KESAR INDIA 2023-24 Annual Report Analysis

Tue, 27 Aug

KESAR INDIA 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.

KESAR INDIA Income Statement Analysis

• Operating income during the year rose 251.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1250.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.6% in FY24 as against 7.2% in FY23.
• Depreciation charges increased by 91.1% and finance costs increased by 90.8% YoY, respectively.
• Other income grew by 134.4% YoY.
• Net profit for the year grew by 1283.9% YoY.
• Net profit margins during the year grew from 5.2% in FY23 to 20.3% in FY24.

KESAR INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	152	534	251.7%
Other income	Rs m	2	6	134.4%
Total Revenues	Rs m	154	540	249.9%
Gross profit	Rs m	11	148	1,250.7%
Depreciation	Rs m	2	4	91.1%
Interest	Rs m	1	1	90.8%
Profit before tax	Rs m	11	148	1,280.0%
Tax	Rs m	3	40	1,274.5%
Profit after tax	Rs m	8	108	1,283.9%
Gross profit margin	%	7.2	27.6
Effective tax rate	%	27.0	26.9
Net profit margin	%	5.2	20.3

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KESAR INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 681 million as compared to Rs 87 million in FY23, thereby witnessing an increase of 686.9%.
• Long-term debt down at Rs 13 million as compared to Rs 20 million during FY23, a fall of 31.7%.
• Current assets rose 225% and stood at Rs 988 million, while fixed assets fell 27% and stood at Rs 8 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 997 million as against Rs 315 million during FY23, thereby witnessing a growth of 216%.

KESAR INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	192	300	56.5
Current Liabilities	Rs m	87	681	686.9
Long-term Debt	Rs m	20	13	-31.7
Total Liabilities	Rs m	315	997	216.2
Current assets	Rs m	304	988	225.1
Fixed Assets	Rs m	11	8	-27.0
Total Assets	Rs m	315	997	216.2

KESAR INDIA Cash Flow Statement Analysis

• KESAR INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 92 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -12 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 194 million, an improvement of 28% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 275 million from the Rs 56 million net cash flows seen during FY23.

KESAR INDIA 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	-96	92	-
Cash Flow from Investing Activities	Rs m	0	-12	-
Cash Flow from Financing Activities	Rs m	152	194	27.9%
Net Cash Flow	Rs m	56	275	390.7%

Current Valuations for KESAR INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.4, an improvement from the EPS of Rs 2.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 647.0, stands at 147.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 53.3 times, while the price to sales ratio stands at 29.9 times.
• The company's price to cash flow (P/CF) ratio stood at 70.4 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	43.0	21.6
TTM Earnings per share	Rs	2.2	4.4
Diluted earnings per share	Rs	0.3	4.4
Price to Cash Flow	x	51.9	70.4
TTM P/E ratio	x	64.5	147.6
Price / Book Value ratio	x	3.5	26.3
Market Cap	Rs m	680	7,882
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for KESAR INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY24, from 3.5x 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 103.2x during FY24, from 15.1x 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 improved and stood at 36.1% during FY24, from 4.1% 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 47.8% 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 11.0% during FY24, from 2.7% 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	3.5	1.5
Debtors’ Days	Days	376	218
Interest coverage	x	15.1	103.2
Debt to equity ratio	x	0.1	0.0
Return on assets	%	2.7	11.0
Return on equity	%	4.1	36.1
Return on capital employed	%	5.4	47.8

To see how KESAR INDIA has performed over the last 5 years, please visit here.

KESAR INDIA Share Price Performance

Over the last one year, KESAR INDIA share price has moved up from Rs 0.0 to Rs 647.0, registering a gain of Rs 647.0 or around 0.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,107.7 (up 0.2%). Over the last one year it has moved up from 4,267.8 to 8,107.7, a gain of 3,840 points (up 90.0%).

Overall, the S&P BSE SENSEX is up 24.9% over the year.

(To know more, check out historical annual results for KESAR INDIA and quarterly results for KESAR INDIA)