MONTE CARLO 2023-24 Annual Report Analysis

Mon, 2 Sep

MONTE CARLO 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.

MONTE CARLO Income Statement Analysis

• Operating income during the year fell 5.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 34.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.6% in FY24 as against 19.6% in FY23.
• Depreciation charges increased by 22.6% and finance costs increased by 51.7% YoY, respectively.
• Other income grew by 32.0% YoY.
• Net profit for the year declined by 54.8% YoY.
• Net profit margins during the year declined from 11.9% in FY23 to 5.6% in FY24.

MONTE CARLO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	11,177	10,619	-5.0%
Other income	Rs m	208	275	32.0%
Total Revenues	Rs m	11,385	10,894	-4.3%
Gross profit	Rs m	2,195	1,444	-34.2%
Depreciation	Rs m	418	512	22.6%
Interest	Rs m	263	400	51.7%
Profit before tax	Rs m	1,722	807	-53.2%
Tax	Rs m	397	207	-47.8%
Profit after tax	Rs m	1,325	599	-54.8%
Gross profit margin	%	19.6	13.6
Effective tax rate	%	23.0	25.7
Net profit margin	%	11.9	5.6

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MONTE CARLO Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 5 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -3.6%.
• Current assets fell 7% and stood at Rs 10 billion, while fixed assets rose 23% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 15 billion during FY23, thereby witnessing a growth of 1%.

MONTE CARLO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	7,764	7,948	2.4
Current Liabilities	Rs m	5,437	5,243	-3.6
Long-term Debt	Rs m	27	0	-100.0
Total Liabilities	Rs m	14,742	14,907	1.1
Current assets	Rs m	10,627	9,840	-7.4
Fixed Assets	Rs m	4,115	5,066	23.1
Total Assets	Rs m	14,742	14,907	1.1

MONTE CARLO Cash Flow Statement Analysis

• MONTE CARLO's cash flow from operating activities (CFO) during FY24 stood at Rs 815 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 35 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -852 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -2 million from the Rs 13 million net cash flows seen during FY23.

MONTE CARLO 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	-53	815	-
Cash Flow from Investing Activities	Rs m	-463	35	-
Cash Flow from Financing Activities	Rs m	529	-852	-
Net Cash Flow	Rs m	13	-2	-

Current Valuations for MONTE CARLO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.9, an decline from the EPS of Rs 63.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 709.3, stands at 24.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 14.2 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	539.2	512.3
TTM Earnings per share	Rs	63.9	28.9
Diluted earnings per share	Rs	63.9	28.9
Price to Cash Flow	x	7.4	14.2
TTM P/E ratio	x	9.7	24.7
Price / Book Value ratio	x	1.8	2.0
Market Cap	Rs m	13,812	15,787
Dividends per share (Unadj.)	Rs	20.0	20.0

Ratio Analysis for MONTE CARLO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY24, from 2.0x 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 3.0x during FY24, from 7.5x 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 7.5% during FY24, from 17.1% 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 15.2% during FY24, from 25.5% 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 6.7% during FY24, from 10.8% 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	2.0	1.9
Debtors’ Days	Days	1,242	1,272
Interest coverage	x	7.5	3.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.8	6.7
Return on equity	%	17.1	7.5
Return on capital employed	%	25.5	15.2

To see how MONTE CARLO has performed over the last 5 years, please visit here.

MONTE CARLO Share Price Performance

Over the last one year, MONTE CARLO share price has moved down from Rs 750.2 to Rs 709.3, registering a loss of Rs 40.9 or around 5.4%.

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

(To know more, check out historical annual results for MONTE CARLO and quarterly results for MONTE CARLO)