ORICON ENTER. 2023-24 Annual Report Analysis

Thu, 26 Sep

ORICON ENTER. 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.

ORICON ENTER. Income Statement Analysis

• Operating income during the year rose 0.5% 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 16.3% in FY24 as against 25.2% in FY23.
• Depreciation charges decreased by 0.1% and finance costs increased by 40.8% YoY, respectively.
• Other income grew by 37.4% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 14.9% in FY23 to 0.3% in FY24.

ORICON ENTER. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,458	1,466	0.5%
Other income	Rs m	229	314	37.4%
Total Revenues	Rs m	1,687	1,780	5.5%
Gross profit	Rs m	-368	-239	NA
Depreciation	Rs m	79	79	-0.1%
Interest	Rs m	71	99	40.8%
Profit before tax	Rs m	-289	-103	NA
Tax	Rs m	-71	-107	NA
Profit after tax	Rs m	-217	5	NA
Gross profit margin	%	-25.2	-16.3
Effective tax rate	%	24.7	104.6
Net profit margin	%	-14.9	0.3

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ORICON ENTER. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 21.8%.
• Long-term debt stood at Rs 524 million as compared to Rs 358 million during FY23, a growth of 46.6%.
• Current assets rose 10% and stood at Rs 4 billion, while fixed assets fell 9% and stood at Rs 7 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 14 billion as against Rs 12 billion during FY23, thereby witnessing a growth of 16%.

ORICON ENTER. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,330	11,752	13.8
Current Liabilities	Rs m	1,440	1,754	21.8
Long-term Debt	Rs m	358	524	46.6
Total Liabilities	Rs m	12,342	14,362	16.4
Current assets	Rs m	3,745	4,114	9.9
Fixed Assets	Rs m	7,945	7,217	-9.2
Total Assets	Rs m	12,342	14,362	16.4

ORICON ENTER. Cash Flow Statement Analysis

• ORICON ENTER.'s cash flow from operating activities (CFO) during FY24 stood at Rs 578 million, an improvement of 134.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -686 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 10 million, an improvement of 101% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -98 million from the Rs 71 million net cash flows seen during FY23.

ORICON ENTER. 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	247	578	134.4%
Cash Flow from Investing Activities	Rs m	737	-686	-
Cash Flow from Financing Activities	Rs m	-913	10	-
Net Cash Flow	Rs m	71	-98	-

Current Valuations for ORICON ENTER.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.0, an improvement from the EPS of Rs -1.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 37.9, stands at 85.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 4.1 times.
• The company's price to cash flow (P/CF) ratio stood at 62.1 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	9.3	9.3
TTM Earnings per share	Rs	-1.4	0.0
Diluted earnings per share	Rs	-1.4	0.0
Price to Cash Flow	x	-19.0	62.1
TTM P/E ratio	x	129.8	85.4
Price / Book Value ratio	x	0.4	0.4
Market Cap	Rs m	4,350	5,190
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for ORICON ENTER.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.3x 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 0.0x during FY24, from -3.1x 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 0.0% during FY24, from -2.1% 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 improved and stood at 0.0% during FY24, from -2.0% 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 0.7% during FY24, from -1.2% 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	2.3
Debtors’ Days	Days	2,890	3,501
Interest coverage	x	-3.1	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-1.2	0.7
Return on equity	%	-2.1	0.0
Return on capital employed	%	-2.0	0.0

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

ORICON ENTER. Share Price Performance

Over the last one year, ORICON ENTER. share price has moved up from Rs 23.9 to Rs 37.9, registering a gain of Rs 14.0 or around 58.7%.

Overall, the S&P BSE SENSEX is up 29.5% over the year.

(To know more, check out historical annual results for ORICON ENTER. and quarterly results for ORICON ENTER.)