JITF INFRALOGISTICS 2023-24 Annual Report Analysis

Wed, 3 Jul

JITF INFRALOGISTICS 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.

JITF INFRALOGISTICS Income Statement Analysis

• Operating income during the year rose 106.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 91.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.1% in FY24 as against 16.3% in FY23.
• Depreciation charges increased by 43.2% and finance costs increased by 1.6% YoY, respectively.
• Other income grew by 293.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 6.7% in FY23 to 2.8% in FY24.

JITF INFRALOGISTICS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	15,903	32,836	106.5%
Other income	Rs m	135	531	293.8%
Total Revenues	Rs m	16,038	33,366	108.0%
Gross profit	Rs m	2,599	4,971	91.3%
Depreciation	Rs m	580	831	43.2%
Interest	Rs m	3,125	3,175	1.6%
Profit before tax	Rs m	-972	1,496	NA
Tax	Rs m	100	587	490.0%
Profit after tax	Rs m	-1,071	908	NA
Gross profit margin	%	16.3	15.1
Effective tax rate	%	-10.2	39.3
Net profit margin	%	-6.7	2.8

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JITF INFRALOGISTICS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 12 billion as compared to Rs 9 billion in FY23, thereby witnessing an increase of 40.8%.
• Long-term debt stood at Rs 33 billion as compared to Rs 31 billion during FY23, a growth of 8.7%.
• Current assets rose 44% and stood at Rs 19 billion, while fixed assets rose 18% and stood at Rs 22 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 42 billion as against Rs 32 billion during FY23, thereby witnessing a growth of 29%.

JITF INFRALOGISTICS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-8,912	-5,555	NA
Current Liabilities	Rs m	8,846	12,451	40.8
Long-term Debt	Rs m	30,651	33,320	8.7
Total Liabilities	Rs m	32,331	41,606	28.7
Current assets	Rs m	13,282	19,162	44.3
Fixed Assets	Rs m	19,049	22,444	17.8
Total Assets	Rs m	32,331	41,606	28.7

JITF INFRALOGISTICS Cash Flow Statement Analysis

• JITF INFRALOGISTICS's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 29.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 95.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 294% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 863 million from the Rs 459 million net cash flows seen during FY23.

JITF INFRALOGISTICS 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	1,902	2,458	29.2%
Cash Flow from Investing Activities	Rs m	-2,056	-4,009	-
Cash Flow from Financing Activities	Rs m	613	2,413	293.7%
Net Cash Flow	Rs m	459	863	87.9%

Current Valuations for JITF INFRALOGISTICS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.3, an improvement from the EPS of Rs -41.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 857.0, stands at 24.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -4.0 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 5.9 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	618.8	1,277.6
TTM Earnings per share	Rs	-41.7	35.3
Diluted earnings per share	Rs	-41.7	35.3
Price to Cash Flow	x	-4.4	5.9
TTM P/E ratio	x	-2.0	24.4
Price / Book Value ratio	x	-0.4	-1.8
Market Cap	Rs m	3,379	10,276
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JITF INFRALOGISTICS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY24, from 1.5x 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 1.5x during FY24, from 0.7x 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 -16.4% during FY24, from 12.0% 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 16.8% during FY24, from 9.9% 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 9.8% during FY24, from 6.4% 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	1.5	1.5
Debtors’ Days	Days	1,362	768
Interest coverage	x	0.7	1.5
Debt to equity ratio	x	-3.4	-6.0
Return on assets	%	6.4	9.8
Return on equity	%	12.0	-16.4
Return on capital employed	%	9.9	16.8

To see how JITF INFRALOGISTICS has performed over the last 5 years, please visit here.

JITF INFRALOGISTICS Share Price Performance

Over the last one year, JITF INFRALOGISTICS share price has moved up from Rs 599.0 to Rs 857.0, registering a gain of Rs 258.0 or around 43.1%.

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for JITF INFRALOGISTICS and quarterly results for JITF INFRALOGISTICS)