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HARSHIL AGROTECH 2023-24 Annual Report Analysis

Tue, 29 Oct

HARSHIL AGROTECH 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.

HARSHIL AGROTECH Income Statement Analysis

• Operating income during the year rose 236.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 52.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.7% in FY24 as against 16.9% in FY23.
• Depreciation charges increased by 250.0% increased by 0.0% YoY, respectively.
• Other income grew by 164.9% YoY.
• Net profit for the year grew by 47.9% YoY.
• Net profit margins during the year declined from 14.1% in FY23 to 6.2% in FY24.

HARSHIL AGROTECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	38	129	236.6%
Other income	Rs m	0	1	164.9%
Total Revenues	Rs m	39	130	235.9%
Gross profit	Rs m	6	10	52.7%
Depreciation	Rs m	0	0	250.0%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	7	11	58.0%
Tax	Rs m	1	3	97.9%
Profit after tax	Rs m	5	8	47.9%
Gross profit margin	%	16.9	7.7
Effective tax rate	%	20.6	25.8
Net profit margin	%	14.1	6.2

For Investors: Our Big Prediction

HARSHIL AGROTECH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 108 million as compared to Rs 32 million in FY23, thereby witnessing an increase of 236.4%.
• Long-term debt stood at Rs 7 million as compared to Rs 4 million during FY23, a growth of 53.4%.
• Current assets rose 412% and stood at Rs 200 million, while fixed assets rose 3,323% and stood at Rs 26 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 226 million as against Rs 40 million during FY23, thereby witnessing a growth of 467%.

HARSHIL AGROTECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6	114	1,753.7
Current Liabilities	Rs m	32	108	236.4
Long-term Debt	Rs m	4	7	53.4
Total Liabilities	Rs m	40	226	466.6
Current assets	Rs m	39	200	411.9
Fixed Assets	Rs m	1	26	3,322.7
Total Assets	Rs m	40	226	466.6

HARSHIL AGROTECH Cash Flow Statement Analysis

• HARSHIL AGROTECH's cash flow from operating activities (CFO) during FY24 stood at Rs -77 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -25 million, an improvement of 49,900.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 102 million, an improvement of 36,654% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs 0 million net cash flows seen during FY23.

HARSHIL AGROTECH 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	0	-77	-
Cash Flow from Investing Activities	Rs m	0	-25	-
Cash Flow from Financing Activities	Rs m	0	102	-
Net Cash Flow	Rs m	0	0	-1,900.0%

Current Valuations for HARSHIL AGROTECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.7, an decline from the EPS of Rs 6.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 11.3, stands at 96.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 50.1 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 0.6 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	48.0	12.0
TTM Earnings per share	Rs	6.8	0.7
Diluted earnings per share	Rs	0.0	0.0
Price to Cash Flow	x	18.6	0.6
TTM P/E ratio	x	18.7	96.2
Price / Book Value ratio	x	0.2	0.0
Market Cap	Rs m	1	5
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for HARSHIL AGROTECH

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY24, from 1.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 7.0% during FY24, from 88.2% 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 8.9% during FY24, from 64.8% 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 3.6% during FY24, from 13.6% 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	1.2	1.9
Debtors’ Days	Days	3,668	2,183
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.7	0.1
Return on assets	%	13.6	3.6
Return on equity	%	88.2	7.0
Return on capital employed	%	64.8	8.9

To see how HARSHIL AGROTECH has performed over the last 5 years, please visit here.

HARSHIL AGROTECH Share Price Performance

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(To know more, check out historical annual results for HARSHIL AGROTECH and quarterly results for HARSHIL AGROTECH)