JAGATJIT IND 2023-24 Annual Report Analysis

Wed, 16 Oct

JAGATJIT IND 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.

JAGATJIT IND Income Statement Analysis

• Operating income during the year fell 5.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 216.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.3% in FY24 as against 1.3% in FY23.
• Depreciation charges decreased by 2.6% and finance costs decreased by 14.7% YoY, respectively.
• Other income declined by 37.3% YoY.
• Net profit for the year grew by 16.0% YoY.
• Net profit margins during the year grew from 1.6% in FY23 to 1.9% in FY24.

JAGATJIT IND Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,298	4,067	-5.4%
Other income	Rs m	417	262	-37.3%
Total Revenues	Rs m	4,715	4,329	-8.2%
Gross profit	Rs m	55	175	216.1%
Depreciation	Rs m	100	98	-2.6%
Interest	Rs m	305	260	-14.7%
Profit before tax	Rs m	67	78	16.0%
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	67	78	16.0%
Gross profit margin	%	1.3	4.3
Effective tax rate	%	0.0	0.0
Net profit margin	%	1.6	1.9

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JAGATJIT IND 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 14.5%.
• Long-term debt stood at Rs 3 billion as compared to Rs 2 billion during FY23, a growth of 31.6%.
• Current assets rose 55% and stood at Rs 2 billion, while fixed assets rose 13% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 22%.

JAGATJIT IND Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	617	734	18.9
Current Liabilities	Rs m	1,759	2,014	14.5
Long-term Debt	Rs m	1,959	2,578	31.6
Total Liabilities	Rs m	5,023	6,149	22.4
Current assets	Rs m	979	1,516	54.8
Fixed Assets	Rs m	4,041	4,572	13.2
Total Assets	Rs m	5,023	6,149	22.4

JAGATJIT IND Cash Flow Statement Analysis

• JAGATJIT IND's cash flow from operating activities (CFO) during FY24 stood at Rs 304 million, an improvement of 148.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -664 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 257 million, an improvement of 209% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -103 million from the Rs 89 million net cash flows seen during FY23.

JAGATJIT IND 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	123	304	148.0%
Cash Flow from Investing Activities	Rs m	201	-664	-
Cash Flow from Financing Activities	Rs m	-235	257	-
Net Cash Flow	Rs m	89	-103	-

Current Valuations for JAGATJIT IND

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.7, an improvement from the EPS of Rs 1.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 270.1, stands at 1,540.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.2 times, while the price to sales ratio stands at 3.1 times.
• The company's price to cash flow (P/CF) ratio stood at 46.2 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	92.8	87.2
TTM Earnings per share	Rs	1.5	1.7
Diluted earnings per share	Rs	1.4	1.7
Price to Cash Flow	x	26.1	46.2
TTM P/E ratio	x	64.8	1,540.7
Price / Book Value ratio	x	6.6	11.1
Market Cap	Rs m	4,094	8,119
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JAGATJIT IND

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.8x during FY24, from 0.6x 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 1.3x during FY24, from 1.2x 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 10.7% during FY24, from 10.9% 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 10.2% during FY24, from 14.5% 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 5.5% during FY24, from 7.4% 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	0.6	0.8
Debtors’ Days	Days	212	324
Interest coverage	x	1.2	1.3
Debt to equity ratio	x	3.2	3.5
Return on assets	%	7.4	5.5
Return on equity	%	10.9	10.7
Return on capital employed	%	14.5	10.2

To see how JAGATJIT IND has performed over the last 5 years, please visit here.

JAGATJIT IND Share Price Performance

Over the last one year, JAGATJIT IND share price has moved up from Rs 144.0 to Rs 270.1, registering a gain of Rs 126.1 or around 87.5%.

Overall, the S&P BSE SENSEX is up 23.2% over the year.

(To know more, check out historical annual results for JAGATJIT IND and quarterly results for JAGATJIT IND)