	21,619	29,247	35.3%
Gross profit	Rs m	10,366	12,910	24.5%
Depreciation	Rs m	463	566	22.3%
Interest	Rs m	3,992	6,435	61.2%
Profit before tax	Rs m	8,503	10,085	18.6%
Tax	Rs m	1,924	2,043	6.2%
Profit after tax	Rs m	6,579	8,042	22.2%
Gross profit margin	%	54.5	51.5
Effective tax rate	%	22.6	20.3
Net profit margin	%	34.6	32.1

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360 ONE WAM Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 62 billion as compared to Rs 37 billion in FY23, thereby witnessing an increase of 65.7%.
• Long-term debt stood at Rs 53 billion as compared to Rs 42 billion during FY23, a growth of 26.3%.
• Current assets rose 3% and stood at Rs 79 billion, while fixed assets rose 104% and stood at Rs 72 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 151 billion as against Rs 112 billion during FY23, thereby witnessing a growth of 35%.

360 ONE WAM Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	30,304	33,263	9.8
Current Liabilities	Rs m	37,473	62,109	65.7
Long-term Debt	Rs m	41,956	53,005	26.3
Total Liabilities	Rs m	111,907	151,144	35.1
Current assets	Rs m	76,585	79,142	3.3
Fixed Assets	Rs m	35,322	72,002	103.8
Total Assets	Rs m	111,907	151,144	35.1

360 ONE WAM Cash Flow Statement Analysis

• 360 ONE WAM's cash flow from operating activities (CFO) during FY24 stood at Rs -5 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -16 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 20 billion, an improvement of 256% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -668 million from the Rs 209 million net cash flows seen during FY23.

360 ONE WAM 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	-13,225	-4,701	-
Cash Flow from Investing Activities	Rs m	7,766	-15,746	-
Cash Flow from Financing Activities	Rs m	5,556	19,777	256.0%
Net Cash Flow	Rs m	209	-668	-

Current Valuations for 360 ONE WAM

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.4, an improvement from the EPS of Rs 18.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 840.9, stands at 37.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.2 times, while the price to sales ratio stands at 12.0 times.
• The company's price to cash flow (P/CF) ratio stood at 24.7 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	53.4	69.9
TTM Earnings per share	Rs	18.5	22.4
Diluted earnings per share	Rs	18.1	22.2
Price to Cash Flow	x	22.2	24.7
TTM P/E ratio	x	23.8	37.9
Price / Book Value ratio	x	4.8	6.4
Market Cap	Rs m	144,903	212,734
Dividends per share (Unadj.)	Rs	34.5	16.5

Ratio Analysis for 360 ONE WAM

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY24, from 2.0x 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 deteriorated and stood at 2.6x during FY24, from 3.1x 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 24.2% during FY24, from 21.7% 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 19.1% during FY24, from 17.3% 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 9.6% during FY24, from 9.4% 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	2.0	1.3
Debtors’ Days	Days	9	6
Interest coverage	x	3.1	2.6
Debt to equity ratio	x	1.4	1.6
Return on assets	%	9.4	9.6
Return on equity	%	21.7	24.2
Return on capital employed	%	17.3	19.1

To see how 360 ONE WAM has performed over the last 5 years, please visit here.

360 ONE WAM Share Price Performance

Over the last one year, 360 ONE WAM share price has moved up from Rs 440.4 to Rs 840.9, registering a gain of Rs 400.6 or around 91.0%.

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for 360 ONE WAM and quarterly results for 360 ONE WAM)