NATIONAL STANDARD (INDIA) 2023-24 Annual Report Analysis

Mon, 8 Jul

NATIONAL STANDARD (INDIA) 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.

NATIONAL STANDARD (INDIA) Income Statement Analysis

• Operating income during the year rose 23.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 129.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.1% in FY24 as against 8.6% in FY23.
• Depreciation charges decreased by 20.0% and finance costs decreased by 98.1% YoY, respectively.
• Other income grew by 56.2% YoY.
• Net profit for the year grew by 78.7% YoY.
• Net profit margins during the year grew from 47.6% in FY23 to 69.0% in FY24.

NATIONAL STANDARD (INDIA) Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	173	214	23.2%
Other income	Rs m	106	165	56.2%
Total Revenues	Rs m	279	379	35.7%
Gross profit	Rs m	15	34	129.0%
Depreciation	Rs m	0	0	-20.0%
Interest	Rs m	1	0	-98.1%
Profit before tax	Rs m	120	199	66.0%
Tax	Rs m	38	52	38.2%
Profit after tax	Rs m	82	147	78.7%
Gross profit margin	%	8.6	16.1
Effective tax rate	%	31.4	26.1
Net profit margin	%	47.6	69.0

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NATIONAL STANDARD (INDIA) Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 84 million as compared to Rs 90 million in FY23, thereby witnessing an decrease of -6.6%.
• Current assets rose 5% and stood at Rs 3 billion, while fixed assets rose 19% and stood at Rs 64 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 6%.

NATIONAL STANDARD (INDIA) Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,444	2,591	6.0
Current Liabilities	Rs m	90	84	-6.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,532	2,673	5.6
Current assets	Rs m	2,479	2,610	5.3
Fixed Assets	Rs m	53	64	19.1
Total Assets	Rs m	2,532	2,673	5.6

NATIONAL STANDARD (INDIA) Cash Flow Statement Analysis

• NATIONAL STANDARD (INDIA) 's cash flow from operating activities (CFO) during FY24 stood at Rs -10 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 10 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 0 million from the Rs -9 million net cash flows seen during FY23.

NATIONAL STANDARD (INDIA) 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	128	-10	-
Cash Flow from Investing Activities	Rs m	-138	10	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	-9	0	-

Current Valuations for NATIONAL STANDARD (INDIA)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.4, an improvement from the EPS of Rs 4.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4,716.0, stands at 639.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 36.4 times, while the price to sales ratio stands at 441.3 times.
• The company's price to cash flow (P/CF) ratio stood at 736.4 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	8.7	10.7
TTM Earnings per share	Rs	4.1	7.4
Diluted earnings per share	Rs	4.1	7.4
Price to Cash Flow	x	1,051.9	736.4
TTM P/E ratio	x	1,049.7	639.9
Price / Book Value ratio	x	51.9	41.9
Market Cap	Rs m	126,891	108,560
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NATIONAL STANDARD (INDIA)

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 30.9x during FY24, from 27.4x 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 19,948.0x during FY24, from 227.7x 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 improved and stood at 5.7% during FY24, from 3.4% 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 7.7% during FY24, from 4.9% 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 5.5% during FY24, from 3.3% 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	27.4	30.9
Debtors’ Days	Days	232	188
Interest coverage	x	227.7	19,948.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.3	5.5
Return on equity	%	3.4	5.7
Return on capital employed	%	4.9	7.7

To see how NATIONAL STANDARD (INDIA) has performed over the last 5 years, please visit here.

NATIONAL STANDARD (INDIA) Share Price Performance

Over the last one year, NATIONAL STANDARD (INDIA) share price has moved down from Rs 4,880.4 to Rs 4,716.0, registering a loss of Rs 164.4 or around 3.4%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,725.1 (down 0.2%). Over the last one year it has moved up from 4,251.3 to 8,725.1, a gain of 4,474 points (up 105.2%).

Overall, the S&P BSE SENSEX is up 22.0% over the year.

(To know more, check out historical annual results for NATIONAL STANDARD (INDIA) and quarterly results for NATIONAL STANDARD (INDIA) )