JBF INDUSTRIES 2023-24 Annual Report Analysis

Thu, 28 Nov

JBF INDUSTRIES 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.

JBF INDUSTRIES Income Statement Analysis

• Operating income during the year fell 99.8% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 371.6% in FY24 as against 141.2% in FY23.
• Depreciation charges decreased by 100.0% and finance costs decreased by 100.0% YoY, respectively.
• Other income declined by 99.2% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 168.9% in FY23 to 548.5% in FY24.

JBF INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	10,972	19	-99.8%
Other income	Rs m	124	1	-99.2%
Total Revenues	Rs m	11,095	20	-99.8%
Gross profit	Rs m	-15,491	-72	NA
Depreciation	Rs m	142	0	-100.0%
Interest	Rs m	2,357	1	-100.0%
Profit before tax	Rs m	-17,866	-72	NA
Tax	Rs m	668	34	-94.9%
Profit after tax	Rs m	-18,535	-106	NA
Gross profit margin	%	-141.2	-371.6
Effective tax rate	%	-3.7	-47.8
Net profit margin	%	-168.9	-548.5

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JBF INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 29 billion as compared to Rs 29 billion in FY23, thereby witnessing an increase of 0.1%.
• Current assets fell 12% and stood at Rs 542 million, while fixed assets fell 0% and stood at Rs 0 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 542 million as against Rs 618 million during FY23, thereby witnessing a fall of 12%.

JBF INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-28,369	-28,475	NA
Current Liabilities	Rs m	28,987	29,017	0.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	618	542	-12.3
Current assets	Rs m	618	542	-12.3
Fixed Assets	Rs m	0	0	0.0
Total Assets	Rs m	618	542	-12.3

JBF INDUSTRIES Cash Flow Statement Analysis

• JBF INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs 1 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 0 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 million, an improvement of 97% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs -1 billion net cash flows seen during FY23.

JBF INDUSTRIES 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	-1,428	1	-
Cash Flow from Investing Activities	Rs m	61	0	-99.8%
Cash Flow from Financing Activities	Rs m	-32	-1	-
Net Cash Flow	Rs m	-1,400	0	-

Current Valuations for JBF INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.3, an improvement from the EPS of Rs -226.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4.4, stands at 0.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.0 times, while the price to sales ratio stands at 18.7 times.
• The company's price to cash flow (P/CF) ratio stood at -3.9 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	134.0	0.2
TTM Earnings per share	Rs	-226.4	-1.3
Diluted earnings per share	Rs	-226.4	-1.3
Price to Cash Flow	x	0.0	-3.9
TTM P/E ratio	x	0.0	0.3
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	879	412
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JBF INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.0x during FY24, from 0.0x 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 -79.0x during FY24, from -6.6x 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 0.4% during FY24, from 65.3% 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 declined and down at 0.2% during FY24, from 54.7% 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 -19.5% during FY24, from -2,617.8% 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	0.0	0.0
Debtors’ Days	Days	0	104
Interest coverage	x	-6.6	-79.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-2,617.8	-19.5
Return on equity	%	65.3	0.4
Return on capital employed	%	54.7	0.2

To see how JBF INDUSTRIES has performed over the last 5 years, please visit here.

JBF INDUSTRIES Share Price Performance

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(To know more, check out historical annual results for JBF INDUSTRIES and quarterly results for JBF INDUSTRIES)