MALLCOM (INDIA) 2023-24 Annual Report Analysis

Mon, 2 Sep

MALLCOM (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.

MALLCOM (INDIA) Income Statement Analysis

• Operating income during the year rose 2.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 1.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.7% in FY24 as against 14.2% in FY23.
• Depreciation charges decreased by 4.8% and finance costs increased by 72.8% YoY, respectively.
• Other income grew by 31.4% YoY.
• Net profit for the year declined by 1.7% YoY.
• Net profit margins during the year declined from 9.0% in FY23 to 8.6% in FY24.

MALLCOM (INDIA) Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,106	4,207	2.5%
Other income	Rs m	31	41	31.4%
Total Revenues	Rs m	4,137	4,249	2.7%
Gross profit	Rs m	585	577	-1.4%
Depreciation	Rs m	83	79	-4.8%
Interest	Rs m	25	42	72.8%
Profit before tax	Rs m	509	497	-2.4%
Tax	Rs m	140	134	-4.2%
Profit after tax	Rs m	369	363	-1.7%
Gross profit margin	%	14.2	13.7
Effective tax rate	%	27.4	26.9
Net profit margin	%	9.0	8.6

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

MALLCOM (INDIA) 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 -1.0%.
• Long-term debt down at Rs 37 million as compared to Rs 40 million during FY23, a fall of 6.3%.
• Current assets rose 6% and stood at Rs 3 billion, while fixed assets rose 16% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 9%.

MALLCOM (INDIA) Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,032	2,375	16.9
Current Liabilities	Rs m	1,398	1,384	-1.0
Long-term Debt	Rs m	40	37	-6.3
Total Liabilities	Rs m	3,542	3,877	9.5
Current assets	Rs m	2,359	2,505	6.2
Fixed Assets	Rs m	1,184	1,373	16.0
Total Assets	Rs m	3,542	3,877	9.5

MALLCOM (INDIA) Cash Flow Statement Analysis

• MALLCOM (INDIA) 's cash flow from operating activities (CFO) during FY24 stood at Rs 64 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -98 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -42 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -76 million from the Rs 114 million net cash flows seen during FY23.

MALLCOM (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	535	64	-88.1%
Cash Flow from Investing Activities	Rs m	-750	-98	-
Cash Flow from Financing Activities	Rs m	330	-42	-
Net Cash Flow	Rs m	114	-76	-

Current Valuations for MALLCOM (INDIA)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 58.2, an decline from the EPS of Rs 59.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,328.0, stands at 22.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 14.0 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	657.9	674.2
TTM Earnings per share	Rs	59.2	58.2
Diluted earnings per share	Rs	59.2	58.2
Price to Cash Flow	x	10.1	14.0
TTM P/E ratio	x	12.4	22.8
Price / Book Value ratio	x	2.3	2.6
Market Cap	Rs m	4,641	6,203
Dividends per share (Unadj.)	Rs	3.0	3.0

Ratio Analysis for MALLCOM (INDIA)

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.7x 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 12.7x during FY24, from 21.7x 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 15.3% during FY24, from 18.2% 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 22.4% during FY24, from 25.8% 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 10.5% during FY24, from 11.1% 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	1.7	1.8
Debtors’ Days	Days	523	577
Interest coverage	x	21.7	12.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.1	10.5
Return on equity	%	18.2	15.3
Return on capital employed	%	25.8	22.4

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

MALLCOM (INDIA) Share Price Performance

Over the last one year, MALLCOM (INDIA) share price has moved up from Rs 1,045.1 to Rs 1,328.0, registering a gain of Rs 282.9 or around 27.1%.

Overall, the S&P BSE SENSEX is up 26.8% over the year.

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