JAY BHARAT MARUTI 2023-24 Annual Report Analysis

Tue, 27 Aug

JAY BHARAT MARUTI 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.

JAY BHARAT MARUTI Income Statement Analysis

• Operating income during the year fell 2.2% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 3.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.3% in FY24 as against 7.4% in FY23.
• Depreciation charges increased by 5.3% and finance costs increased by 7.4% YoY, respectively.
• Other income grew by 194.0% YoY.
• Net profit for the year declined by 15.0% YoY.
• Net profit margins during the year declined from 1.6% in FY23 to 1.4% in FY24.

JAY BHARAT MARUTI Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	23,442	22,921	-2.2%
Other income	Rs m	13	38	194.0%
Total Revenues	Rs m	23,455	22,959	-2.1%
Gross profit	Rs m	1,741	1,677	-3.7%
Depreciation	Rs m	801	843	5.3%
Interest	Rs m	368	396	7.4%
Profit before tax	Rs m	585	475	-18.7%
Tax	Rs m	206	153	-25.5%
Profit after tax	Rs m	379	322	-15.0%
Gross profit margin	%	7.4	7.3
Effective tax rate	%	35.2	32.3
Net profit margin	%	1.6	1.4

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JAY BHARAT MARUTI Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 7 billion as compared to Rs 5 billion in FY23, thereby witnessing an increase of 27.5%.
• Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY23, a fall of 19.0%.
• Current assets rose 20% and stood at Rs 4 billion, while fixed assets rose 20% and stood at Rs 11 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 16 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 20%.

JAY BHARAT MARUTI Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,081	5,387	6.0
Current Liabilities	Rs m	5,356	6,826	27.5
Long-term Debt	Rs m	1,405	1,139	-19.0
Total Liabilities	Rs m	12,993	15,558	19.7
Current assets	Rs m	3,595	4,321	20.2
Fixed Assets	Rs m	9,397	11,237	19.6
Total Assets	Rs m	12,993	15,558	19.7

JAY BHARAT MARUTI Cash Flow Statement Analysis

• JAY BHARAT MARUTI's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 21.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 116.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -511 million, an improvement of 41% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -39 million from the Rs 26 million net cash flows seen during FY23.

JAY BHARAT MARUTI 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	1,544	1,877	21.6%
Cash Flow from Investing Activities	Rs m	-650	-1,405	-
Cash Flow from Financing Activities	Rs m	-867	-511	-
Net Cash Flow	Rs m	26	-39	-

Current Valuations for JAY BHARAT MARUTI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.0, an decline from the EPS of Rs 8.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 107.2, stands at 37.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 20.6 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	541.4	211.7
TTM Earnings per share	Rs	8.8	3.0
Diluted earnings per share	Rs	3.5	3.0
Price to Cash Flow	x	12.0	20.6
TTM P/E ratio	x	38.3	37.0
Price / Book Value ratio	x	1.4	4.5
Market Cap	Rs m	7,047	23,994
Dividends per share (Unadj.)	Rs	0.7	0.7

Ratio Analysis for JAY BHARAT MARUTI

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.6x during FY24, from 0.7x 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 deteriorated and stood at 2.2x during FY24, from 2.6x 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 6.0% during FY24, from 7.5% 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 declined and down at 13.3% during FY24, from 14.7% 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 4.6% during FY24, from 5.8% 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	0.7	0.6
Debtors’ Days	Days	128	199
Interest coverage	x	2.6	2.2
Debt to equity ratio	x	0.3	0.2
Return on assets	%	5.8	4.6
Return on equity	%	7.5	6.0
Return on capital employed	%	14.7	13.3

To see how JAY BHARAT MARUTI has performed over the last 5 years, please visit here.

JAY BHARAT MARUTI Share Price Performance

Over the last one year, JAY BHARAT MARUTI share price has moved down from Rs 283.8 to Rs 107.2, registering a loss of Rs 176.6 or around 62.2%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for JAY BHARAT MARUTI and quarterly results for JAY BHARAT MARUTI)