JBM AUTO. 2023-24 Annual Report Analysis

Fri, 23 Aug

JBM AUTO. 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.

JBM AUTO. Income Statement Analysis

• Operating income during the year rose 29.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 49.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.9% in FY24 as against 10.3% in FY23.
• Depreciation charges increased by 31.6% and finance costs increased by 56.5% YoY, respectively.
• Other income declined by 24.8% YoY.
• Net profit for the year grew by 54.8% YoY.
• Net profit margins during the year grew from 3.2% in FY23 to 3.9% in FY24.

JBM AUTO. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	38,574	50,093	29.9%
Other income	Rs m	270	203	-24.8%
Total Revenues	Rs m	38,844	50,297	29.5%
Gross profit	Rs m	3,986	5,940	49.0%
Depreciation	Rs m	1,303	1,715	31.6%
Interest	Rs m	1,257	1,968	56.5%
Profit before tax	Rs m	1,695	2,461	45.2%
Tax	Rs m	444	524	18.0%
Profit after tax	Rs m	1,251	1,937	54.8%
Gross profit margin	%	10.3	11.9
Effective tax rate	%	26.2	21.3
Net profit margin	%	3.2	3.9

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JBM AUTO. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 28 billion as compared to Rs 17 billion in FY23, thereby witnessing an increase of 62.2%.
• Long-term debt stood at Rs 7 billion as compared to Rs 6 billion during FY23, a growth of 6.6%.
• Current assets rose 67% and stood at Rs 26 billion, while fixed assets rose 14% and stood at Rs 22 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 49 billion as against Rs 35 billion during FY23, thereby witnessing a growth of 37%.

JBM AUTO. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,298	11,677	13.4
Current Liabilities	Rs m	17,390	28,201	62.2
Long-term Debt	Rs m	6,323	6,743	6.6
Total Liabilities	Rs m	35,401	48,648	37.4
Current assets	Rs m	15,705	26,272	67.3
Fixed Assets	Rs m	19,696	22,376	13.6
Total Assets	Rs m	35,401	48,648	37.4

JBM AUTO. Cash Flow Statement Analysis

• JBM AUTO.'s cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 56% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 97 million from the Rs -23 million net cash flows seen during FY23.

JBM AUTO. 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	4,841	2,048	-57.7%
Cash Flow from Investing Activities	Rs m	-6,456	-4,427	-
Cash Flow from Financing Activities	Rs m	1,591	2,475	55.6%
Net Cash Flow	Rs m	-23	97	-

Current Valuations for JBM AUTO.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.4, an improvement from the EPS of Rs 10.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,930.0, stands at 117.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 19.5 times, while the price to sales ratio stands at 4.6 times.
• The company's price to cash flow (P/CF) ratio stood at 49.6 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	326.2	423.6
TTM Earnings per share	Rs	10.6	16.4
Diluted earnings per share	Rs	10.6	16.4
Price to Cash Flow	x	29.8	49.6
TTM P/E ratio	x	61.1	117.3
Price / Book Value ratio	x	5.9	15.5
Market Cap	Rs m	61,175	181,054
Dividends per share (Unadj.)	Rs	1.3	1.5

Ratio Analysis for JBM AUTO.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.9x during FY24, from 0.9x 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 2.3x during FY24, from 2.3x 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 16.6% during FY24, from 12.2% 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 24.0% during FY24, from 17.8% 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 8.0% during FY24, from 7.1% 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	0.9	0.9
Debtors’ Days	Days	444	488
Interest coverage	x	2.3	2.3
Debt to equity ratio	x	0.6	0.6
Return on assets	%	7.1	8.0
Return on equity	%	12.2	16.6
Return on capital employed	%	17.8	24.0

To see how JBM AUTO. has performed over the last 5 years, please visit here.

JBM AUTO. Share Price Performance

Over the last one year, JBM AUTO. share price has moved up from Rs 1,513.0 to Rs 1,930.0, registering a gain of Rs 417.1 or around 27.6%.

Overall, the S&P BSE SENSEX is up 24.5% over the year.

(To know more, check out historical annual results for JBM AUTO. and quarterly results for JBM AUTO.)