JSW INFRASTRUCTURE LTD. 2023-24 Annual Report Analysis

Mon, 8 Jul

JSW INFRASTRUCTURE LTD. 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.

JSW INFRASTRUCTURE LTD. Income Statement Analysis

• Operating income during the year fell 83.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 87.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 38.3% in FY24 as against 50.7% in FY23.
• Depreciation charges decreased by 99.6% and finance costs decreased by 57.7% YoY, respectively.
• Other income grew by 133.8% YoY.
• Net profit for the year declined by 61.7% YoY.
• Net profit margins during the year grew from 23.5% in FY23 to 53.7% in FY24.

JSW INFRASTRUCTURE LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	31,947	5,344	-83.3%
Other income	Rs m	1,781	4,165	133.8%
Total Revenues	Rs m	33,729	9,508	-71.8%
Gross profit	Rs m	16,202	2,045	-87.4%
Depreciation	Rs m	3,912	17	-99.6%
Interest	Rs m	5,961	2,522	-57.7%
Profit before tax	Rs m	8,110	3,671	-54.7%
Tax	Rs m	615	798	29.9%
Profit after tax	Rs m	7,495	2,872	-61.7%
Gross profit margin	%	50.7	38.3
Effective tax rate	%	7.6	21.8
Net profit margin	%	23.5	53.7

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JSW INFRASTRUCTURE LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 7 billion in FY23, thereby witnessing an decrease of -83.6%.
• Long-term debt down at Rs 33 billion as compared to Rs 41 billion during FY23, a fall of 19.2%.
• Current assets fell 17% and stood at Rs 23 billion, while fixed assets fell 6% and stood at Rs 59 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 83 billion as against Rs 91 billion during FY23, thereby witnessing a fall of 9%.

JSW INFRASTRUCTURE LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	37,525	45,327	20.8
Current Liabilities	Rs m	7,141	1,172	-83.6
Long-term Debt	Rs m	40,954	33,109	-19.2
Total Liabilities	Rs m	91,001	82,617	-9.2
Current assets	Rs m	27,902	23,283	-16.6
Fixed Assets	Rs m	63,099	59,334	-6.0
Total Assets	Rs m	91,001	82,617	-9.2

JSW INFRASTRUCTURE LTD. Cash Flow Statement Analysis

• JSW INFRASTRUCTURE LTD.'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 -26 billion, an improvement of 326.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 26 billion, an improvement of 335% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 billion from the Rs 899 million net cash flows seen during FY23.

JSW INFRASTRUCTURE LTD. 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	17,972	2,495	-86.1%
Cash Flow from Investing Activities	Rs m	-6,208	-26,460	-
Cash Flow from Financing Activities	Rs m	-10,866	25,583	-
Net Cash Flow	Rs m	899	1,618	80.1%

Current Valuations for JSW INFRASTRUCTURE LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.4, an decline from the EPS of Rs 4.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 351.7, stands at 257.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 16.3 times, while the price to sales ratio stands at 135.0 times.
• The company's price to cash flow (P/CF) ratio stood at 148.3 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	17.8	2.6
TTM Earnings per share	Rs	4.2	1.4
Diluted earnings per share	Rs	3.6	1.4
Price to Cash Flow	x	0.0	148.3
TTM P/E ratio	x	0.0	257.1
Price / Book Value ratio	x	0.0	9.5
Market Cap	Rs m	0	428,509
Dividends per share (Unadj.)	Rs	0.0	0.6

Ratio Analysis for JSW INFRASTRUCTURE LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 19.9x during FY24, from 3.9x 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 improved and stood at 2.5x during FY24, from 2.4x 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 6.3% during FY24, from 20.0% 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 declined and down at 7.9% during FY24, from 17.9% 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 declined and down at 6.5% during FY24, from 14.8% 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	3.9	19.9
Debtors’ Days	Days	46	7
Interest coverage	x	2.4	2.5
Debt to equity ratio	x	1.1	0.7
Return on assets	%	14.8	6.5
Return on equity	%	20.0	6.3
Return on capital employed	%	17.9	7.9

To see how JSW INFRASTRUCTURE LTD. has performed over the last 5 years, please visit here.

JSW INFRASTRUCTURE LTD. Share Price Performance

Over the last one year, JSW INFRASTRUCTURE LTD. share price has moved up from Rs 0.0 to Rs 351.7, registering a gain of Rs 351.7 or around 0.0%.

Overall, the S&P BSE SENSEX is up 22.0% over the year.

(To know more, check out historical annual results for JSW INFRASTRUCTURE LTD. and quarterly results for JSW INFRASTRUCTURE LTD.)