KAMDHENU VENTURES 2023-24 Annual Report Analysis

Wed, 17 Jul

KAMDHENU VENTURES 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.

KAMDHENU VENTURES Income Statement Analysis

• Operating income during the year rose 12.4% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.7% in FY24 as against 0.1% in FY23.
• Depreciation charges decreased by 5.7% and finance costs decreased by 52.5% YoY, respectively.
• Other income grew by 174.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 0.0% in FY23 to 4.7% in FY24.

KAMDHENU VENTURES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,595	2,917	12.4%
Other income	Rs m	4	10	174.8%
Total Revenues	Rs m	2,599	2,927	12.6%
Gross profit	Rs m	-2	225	NA
Depreciation	Rs m	49	46	-5.7%
Interest	Rs m	63	30	-52.5%
Profit before tax	Rs m	-111	159	NA
Tax	Rs m	2	21	859.3%
Profit after tax	Rs m	-113	139	NA
Gross profit margin	%	-0.1	7.7
Effective tax rate	%	-2.0	13.0
Net profit margin	%	0.0	4.7

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KAMDHENU VENTURES 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 -17.7%.
• Current assets rose 29% and stood at Rs 2 billion, while fixed assets rose 3% and stood at Rs 487 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 23%.

KAMDHENU VENTURES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	805	1,594	98.0
Current Liabilities	Rs m	1,216	1,001	-17.7
Long-term Debt	Rs m	77	0	-100.0
Total Liabilities	Rs m	2,195	2,705	23.3
Current assets	Rs m	1,723	2,218	28.7
Fixed Assets	Rs m	472	487	3.3
Total Assets	Rs m	2,195	2,705	23.3

KAMDHENU VENTURES Cash Flow Statement Analysis

• KAMDHENU VENTURES's cash flow from operating activities (CFO) during FY24 stood at Rs -155 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -55 million, an improvement of 69.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 262 million, an improvement of 689% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 51 million from the Rs -75 million net cash flows seen during FY23.

KAMDHENU VENTURES 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	2	-155	-
Cash Flow from Investing Activities	Rs m	-33	-55	-
Cash Flow from Financing Activities	Rs m	-44	262	-
Net Cash Flow	Rs m	-75	51	-

Current Valuations for KAMDHENU VENTURES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.2, an improvement from the EPS of Rs -4.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 39.1, stands at 88.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.7 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 58.0 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	96.3	46.4
TTM Earnings per share	Rs	-4.2	2.2
Diluted earnings per share	Rs	-0.4	0.4
Price to Cash Flow	x	-506.3	58.0
TTM P/E ratio	x	-286.0	88.7
Price / Book Value ratio	x	2.9	6.7
Market Cap	Rs m	2,305	10,722
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for KAMDHENU VENTURES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 1.4x 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 6.4x during FY24, from -0.8x 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 8.7% during FY24, from -14.0% 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 improved and stood at 11.9% 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 6.2% during FY24, from -2.3% 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	1.4	2.2
Debtors’ Days	Days	1,457	1,800
Interest coverage	x	-0.8	6.4
Debt to equity ratio	x	0.1	0.0
Return on assets	%	-2.3	6.2
Return on equity	%	-14.0	8.7
Return on capital employed	%	-5.4	11.9

To see how KAMDHENU VENTURES has performed over the last 5 years, please visit here.

KAMDHENU VENTURES Share Price Performance

Over the last one year, KAMDHENU VENTURES share price has moved down from Rs 151.1 to Rs 39.1, registering a loss of Rs 112.0 or around 74.1%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for KAMDHENU VENTURES and quarterly results for KAMDHENU VENTURES)