NUVOCO VISTAS 2023-24 Annual Report Analysis

Thu, 4 Jul

NUVOCO VISTAS 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.

NUVOCO VISTAS Income Statement Analysis

• Operating income during the year rose 1.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 101.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY24 as against 7.6% in FY23.
• Depreciation charges decreased by 3.4% and finance costs increased by 4.0% YoY, respectively.
• Other income grew by 153.5% YoY.
• Net profit for the year grew by 829.2% YoY.
• Net profit margins during the year grew from 0.1% in FY23 to 1.4% in FY24.

NUVOCO VISTAS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	105,862	107,329	1.4%
Other income	Rs m	132	335	153.5%
Total Revenues	Rs m	105,994	107,664	1.6%
Gross profit	Rs m	8,046	16,237	101.8%
Depreciation	Rs m	9,511	9,186	-3.4%
Interest	Rs m	5,119	5,326	4.0%
Profit before tax	Rs m	-6,452	2,059	NA
Tax	Rs m	-6,611	586	NA
Profit after tax	Rs m	159	1,474	829.2%
Gross profit margin	%	7.6	15.1
Effective tax rate	%	102.5	28.4
Net profit margin	%	0.1	1.4

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

NUVOCO VISTAS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 52 billion as compared to Rs 53 billion in FY23, thereby witnessing an decrease of -0.4%.
• Long-term debt down at Rs 29 billion as compared to Rs 33 billion during FY23, a fall of 13.4%.
• Current assets fell 7% and stood at Rs 24 billion, while fixed assets fell 1% and stood at Rs 164 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 187 billion as against Rs 190 billion during FY23, thereby witnessing a fall of 1%.

NUVOCO VISTAS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	88,390	89,835	1.6
Current Liabilities	Rs m	52,680	52,467	-0.4
Long-term Debt	Rs m	33,254	28,783	-13.4
Total Liabilities	Rs m	189,877	187,099	-1.5
Current assets	Rs m	25,238	23,547	-6.7
Fixed Assets	Rs m	164,639	163,552	-0.7
Total Assets	Rs m	189,877	187,099	-1.5

NUVOCO VISTAS Cash Flow Statement Analysis

• NUVOCO VISTAS's cash flow from operating activities (CFO) during FY24 stood at Rs 16 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -6 billion, an improvement of 120.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -11 billion, an improvement of 18% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -949 million from the Rs 894 million net cash flows seen during FY23.

NUVOCO VISTAS 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	17,114	15,925	-6.9%
Cash Flow from Investing Activities	Rs m	-2,604	-5,734	-
Cash Flow from Financing Activities	Rs m	-13,617	-11,141	-
Net Cash Flow	Rs m	894	-949	-

Current Valuations for NUVOCO VISTAS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.1, an improvement from the EPS of Rs 0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 356.7, stands at 86.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 11.6 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	296.4	300.5
TTM Earnings per share	Rs	0.4	4.1
Diluted earnings per share	Rs	0.4	4.1
Price to Cash Flow	x	12.7	11.6
TTM P/E ratio	x	776.4	86.4
Price / Book Value ratio	x	1.5	1.4
Market Cap	Rs m	131,255	123,317
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NUVOCO VISTAS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.4x during FY24, from 0.5x 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 1.4x during FY24, from -0.3x 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 1.6% during FY24, from 0.2% 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 improved and stood at 6.2% during FY24, from -1.1% 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 3.6% during FY24, from 2.8% 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	0.5	0.4
Debtors’ Days	Days	2	2
Interest coverage	x	-0.3	1.4
Debt to equity ratio	x	0.4	0.3
Return on assets	%	2.8	3.6
Return on equity	%	0.2	1.6
Return on capital employed	%	-1.1	6.2

To see how NUVOCO VISTAS has performed over the last 5 years, please visit here.

NUVOCO VISTAS Share Price Performance

Over the last one year, NUVOCO VISTAS share price has moved up from Rs 352.9 to Rs 356.7, registering a gain of Rs 3.9 or around 1.1%.

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for NUVOCO VISTAS and quarterly results for NUVOCO VISTAS)