JTL INFRA 2023-24 Annual Report Analysis

Tue, 27 Aug

JTL INFRA 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.

JTL INFRA Income Statement Analysis

• Operating income during the year rose 31.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 18.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.5% in FY24 as against 8.3% in FY23.
• Depreciation charges increased by 30.6% and finance costs decreased by 19.8% YoY, respectively.
• Other income grew by 75.6% YoY.
• Net profit for the year grew by 25.4% YoY.
• Net profit margins during the year declined from 5.8% in FY23 to 5.5% in FY24.

JTL INFRA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	15,499	20,402	31.6%
Other income	Rs m	49	87	75.6%
Total Revenues	Rs m	15,549	20,489	31.8%
Gross profit	Rs m	1,283	1,522	18.6%
Depreciation	Rs m	43	56	30.6%
Interest	Rs m	63	51	-19.8%
Profit before tax	Rs m	1,226	1,502	22.5%
Tax	Rs m	325	372	14.5%
Profit after tax	Rs m	901	1,130	25.4%
Gross profit margin	%	8.3	7.5
Effective tax rate	%	26.5	24.8
Net profit margin	%	5.8	5.5

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JTL INFRA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 648 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -54.2%.
• Current assets rose 39% and stood at Rs 7 billion, while fixed assets rose 104% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 50%.

JTL INFRA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,110	5,412	74.0
Current Liabilities	Rs m	1,413	648	-54.2
Long-term Debt	Rs m	91	0	-100.0
Total Liabilities	Rs m	5,635	8,435	49.7
Current assets	Rs m	4,733	6,592	39.3
Fixed Assets	Rs m	902	1,843	104.4
Total Assets	Rs m	5,635	8,435	49.7

JTL INFRA Cash Flow Statement Analysis

• JTL INFRA's cash flow from operating activities (CFO) during FY24 stood at Rs -221 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -956 million, an improvement of 379.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 157% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 511 million from the Rs 498 million net cash flows seen during FY23.

JTL INFRA 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	40	-221	-
Cash Flow from Investing Activities	Rs m	-199	-956	-
Cash Flow from Financing Activities	Rs m	658	1,689	156.7%
Net Cash Flow	Rs m	498	511	2.6%

Current Valuations for JTL INFRA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.4, an decline from the EPS of Rs 10.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 234.3, stands at 37.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.3 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 31.9 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	183.8	115.3
TTM Earnings per share	Rs	10.7	6.4
Diluted earnings per share	Rs	4.7	5.9
Price to Cash Flow	x	32.3	31.9
TTM P/E ratio	x	34.2	37.9
Price / Book Value ratio	x	7.3	7.0
Market Cap	Rs m	22,665	37,780
Dividends per share (Unadj.)	Rs	0.2	0.3

Ratio Analysis for JTL INFRA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 10.2x during FY24, from 3.3x 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 30.5x during FY24, from 20.3x 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 declined and down at 20.9% during FY24, from 29.0% 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 28.7% during FY24, from 40.3% 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 14.0% during FY24, from 17.1% 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	3.3	10.2
Debtors’ Days	Days	333	345
Interest coverage	x	20.3	30.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	17.1	14.0
Return on equity	%	29.0	20.9
Return on capital employed	%	40.3	28.7

To see how JTL INFRA has performed over the last 5 years, please visit here.

JTL INFRA Share Price Performance

Over the last one year, JTL INFRA share price has moved up from Rs 197.5 to Rs 234.3, registering a gain of Rs 36.8 or around 18.6%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,154.9 (up 0.8%). Over the last one year it has moved up from 4,267.8 to 8,154.9, a gain of 3,887 points (up 91.1%).

Overall, the S&P BSE SENSEX is up 25.1% over the year.

(To know more, check out historical annual results for JTL INFRA and quarterly results for JTL INFRA)