NILA SPACES 2023-24 Annual Report Analysis

Tue, 24 Sep

NILA SPACES 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.

NILA SPACES Income Statement Analysis

• Operating income during the year rose 8872.7% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.0% in FY24 as against 783.0% in FY23.
• Depreciation charges increased by 988.4% and finance costs increased by 119175.0% YoY, respectively.
• Other income grew by 359.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 401.8% in FY23 to 14.8% in FY24.

NILA SPACES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	10	907	8,872.7%
Other income	Rs m	24	111	359.9%
Total Revenues	Rs m	34	1,018	2,871.2%
Gross profit	Rs m	-79	109	NA
Depreciation	Rs m	1	12	988.4%
Interest	Rs m	0	48	119,175.0%
Profit before tax	Rs m	-56	160	NA
Tax	Rs m	-16	26	NA
Profit after tax	Rs m	-41	134	NA
Gross profit margin	%	-783.0	12.0
Effective tax rate	%	27.7	16.0
Net profit margin	%	-401.8	14.8

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NILA SPACES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 625 million in FY23, thereby witnessing an increase of 61.0%.
• Long-term debt stood at Rs 1 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets rose 12% and stood at Rs 2 billion, while fixed assets rose 188% and stood at Rs 472 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 28%.

NILA SPACES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,142	1,276	11.7
Current Liabilities	Rs m	625	1,006	61.0
Long-term Debt	Rs m	0	1	0.0
Total Liabilities	Rs m	1,796	2,306	28.4
Current assets	Rs m	1,632	1,833	12.3
Fixed Assets	Rs m	164	472	188.1
Total Assets	Rs m	1,796	2,306	28.4

NILA SPACES Cash Flow Statement Analysis

• NILA SPACES's cash flow from operating activities (CFO) during FY24 stood at Rs 286 million, an improvement of 118.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -229 million, an improvement of 929.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -37 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 21 million from the Rs 109 million net cash flows seen during FY23.

NILA SPACES 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	131	286	118.2%
Cash Flow from Investing Activities	Rs m	-22	-229	-
Cash Flow from Financing Activities	Rs m	0	-37	-
Net Cash Flow	Rs m	109	21	-80.7%

Current Valuations for NILA SPACES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.3, an improvement from the EPS of Rs -0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 12.3, stands at 29.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 5.3 times.
• The company's price to cash flow (P/CF) ratio stood at 11.1 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	0.0	2.3
TTM Earnings per share	Rs	-0.1	0.3
Diluted earnings per share	Rs	-0.1	0.3
Price to Cash Flow	x	-28.4	11.1
TTM P/E ratio	x	-28.0	29.6
Price / Book Value ratio	x	1.3	1.3
Market Cap	Rs m	1,438	1,625
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NILA SPACES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY24, from 2.6x 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 -1,403.0x 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 improved and stood at 10.5% during FY24, from -3.6% 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 16.3% 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 7.9% during FY24, from -2.3% 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	2.6	1.8
Debtors’ Days	Days	162	25
Interest coverage	x	-1,403.0	4.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-2.3	7.9
Return on equity	%	-3.6	10.5
Return on capital employed	%	-4.9	16.3

To see how NILA SPACES has performed over the last 5 years, please visit here.

NILA SPACES Share Price Performance

Over the last one year, NILA SPACES share price has moved up from Rs 3.2 to Rs 12.3, registering a gain of Rs 9.1 or around 286.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,739.8 (down 0.6%). Over the last one year it has moved up from 4,492.0 to 8,739.8, a gain of 4,248 points (up 94.6%).

Overall, the S&P BSE SENSEX is up 27.2% over the year.

(To know more, check out historical annual results for NILA SPACES and quarterly results for NILA SPACES)