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JASH ENGINEERING 2023-24 Annual Report Analysis

Thu, 3 Oct

JASH ENGINEERING 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.

JASH ENGINEERING Income Statement Analysis

• Operating income during the year rose 28.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 54.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.1% in FY24 as against 15.9% in FY23.
• Depreciation charges increased by 1.1% and finance costs increased by 11.1% YoY, respectively.
• Other income declined by 52.4% YoY.
• Net profit for the year grew by 29.1% YoY.
• Net profit margins during the year grew from 12.9% in FY23 to 12.9% in FY24.

JASH ENGINEERING Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,020	5,157	28.3%
Other income	Rs m	132	63	-52.4%
Total Revenues	Rs m	4,152	5,220	25.7%
Gross profit	Rs m	639	987	54.6%
Depreciation	Rs m	106	108	1.1%
Interest	Rs m	99	110	11.1%
Profit before tax	Rs m	565	832	47.3%
Tax	Rs m	48	165	243.4%
Profit after tax	Rs m	517	668	29.1%
Gross profit margin	%	15.9	19.1
Effective tax rate	%	8.5	19.8
Net profit margin	%	12.9	12.9

For Investors: Our Big Prediction

JASH ENGINEERING Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 20.8%.
• Long-term debt stood at Rs 121 million as compared to Rs 87 million during FY23, a growth of 37.9%.
• Current assets rose 40% and stood at Rs 4 billion, while fixed assets rose 35% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 38%.

JASH ENGINEERING Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,364	3,471	46.8
Current Liabilities	Rs m	1,917	2,315	20.8
Long-term Debt	Rs m	87	121	37.9
Total Liabilities	Rs m	4,414	6,089	37.9
Current assets	Rs m	3,074	4,314	40.3
Fixed Assets	Rs m	1,254	1,687	34.6
Total Assets	Rs m	4,414	6,089	37.9

JASH ENGINEERING Cash Flow Statement Analysis

• JASH ENGINEERING's cash flow from operating activities (CFO) during FY24 stood at Rs 583 million, an improvement of 71.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -683 million, an improvement of 330.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 319 million, an improvement of 340% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 222 million from the Rs 51 million net cash flows seen during FY23.

JASH ENGINEERING 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	340	583	71.8%
Cash Flow from Investing Activities	Rs m	-158	-683	-
Cash Flow from Financing Activities	Rs m	-133	319	-
Net Cash Flow	Rs m	51	222	333.7%

Current Valuations for JASH ENGINEERING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 53.9, an improvement from the EPS of Rs 43.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,139.5, stands at 38.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.7 times, while the price to sales ratio stands at 5.1 times.
• The company's price to cash flow (P/CF) ratio stood at 21.7 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	334.2	416.5
TTM Earnings per share	Rs	43.0	53.9
Diluted earnings per share	Rs	41.3	53.4
Price to Cash Flow	x	0.0	21.7
TTM P/E ratio	x	0.0	38.0
Price / Book Value ratio	x	3.6	4.9
Market Cap	Rs m	8,553	16,849
Dividends per share (Unadj.)	Rs	6.0	7.2

Ratio Analysis for JASH ENGINEERING

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY24, from 1.6x 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 8.5x during FY24, from 6.7x 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 declined and down at 19.2% during FY24, from 21.9% 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 declined and down at 26.2% during FY24, from 27.1% 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 12.8% during FY24, from 14.0% 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	1.6	1.9
Debtors’ Days	Days	1,416	1,114
Interest coverage	x	6.7	8.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	14.0	12.8
Return on equity	%	21.9	19.2
Return on capital employed	%	27.1	26.2

To see how JASH ENGINEERING has performed over the last 5 years, please visit here.

JASH ENGINEERING Share Price Performance

Over the last one year, JASH ENGINEERING share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 72,264.4 (down 1.1%). Over the last one year it has moved up from 48,209.1 to 72,264.4, a gain of 24,055 points (up 49.9%).

Overall, the NIFTY 50 is down 0.8% over the year.

(To know more, check out historical annual results for JASH ENGINEERING and quarterly results for JASH ENGINEERING)