JYOTI RESINS 2023-24 Annual Report Analysis

Mon, 23 Sep

JYOTI RESINS 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.

JYOTI RESINS Income Statement Analysis

• Operating income during the year fell 1.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 38.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 32.6% in FY24 as against 23.2% in FY23.
• Depreciation charges decreased by 24.5% and finance costs increased by 125.0% YoY, respectively.
• Other income grew by 201.5% YoY.
• Net profit for the year grew by 44.5% YoY.
• Net profit margins during the year grew from 17.8% in FY23 to 26.1% in FY24.

JYOTI RESINS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,613	2,573	-1.5%
Other income	Rs m	23	68	201.5%
Total Revenues	Rs m	2,635	2,641	0.2%
Gross profit	Rs m	606	839	38.5%
Depreciation	Rs m	14	11	-24.5%
Interest	Rs m	0	1	125.0%
Profit before tax	Rs m	614	896	45.9%
Tax	Rs m	150	225	50.2%
Profit after tax	Rs m	464	671	44.5%
Gross profit margin	%	23.2	32.6
Effective tax rate	%	24.4	25.1
Net profit margin	%	17.8	26.1

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JYOTI RESINS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -1.3%.
• Current assets rose 62% and stood at Rs 2 billion, while fixed assets fell 34% and stood at Rs 497 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 28%.

JYOTI RESINS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,060	1,662	56.9
Current Liabilities	Rs m	1,040	1,026	-1.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,107	2,703	28.3
Current assets	Rs m	1,358	2,206	62.5
Fixed Assets	Rs m	749	497	-33.6
Total Assets	Rs m	2,107	2,703	28.3

JYOTI RESINS Cash Flow Statement Analysis

• JYOTI RESINS's cash flow from operating activities (CFO) during FY24 stood at Rs 269 million, an improvement of 2,925.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 47 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -72 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 243 million from the Rs -24 million net cash flows seen during FY23.

JYOTI RESINS 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	9	269	2,925.1%
Cash Flow from Investing Activities	Rs m	-3	47	-
Cash Flow from Financing Activities	Rs m	-30	-72	-
Net Cash Flow	Rs m	-24	243	-

Current Valuations for JYOTI RESINS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 55.9, an improvement from the EPS of Rs 38.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,599.0, stands at 27.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 11.5 times, while the price to sales ratio stands at 7.5 times.
• The company's price to cash flow (P/CF) ratio stood at 26.0 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	217.7	214.4
TTM Earnings per share	Rs	38.7	55.9
Diluted earnings per share	Rs	38.7	55.9
Price to Cash Flow	x	31.8	26.0
TTM P/E ratio	x	32.8	27.4
Price / Book Value ratio	x	13.8	10.7
Market Cap	Rs m	14,651	17,767
Dividends per share (Unadj.)	Rs	6.0	9.0

Ratio Analysis for JYOTI RESINS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY24, from 1.3x 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 deteriorated and stood at 1,245.4x during FY24, from 1,920.1x 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 40.4% during FY24, from 43.8% 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 53.9% during FY24, from 58.0% 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 24.9% during FY24, from 22.1% 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	1.3	2.1
Debtors’ Days	Days	1,278	1,333
Interest coverage	x	1,920.1	1,245.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	22.1	24.9
Return on equity	%	43.8	40.4
Return on capital employed	%	58.0	53.9

To see how JYOTI RESINS has performed over the last 5 years, please visit here.

JYOTI RESINS Share Price Performance

Over the last one year, JYOTI RESINS share price has moved down from Rs 1,687.0 to Rs 1,599.0, registering a loss of Rs 88.0 or around 5.2%.

Overall, the S&P BSE SENSEX is up 27.1% over the year.

(To know more, check out historical annual results for JYOTI RESINS and quarterly results for JYOTI RESINS)