OMAXE 2023-24 Annual Report Analysis

Mon, 11 Nov

OMAXE 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.

OMAXE Income Statement Analysis

• Operating income during the year rose 108.7% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 21.3% in FY24 as against 39.2% in FY23.
• Depreciation charges decreased by 17.0% and finance costs increased by 15.5% YoY, respectively.
• Other income declined by 16.7% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year grew from 45.4% in FY23 to 25.2% in FY24.

OMAXE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,733	16,143	108.7%
Other income	Rs m	247	206	-16.7%
Total Revenues	Rs m	7,980	16,349	104.9%
Gross profit	Rs m	-3,033	-3,433	NA
Depreciation	Rs m	654	543	-17.0%
Interest	Rs m	1,128	1,303	15.5%
Profit before tax	Rs m	-4,568	-5,073	NA
Tax	Rs m	-1,057	-1,012	NA
Profit after tax	Rs m	-3,511	-4,061	NA
Gross profit margin	%	-39.2	-21.3
Effective tax rate	%	23.1	19.9
Net profit margin	%	-45.4	-25.2

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

OMAXE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 122 billion as compared to Rs 115 billion in FY23, thereby witnessing an increase of 6.3%.
• Long-term debt down at Rs 5 billion as compared to Rs 8 billion during FY23, a fall of 34.7%.
• Current assets rose 1% and stood at Rs 125 billion, while fixed assets fell 1% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 133 billion as against Rs 131 billion during FY23, thereby witnessing a growth of 1%.

OMAXE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,982	4,804	-46.5
Current Liabilities	Rs m	114,730	121,943	6.3
Long-term Debt	Rs m	7,623	4,978	-34.7
Total Liabilities	Rs m	131,463	133,029	1.2
Current assets	Rs m	122,975	124,584	1.3
Fixed Assets	Rs m	8,488	8,445	-0.5
Total Assets	Rs m	131,463	133,029	1.2

OMAXE Cash Flow Statement Analysis

• OMAXE's cash flow from operating activities (CFO) during FY24 stood at Rs 10 billion, an improvement of 110.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -640 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -9 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -14 million from the Rs 652 million net cash flows seen during FY23.

OMAXE 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	4,690	9,868	110.4%
Cash Flow from Investing Activities	Rs m	-1,419	-640	-
Cash Flow from Financing Activities	Rs m	-2,619	-9,241	-
Net Cash Flow	Rs m	652	-14	-

Current Valuations for OMAXE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -22.2, an decline from the EPS of Rs -19.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 118.6, stands at -4.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at -4.3 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	42.3	88.3
TTM Earnings per share	Rs	-19.2	-22.2
Diluted earnings per share	Rs	-19.2	-22.2
Price to Cash Flow	x	-3.2	-4.3
TTM P/E ratio	x	-2.6	-4.9
Price / Book Value ratio	x	1.7	3.1
Market Cap	Rs m	15,031	14,979
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for OMAXE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.1x 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 -2.9x during FY24, from -3.0x 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 -84.5% during FY24, from -39.1% 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 -38.5% during FY24, from -20.7% 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 -2.1% during FY24, from -1.8% 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	1.1	1.0
Debtors’ Days	Days	18	8
Interest coverage	x	-3.0	-2.9
Debt to equity ratio	x	0.8	1.0
Return on assets	%	-1.8	-2.1
Return on equity	%	-39.1	-84.5
Return on capital employed	%	-20.7	-38.5

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

OMAXE Share Price Performance

Over the last one year, OMAXE share price has moved up from Rs 78.0 to Rs 118.6, registering a gain of Rs 40.5 or around 51.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 7,549.4 (down 0.1%). Over the last one year it has moved up from 5,240.6 to 7,549.4, a gain of 2,309 points (up 44.1%).

Overall, the S&P BSE SENSEX is up 22.4% over the year.

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