LANDMARK CARS 2023-24 Annual Report Analysis

Mon, 2 Sep

LANDMARK CARS 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.

LANDMARK CARS Income Statement Analysis

• Operating income during the year fell 2.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.6% in FY24 as against 6.9% in FY23.
• Depreciation charges increased by 16.0% and finance costs increased by 4.2% YoY, respectively.
• Other income declined by 20.2% YoY.
• Net profit for the year declined by 32.8% YoY.
• Net profit margins during the year declined from 2.5% in FY23 to 1.7% in FY24.

LANDMARK CARS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	33,824	32,879	-2.8%
Other income	Rs m	121	96	-20.2%
Total Revenues	Rs m	33,944	32,975	-2.9%
Gross profit	Rs m	2,320	2,161	-6.9%
Depreciation	Rs m	873	1,013	16.0%
Interest	Rs m	527	549	4.2%
Profit before tax	Rs m	1,041	695	-33.2%
Tax	Rs m	190	123	-35.2%
Profit after tax	Rs m	851	572	-32.8%
Gross profit margin	%	6.9	6.6
Effective tax rate	%	18.3	17.7
Net profit margin	%	2.5	1.7

Don't Miss: Key Information for Long-term Investors

LANDMARK CARS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 7 billion as compared to Rs 6 billion in FY23, thereby witnessing an increase of 29.2%.
• Long-term debt stood at Rs 407 million as compared to Rs 260 million during FY23, a growth of 56.1%.
• Current assets rose 29% and stood at Rs 9 billion, while fixed assets rose 16% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 12 billion during FY23, thereby witnessing a growth of 23%.

LANDMARK CARS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,634	5,370	15.9
Current Liabilities	Rs m	5,513	7,120	29.2
Long-term Debt	Rs m	260	407	56.1
Total Liabilities	Rs m	12,472	15,337	23.0
Current assets	Rs m	6,976	8,976	28.7
Fixed Assets	Rs m	5,496	6,361	15.7
Total Assets	Rs m	12,472	15,337	23.0

LANDMARK CARS Cash Flow Statement Analysis

• LANDMARK CARS's cash flow from operating activities (CFO) during FY24 stood at Rs 408 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 56.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 646 million, an improvement of 11,794% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -79 million from the Rs -6 million net cash flows seen during FY23.

LANDMARK CARS 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	710	408	-42.5%
Cash Flow from Investing Activities	Rs m	-722	-1,133	-
Cash Flow from Financing Activities	Rs m	5	646	11,793.7%
Net Cash Flow	Rs m	-6	-79	-

Current Valuations for LANDMARK CARS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.9, an decline from the EPS of Rs 21.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 580.1, stands at 44.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 0.7 times.
• The company's price to cash flow (P/CF) ratio stood at 18.7 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	853.7	796.3
TTM Earnings per share	Rs	21.5	13.9
Diluted earnings per share	Rs	20.6	13.8
Price to Cash Flow	x	13.0	18.7
TTM P/E ratio	x	26.4	44.9
Price / Book Value ratio	x	4.7	5.5
Market Cap	Rs m	21,857	29,701
Dividends per share (Unadj.)	Rs	2.3	1.5

Ratio Analysis for LANDMARK CARS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x 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 2.3x during FY24, from 3.0x 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 10.7% during FY24, from 18.4% 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 21.5% during FY24, from 32.0% 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 declined and down at 7.3% during FY24, from 11.0% 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	1.3
Debtors’ Days	Days	11	15
Interest coverage	x	3.0	2.3
Debt to equity ratio	x	0.1	0.1
Return on assets	%	11.0	7.3
Return on equity	%	18.4	10.7
Return on capital employed	%	32.0	21.5

To see how LANDMARK CARS has performed over the last 5 years, please visit here.

LANDMARK CARS Share Price Performance

Over the last one year, LANDMARK CARS share price has moved down from Rs 702.3 to Rs 580.1, registering a loss of Rs 122.2 or around 17.4%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 58,856.2 (down 0.3%). Over the last one year it has moved up from 36,075.1 to 58,856.2, a gain of 22,781 points (up 63.1%).

Overall, the S&P BSE SENSEX is up 27.0% over the year.

(To know more, check out historical annual results for LANDMARK CARS and quarterly results for LANDMARK CARS)