JUST DIAL 2023-24 Annual Report Analysis

Mon, 10 Jun

JUST DIAL 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.

JUST DIAL Income Statement Analysis

• Operating income during the year rose 23.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1415.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.6% in FY24 as against 2.0% in FY23.
• Depreciation charges increased by 43.6% and finance costs increased by 21.0% YoY, respectively.
• Other income grew by 45.7% YoY.
• Net profit for the year grew by 123.0% YoY.
• Net profit margins during the year grew from 23.5% in FY23 to 42.4% in FY24.

JUST DIAL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,927	8,552	23.5%
Other income	Rs m	2,138	3,116	45.7%
Total Revenues	Rs m	9,064	11,668	28.7%
Gross profit	Rs m	139	2,105	1,415.2%
Depreciation	Rs m	322	462	43.6%
Interest	Rs m	77	93	21.0%
Profit before tax	Rs m	1,878	4,666	148.4%
Tax	Rs m	251	1,036	312.7%
Profit after tax	Rs m	1,627	3,629	123.0%
Gross profit margin	%	2.0	24.6
Effective tax rate	%	13.4	22.2
Net profit margin	%	23.5	42.4

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JUST DIAL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 6 billion as compared to Rs 5 billion in FY23, thereby witnessing an increase of 14.8%.
• Current assets rose 14% and stood at Rs 47 billion, while fixed assets fell 18% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 49 billion as against Rs 43 billion during FY23, thereby witnessing a growth of 12%.

JUST DIAL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	36,434	40,230	10.4
Current Liabilities	Rs m	5,317	6,102	14.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	43,366	48,610	12.1
Current assets	Rs m	41,227	46,864	13.7
Fixed Assets	Rs m	2,139	1,746	-18.4
Total Assets	Rs m	43,366	48,610	12.1

JUST DIAL Cash Flow Statement Analysis

• JUST DIAL's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion, an improvement of 44.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 40.6% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -272 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 21 million from the Rs -77 million net cash flows seen during FY23.

JUST DIAL 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	1,788	2,591	44.9%
Cash Flow from Investing Activities	Rs m	-1,634	-2,298	-
Cash Flow from Financing Activities	Rs m	-231	-272	-
Net Cash Flow	Rs m	-77	21	-

Current Valuations for JUST DIAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 42.7, an improvement from the EPS of Rs 19.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 970.4, stands at 22.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 9.6 times.
• The company's price to cash flow (P/CF) ratio stood at 16.0 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	82.1	100.6
TTM Earnings per share	Rs	19.3	42.7
Diluted earnings per share	Rs	19.1	42.7
Price to Cash Flow	x	25.9	16.0
TTM P/E ratio	x	31.1	22.7
Price / Book Value ratio	x	1.7	1.6
Market Cap	Rs m	61,777	65,502
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JUST DIAL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 7.7x during FY24, from 7.8x 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 51.3x during FY24, from 25.5x 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 9.0% during FY24, from 4.5% 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 11.8% during FY24, from 5.4% 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 7.7% during FY24, from 3.9% 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	7.8	7.7
Debtors’ Days	Days	0	0
Interest coverage	x	25.5	51.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.9	7.7
Return on equity	%	4.5	9.0
Return on capital employed	%	5.4	11.8

To see how JUST DIAL has performed over the last 5 years, please visit here.

JUST DIAL Share Price Performance

Over the last one year, JUST DIAL share price has moved up from Rs 750.9 to Rs 970.4, registering a gain of Rs 219.5 or around 29.2%.

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for JUST DIAL and quarterly results for JUST DIAL)