PENINSULA LAND 2023-24 Annual Report Analysis

Thu, 22 Aug

PENINSULA LAND 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.

PENINSULA LAND Income Statement Analysis

• Operating income during the year fell 42.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 34.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.9% in FY24 as against 12.3% in FY23.
• Depreciation charges increased by 230.6% and finance costs decreased by 37.7% YoY, respectively.
• Other income declined by 73.8% YoY.
• Net profit for the year grew by 33.2% YoY.
• Net profit margins during the year grew from 9.6% in FY23 to 22.4% in FY24.

PENINSULA LAND Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	10,007	5,720	-42.8%
Other income	Rs m	382	100	-73.8%
Total Revenues	Rs m	10,389	5,821	-44.0%
Gross profit	Rs m	1,232	1,656	34.4%
Depreciation	Rs m	27	88	230.6%
Interest	Rs m	619	386	-37.7%
Profit before tax	Rs m	969	1,283	32.4%
Tax	Rs m	5	0	NA
Profit after tax	Rs m	963	1,283	33.2%
Gross profit margin	%	12.3	28.9
Effective tax rate	%	0.6	0.0
Net profit margin	%	9.6	22.4

Dear Reader: If You Invest in Midcap Stocks, this is for You

PENINSULA LAND Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 5 billion as compared to Rs 11 billion in FY23, thereby witnessing an decrease of -54.8%.
• Long-term debt stood at Rs 3 billion as compared to Rs 1 billion during FY23, a growth of 131.6%.
• Current assets fell 25% and stood at Rs 5 billion, while fixed assets rose 102% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 12 billion during FY23, thereby witnessing a fall of 17%.

PENINSULA LAND Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	120	2,407	1,899.4
Current Liabilities	Rs m	10,750	4,858	-54.8
Long-term Debt	Rs m	1,139	2,638	131.6
Total Liabilities	Rs m	12,064	10,012	-17.0
Current assets	Rs m	6,728	5,025	-25.3
Fixed Assets	Rs m	2,469	4,988	102.0
Total Assets	Rs m	12,064	10,012	-17.0

PENINSULA LAND Cash Flow Statement Analysis

• PENINSULA LAND's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -793 million, an improvement of 79% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 million from the Rs -163 million net cash flows seen during FY23.

PENINSULA LAND 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	2,998	1,801	-39.9%
Cash Flow from Investing Activities	Rs m	596	-1,006	-
Cash Flow from Financing Activities	Rs m	-3,757	-793	-
Net Cash Flow	Rs m	-163	1	-

Current Valuations for PENINSULA LAND

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.2, an improvement from the EPS of Rs 3.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 62.7, stands at 29.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.0 times, while the price to sales ratio stands at 3.4 times.
• The company's price to cash flow (P/CF) ratio stood at 9.4 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	34.1	18.5
TTM Earnings per share	Rs	3.3	4.2
Diluted earnings per share	Rs	3.1	4.2
Price to Cash Flow	x	3.8	9.4
TTM P/E ratio	x	3.7	29.9
Price / Book Value ratio	x	33.4	5.3
Market Cap	Rs m	4,016	12,844
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PENINSULA LAND

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during FY24, from 0.6x 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 4.3x during FY24, from 2.6x 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 53.3% during FY24, from 800.1% 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 33.1% during FY24, from 126.1% 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 16.7% during FY24, from 13.1% 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	0.6	1.0
Debtors’ Days	Days	21	75
Interest coverage	x	2.6	4.3
Debt to equity ratio	x	9.5	1.1
Return on assets	%	13.1	16.7
Return on equity	%	800.1	53.3
Return on capital employed	%	126.1	33.1

To see how PENINSULA LAND has performed over the last 5 years, please visit here.

PENINSULA LAND Share Price Performance

Over the last one year, PENINSULA LAND share price has moved up from Rs 36.2 to Rs 62.7, registering a gain of Rs 26.5 or around 73.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,156.0 (up 0.5%). Over the last one year it has moved up from 4,295.0 to 8,156.0, a gain of 3,861 points (up 89.9%).

Overall, the S&P BSE SENSEX is up 24.3% over the year.

(To know more, check out historical annual results for PENINSULA LAND and quarterly results for PENINSULA LAND)