KOLTE PATIL 2023-24 Annual Report Analysis

Mon, 29 Jul

KOLTE PATIL 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.

KOLTE PATIL Income Statement Analysis

• Operating income during the year fell 7.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 90.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.3% in FY24 as against 12.6% in FY23.
• Depreciation charges increased by 22.8% and finance costs increased by 140.6% YoY, respectively.
• Other income declined by 28.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 7.6% in FY23 to 4.9% in FY24.

KOLTE PATIL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	14,884	13,715	-7.9%
Other income	Rs m	326	233	-28.5%
Total Revenues	Rs m	15,210	13,948	-8.3%
Gross profit	Rs m	1,877	179	-90.5%
Depreciation	Rs m	116	142	22.8%
Interest	Rs m	407	979	140.6%
Profit before tax	Rs m	1,681	-709	NA
Tax	Rs m	546	-34	NA
Profit after tax	Rs m	1,135	-675	NA
Gross profit margin	%	12.6	1.3
Effective tax rate	%	32.5	4.8
Net profit margin	%	7.6	-4.9

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KOLTE PATIL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 39 billion as compared to Rs 27 billion in FY23, thereby witnessing an increase of 43.5%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY23, a fall of 37.0%.
• Current assets rose 23% and stood at Rs 43 billion, while fixed assets rose 21% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 48 billion as against Rs 39 billion during FY23, thereby witnessing a growth of 23%.

KOLTE PATIL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,674	7,339	-15.4
Current Liabilities	Rs m	26,892	38,580	43.5
Long-term Debt	Rs m	3,492	2,200	-37.0
Total Liabilities	Rs m	38,607	47,570	23.2
Current assets	Rs m	34,590	42,704	23.5
Fixed Assets	Rs m	4,017	4,866	21.1
Total Assets	Rs m	38,607	47,570	23.2

KOLTE PATIL Cash Flow Statement Analysis

• KOLTE PATIL's cash flow from operating activities (CFO) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 126.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 636% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 740 million from the Rs 793 million net cash flows seen during FY23.

KOLTE PATIL 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	1,977	-1,110	-
Cash Flow from Investing Activities	Rs m	-592	-1,338	-
Cash Flow from Financing Activities	Rs m	-595	3,188	-
Net Cash Flow	Rs m	793	740	-6.7%

Current Valuations for KOLTE PATIL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -8.9, an decline from the EPS of Rs 14.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 416.0, stands at -54.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at -58.9 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	195.8	180.5
TTM Earnings per share	Rs	14.9	-8.9
Diluted earnings per share	Rs	14.9	-8.9
Price to Cash Flow	x	15.1	-58.9
TTM P/E ratio	x	16.4	-54.8
Price / Book Value ratio	x	2.6	4.3
Market Cap	Rs m	22,710	31,413
Dividends per share (Unadj.)	Rs	4.0	4.0

Ratio Analysis for KOLTE PATIL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x 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 0.3x during FY24, from 5.1x 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 -9.2% during FY24, from 13.1% 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 declined and down at 2.8% during FY24, from 17.2% 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 0.6% during FY24, from 4.0% 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	1.1
Debtors’ Days	Days	67	148
Interest coverage	x	5.1	0.3
Debt to equity ratio	x	0.4	0.3
Return on assets	%	4.0	0.6
Return on equity	%	13.1	-9.2
Return on capital employed	%	17.2	2.8

To see how KOLTE PATIL has performed over the last 5 years, please visit here.

KOLTE PATIL Share Price Performance

Over the last one year, KOLTE PATIL share price has moved down from Rs 420.2 to Rs 416.0, registering a loss of Rs 4.2 or around 1.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,574.7 (up 1.9%). Over the last one year it has moved up from 4,508.9 to 8,574.7, a gain of 4,066 points (up 90.2%).

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for KOLTE PATIL and quarterly results for KOLTE PATIL)