MISHTANN FOODS 2023-24 Annual Report Analysis

Tue, 11 Jun

MISHTANN FOODS 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.

MISHTANN FOODS Income Statement Analysis

• Operating income during the year rose 98.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 334.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.9% in FY24 as against 12.7% in FY23.
• Depreciation charges decreased by 14.7% and finance costs decreased by 10.7% YoY, respectively.
• Other income grew by 68.1% YoY.
• Net profit for the year grew by 593.1% YoY.
• Net profit margins during the year grew from 7.7% in FY23 to 26.9% in FY24.

MISHTANN FOODS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,500	12,876	98.1%
Other income	Rs m	0	1	68.1%
Total Revenues	Rs m	6,501	12,877	98.1%
Gross profit	Rs m	826	3,590	334.9%
Depreciation	Rs m	8	7	-14.7%
Interest	Rs m	50	45	-10.7%
Profit before tax	Rs m	768	3,540	360.8%
Tax	Rs m	269	80	-70.4%
Profit after tax	Rs m	499	3,460	593.1%
Gross profit margin	%	12.7	27.9
Effective tax rate	%	35.0	2.2
Net profit margin	%	7.7	26.9

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MISHTANN FOODS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 756 million as compared to Rs 875 million in FY23, thereby witnessing an decrease of -13.6%.
• Long-term debt down at Rs 195 million as compared to Rs 203 million during FY23, a fall of 4.0%.
• Current assets rose 155% and stood at Rs 6 billion, while fixed assets rose 16% and stood at Rs 92 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 150%.

MISHTANN FOODS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,502	5,358	256.7
Current Liabilities	Rs m	875	756	-13.6
Long-term Debt	Rs m	203	195	-4.0
Total Liabilities	Rs m	2,579	6,457	150.4
Current assets	Rs m	2,500	6,366	154.6
Fixed Assets	Rs m	79	92	16.2
Total Assets	Rs m	2,579	6,457	150.4

MISHTANN FOODS Cash Flow Statement Analysis

• MISHTANN FOODS's cash flow from operating activities (CFO) during FY24 stood at Rs -536 million, an improvement of 1,983.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 million, an improvement of 329.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 543 million, an improvement of 2,130% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 4 million from the Rs -2 million net cash flows seen during FY23.

MISHTANN FOODS 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	-26	-536	-
Cash Flow from Investing Activities	Rs m	-1	-2	-
Cash Flow from Financing Activities	Rs m	24	543	2,129.6%
Net Cash Flow	Rs m	-2	4	-

Current Valuations for MISHTANN FOODS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.4, an improvement from the EPS of Rs 0.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 16.0, stands at 5.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 5.0 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	6.5	12.5
TTM Earnings per share	Rs	0.5	3.4
Diluted earnings per share	Rs	0.5	3.3
Price to Cash Flow	x	16.2	5.0
TTM P/E ratio	x	22.7	5.0
Price / Book Value ratio	x	7.5	3.2
Market Cap	Rs m	11,313	17,330
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MISHTANN FOODS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 8.4x during FY24, from 2.9x 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 80.4x during FY24, from 16.4x 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 64.6% during FY24, from 33.2% 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 improved and stood at 64.6% during FY24, from 48.0% 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 improved and stood at 54.3% during FY24, from 21.3% 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	2.9	8.4
Debtors’ Days	Days	123,823,486	167,578,490
Interest coverage	x	16.4	80.4
Debt to equity ratio	x	0.1	0.0
Return on assets	%	21.3	54.3
Return on equity	%	33.2	64.6
Return on capital employed	%	48.0	64.6

To see how MISHTANN FOODS has performed over the last 5 years, please visit here.

MISHTANN FOODS Share Price Performance

Over the last one year, MISHTANN FOODS share price has moved up from Rs 8.7 to Rs 16.0, registering a gain of Rs 7.4 or around 85.0%.

Overall, the S&P BSE SENSEX is up 21.4% over the year.

(To know more, check out historical annual results for MISHTANN FOODS and quarterly results for MISHTANN FOODS)