MOTISONS JEWELLERS LTD. 2023-24 Annual Report Analysis

Wed, 9 Oct

MOTISONS JEWELLERS LTD. 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.

MOTISONS JEWELLERS LTD. Income Statement Analysis

• Operating income during the year rose 13.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 28.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY24 as against 13.4% in FY23.
• Depreciation charges decreased by 7.6% and finance costs decreased by 3.5% YoY, respectively.
• Other income declined by 32.8% YoY.
• Net profit for the year grew by 45.2% YoY.
• Net profit margins during the year grew from 6.1% in FY23 to 7.7% in FY24.

MOTISONS JEWELLERS LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,662	4,168	13.8%
Other income	Rs m	6	4	-32.8%
Total Revenues	Rs m	3,668	4,172	13.7%
Gross profit	Rs m	490	631	28.7%
Depreciation	Rs m	19	18	-7.6%
Interest	Rs m	178	172	-3.5%
Profit before tax	Rs m	299	446	48.9%
Tax	Rs m	77	123	59.5%
Profit after tax	Rs m	222	322	45.2%
Gross profit margin	%	13.4	15.1
Effective tax rate	%	25.8	27.7
Net profit margin	%	6.1	7.7

Don't Miss: Key Information for Long-term Investors

MOTISONS JEWELLERS LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -22.4%.
• Long-term debt down at Rs 9 million as compared to Rs 129 million during FY23, a fall of 93.0%.
• Current assets rose 42% and stood at Rs 5 billion, while fixed assets rose 8% and stood at Rs 94 million 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 41%.

MOTISONS JEWELLERS LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,374	3,281	138.8
Current Liabilities	Rs m	1,777	1,379	-22.4
Long-term Debt	Rs m	129	9	-93.0
Total Liabilities	Rs m	3,358	4,743	41.2
Current assets	Rs m	3,271	4,649	42.1
Fixed Assets	Rs m	87	94	8.0
Total Assets	Rs m	3,358	4,743	41.2

MOTISONS JEWELLERS LTD. Cash Flow Statement Analysis

• MOTISONS JEWELLERS LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -526 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -28 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 854 million, an improvement of 1,115% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 300 million from the Rs -28 million net cash flows seen during FY23.

MOTISONS JEWELLERS LTD. 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	38	-526	-
Cash Flow from Investing Activities	Rs m	18	-28	-
Cash Flow from Financing Activities	Rs m	-84	854	-
Net Cash Flow	Rs m	-28	300	-

Current Valuations for MOTISONS JEWELLERS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.3, an decline from the EPS of Rs 3.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 302.5, stands at 92.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.1 times, while the price to sales ratio stands at 7.1 times.
• The company's price to cash flow (P/CF) ratio stood at 48.3 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	56.4	42.3
TTM Earnings per share	Rs	3.4	3.3
Diluted earnings per share	Rs	2.3	3.3
Price to Cash Flow	x	0.0	48.3
TTM P/E ratio	x	0.0	92.4
Price / Book Value ratio	x	0.0	5.0
Market Cap	Rs m	0	16,406
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MOTISONS JEWELLERS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.4x during FY24, from 1.8x 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 3.6x during FY24, from 2.7x 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 9.8% during FY24, from 16.2% 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 18.8% during FY24, from 31.7% 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 10.4% during FY24, from 11.9% 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	1.8	3.4
Debtors’ Days	Days	11	13
Interest coverage	x	2.7	3.6
Debt to equity ratio	x	0.1	0.0
Return on assets	%	11.9	10.4
Return on equity	%	16.2	9.8
Return on capital employed	%	31.7	18.8

To see how MOTISONS JEWELLERS LTD. has performed over the last 5 years, please visit here.

MOTISONS JEWELLERS LTD. Share Price Performance

Over the last one year, MOTISONS JEWELLERS LTD. share price has moved up from Rs 0.0 to Rs 302.5, registering a gain of Rs 302.5 or around 0.0%.

Overall, the S&P BSE SENSEX is up 25.1% over the year.

(To know more, check out historical annual results for MOTISONS JEWELLERS LTD. and quarterly results for MOTISONS JEWELLERS LTD.)