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MUKKA PROTEINS LTD. 2023-24 Annual Report Analysis

Tue, 8 Oct

MUKKA PROTEINS 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.

MUKKA PROTEINS LTD. Income Statement Analysis

• Operating income during the year rose 17.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 23.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.9% in FY24 as against 7.4% in FY23.
• Depreciation charges increased by 3.8% and finance costs increased by 52.3% YoY, respectively.
• Other income grew by 144.2% YoY.
• Net profit for the year grew by 56.3% YoY.
• Net profit margins during the year grew from 4.0% in FY23 to 5.4% in FY24.

MUKKA PROTEINS LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	11,771	13,798	17.2%
Other income	Rs m	67	163	144.2%
Total Revenues	Rs m	11,838	13,961	17.9%
Gross profit	Rs m	876	1,086	23.9%
Depreciation	Rs m	119	123	3.8%
Interest	Rs m	165	251	52.3%
Profit before tax	Rs m	659	875	32.6%
Tax	Rs m	184	132	-28.6%
Profit after tax	Rs m	475	743	56.3%
Gross profit margin	%	7.4	7.9
Effective tax rate	%	27.9	15.0
Net profit margin	%	4.0	5.4

For Investors: Our Big Prediction

MUKKA PROTEINS LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 4 billion in FY23, thereby witnessing an increase of 29.3%.
• Long-term debt stood at Rs 64 million as compared to Rs 54 million during FY23, a growth of 19.3%.
• Current assets rose 76% and stood at Rs 8 billion, while fixed assets rose 12% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 9 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 64%.

MUKKA PROTEINS LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,478	3,961	168.0
Current Liabilities	Rs m	4,028	5,209	29.3
Long-term Debt	Rs m	54	64	19.3
Total Liabilities	Rs m	5,752	9,408	63.6
Current assets	Rs m	4,640	8,165	76.0
Fixed Assets	Rs m	1,111	1,243	11.8
Total Assets	Rs m	5,752	9,408	63.6

MUKKA PROTEINS LTD. Cash Flow Statement Analysis

• MUKKA PROTEINS LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -2 billion, an improvement of 167.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -476 million, an improvement of 1,331.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 252% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 646 million from the Rs 150 million net cash flows seen during FY23.

MUKKA PROTEINS 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	-563	-1,504	-
Cash Flow from Investing Activities	Rs m	-33	-476	-
Cash Flow from Financing Activities	Rs m	747	2,626	251.7%
Net Cash Flow	Rs m	150	646	330.2%

Current Valuations for MUKKA PROTEINS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.5, an improvement from the EPS of Rs 2.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 40.4, stands at 16.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 13.2 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	53.5	46.0
TTM Earnings per share	Rs	2.2	2.5
Diluted earnings per share	Rs	1.6	2.5
Price to Cash Flow	x	0.0	13.2
TTM P/E ratio	x	0.0	16.3
Price / Book Value ratio	x	0.0	2.9
Market Cap	Rs m	0	11,475
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MUKKA PROTEINS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY24, from 1.2x 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 deteriorated and stood at 4.5x during FY24, from 5.0x 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 18.8% during FY24, from 32.2% 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 28.0% during FY24, from 53.8% 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 10.6% during FY24, from 11.1% 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	1.2	1.6
Debtors’ Days	Days	35	49
Interest coverage	x	5.0	4.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	11.1	10.6
Return on equity	%	32.2	18.8
Return on capital employed	%	53.8	28.0

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

MUKKA PROTEINS LTD. Share Price Performance

Over the last one year, MUKKA PROTEINS LTD. share price has moved up from Rs 0.0 to Rs 40.4, registering a gain of Rs 40.4 or around 0.0%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 23,006.6 (up 0.7%). Over the last one year it has moved up from 18,676.5 to 23,006.6, a gain of 4,330 points (up 23.2%).

Overall, the S&P BSE SENSEX is up 25.2% over the year.

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