NICCO PARKS 2023-24 Annual Report Analysis

Tue, 27 Aug

NICCO PARKS 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.

NICCO PARKS Income Statement Analysis

• Operating income during the year rose 3.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 1.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 40.6% in FY24 as against 42.5% in FY23.
• Depreciation charges increased by 16.1% and finance costs decreased by 100.0% YoY, respectively.
• Other income grew by 70.8% YoY.
• Net profit for the year grew by 9.8% YoY.
• Net profit margins during the year grew from 29.4% in FY23 to 31.2% in FY24.

NICCO PARKS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	766	793	3.5%
Other income	Rs m	24	42	70.8%
Total Revenues	Rs m	791	835	5.6%
Gross profit	Rs m	325	322	-1.0%
Depreciation	Rs m	22	26	16.1%
Interest	Rs m	3	0	-100.0%
Profit before tax	Rs m	324	338	4.1%
Tax	Rs m	99	90	-8.8%
Profit after tax	Rs m	225	248	9.8%
Gross profit margin	%	42.5	40.6
Effective tax rate	%	30.5	26.7
Net profit margin	%	29.4	31.2

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

NICCO PARKS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 421 million as compared to Rs 294 million in FY23, thereby witnessing an increase of 43.2%.
• Current assets rose 64% and stood at Rs 820 million, while fixed assets rose 1% and stood at Rs 624 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 29%.

NICCO PARKS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	751	936	24.5
Current Liabilities	Rs m	294	421	43.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,118	1,444	29.2
Current assets	Rs m	499	820	64.4
Fixed Assets	Rs m	619	624	0.8
Total Assets	Rs m	1,118	1,444	29.2

NICCO PARKS Cash Flow Statement Analysis

• NICCO PARKS's cash flow from operating activities (CFO) during FY24 stood at Rs 201 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -165 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -70 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -34 million from the Rs 21 million net cash flows seen during FY23.

NICCO PARKS 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	266	201	-24.4%
Cash Flow from Investing Activities	Rs m	-186	-165	-
Cash Flow from Financing Activities	Rs m	-59	-70	-
Net Cash Flow	Rs m	21	-34	-

Current Valuations for NICCO PARKS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.3, an improvement from the EPS of Rs 4.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 148.4, stands at 40.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.4 times, while the price to sales ratio stands at 8.8 times.
• The company's price to cash flow (P/CF) ratio stood at 23.7 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	16.4	17.0
TTM Earnings per share	Rs	4.8	5.3
Diluted earnings per share	Rs	4.8	5.3
Price to Cash Flow	x	22.1	23.7
TTM P/E ratio	x	28.1	40.7
Price / Book Value ratio	x	6.2	6.9
Market Cap	Rs m	4,669	6,486
Dividends per share (Unadj.)	Rs	1.7	1.5

Ratio Analysis for NICCO PARKS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY24, from 1.7x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 26.5% during FY24, from 30.0% 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 36.1% during FY24, from 43.6% 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 17.1% during FY24, from 20.4% 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	1.7	2.0
Debtors’ Days	Days	64	93
Interest coverage	x	109.9	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	20.4	17.1
Return on equity	%	30.0	26.5
Return on capital employed	%	43.6	36.1

To see how NICCO PARKS has performed over the last 5 years, please visit here.

NICCO PARKS Share Price Performance

Over the last one year, NICCO PARKS share price has moved up from Rs 132.7 to Rs 148.4, registering a gain of Rs 15.7 or around 11.8%.

Overall, the S&P BSE SENSEX is up 24.9% over the year.

(To know more, check out historical annual results for NICCO PARKS and quarterly results for NICCO PARKS)