NIYOGIN FINTECH 2023-24 Annual Report Analysis

Thu, 3 Oct

NIYOGIN FINTECH 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.

NIYOGIN FINTECH Income Statement Analysis

• Operating income during the year rose 80.1% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 7.6% in FY24 as against 27.2% in FY23.
• Depreciation charges increased by 32.8% and finance costs increased by 196.6% YoY, respectively.
• Other income declined by 76.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 26.1% in FY23 to 12.7% in FY24.

NIYOGIN FINTECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,087	1,958	80.1%
Other income	Rs m	93	22	-76.0%
Total Revenues	Rs m	1,180	1,980	67.8%
Gross profit	Rs m	-295	-149	NA
Depreciation	Rs m	61	81	32.8%
Interest	Rs m	18	54	196.6%
Profit before tax	Rs m	-281	-261	NA
Tax	Rs m	3	-13	NA
Profit after tax	Rs m	-284	-248	NA
Gross profit margin	%	-27.2	-7.6
Effective tax rate	%	-0.9	4.9
Net profit margin	%	-26.1	-12.7

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NIYOGIN FINTECH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 565 million in FY23, thereby witnessing an increase of 93.1%.
• Long-term debt stood at Rs 539 million as compared to Rs 1 million during FY23, a growth of 76927.1%.
• Current assets rose 21% and stood at Rs 2 billion, while fixed assets rose 39% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 5 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 31%.

NIYOGIN FINTECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,567	2,436	-5.1
Current Liabilities	Rs m	565	1,091	93.1
Long-term Debt	Rs m	1	539	76,927.1
Total Liabilities	Rs m	3,446	4,509	30.9
Current assets	Rs m	1,523	1,838	20.7
Fixed Assets	Rs m	1,923	2,671	38.9
Total Assets	Rs m	3,446	4,509	30.9

NIYOGIN FINTECH Cash Flow Statement Analysis

• NIYOGIN FINTECH's cash flow from operating activities (CFO) during FY24 stood at Rs -368 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -178 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 695 million, an improvement of 2,676% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 149 million from the Rs 256 million net cash flows seen during FY23.

NIYOGIN FINTECH 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	-584	-368	-
Cash Flow from Investing Activities	Rs m	867	-178	-
Cash Flow from Financing Activities	Rs m	-27	695	-
Net Cash Flow	Rs m	256	149	-41.7%

Current Valuations for NIYOGIN FINTECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.6, an improvement from the EPS of Rs -3.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 55.1, stands at -18.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 2.7 times.
• The company's price to cash flow (P/CF) ratio stood at -36.1 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	11.5	20.6
TTM Earnings per share	Rs	-3.0	-2.6
Diluted earnings per share	Rs	-3.0	-2.6
Price to Cash Flow	x	-12.7	-36.1
TTM P/E ratio	x	-10.0	-18.7
Price / Book Value ratio	x	2.1	2.5
Market Cap	Rs m	5,297	6,041
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NIYOGIN FINTECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 2.7x 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 improved and stood at -3.9x during FY24, from -14.5x 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 improved and stood at -10.2% during FY24, from -11.1% 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 -7.0% during FY24, from -10.2% 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 improved and stood at -4.3% during FY24, from -7.7% 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	2.7	1.7
Debtors’ Days	Days	770	283
Interest coverage	x	-14.5	-3.9
Debt to equity ratio	x	0.0	0.2
Return on assets	%	-7.7	-4.3
Return on equity	%	-11.1	-10.2
Return on capital employed	%	-10.2	-7.0

To see how NIYOGIN FINTECH has performed over the last 5 years, please visit here.

NIYOGIN FINTECH Share Price Performance

Over the last one year, NIYOGIN FINTECH share price has moved down from Rs 67.7 to Rs 55.1, registering a loss of Rs 12.6 or around 18.7%.

Overall, the S&P BSE SENSEX is up 27.6% over the year.

(To know more, check out historical annual results for NIYOGIN FINTECH and quarterly results for NIYOGIN FINTECH)