PARSVNATH DEV 2023-24 Annual Report Analysis

Tue, 19 Nov

PARSVNATH DEV 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.

PARSVNATH DEV Income Statement Analysis

• Operating income during the year rose 5.0% 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 3.9% in FY24 as against 52.7% in FY23.
• Depreciation charges decreased by 13.4% and finance costs increased by 18.1% YoY, respectively.
• Other income declined by 17.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 181.5% in FY23 to 128.6% in FY24.

PARSVNATH DEV Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,403	4,622	5.0%
Other income	Rs m	384	315	-17.9%
Total Revenues	Rs m	4,787	4,937	3.1%
Gross profit	Rs m	-2,319	-179	NA
Depreciation	Rs m	661	573	-13.4%
Interest	Rs m	3,927	4,637	18.1%
Profit before tax	Rs m	-6,523	-5,073	NA
Tax	Rs m	1,470	868	-40.9%
Profit after tax	Rs m	-7,992	-5,942	NA
Gross profit margin	%	-52.7	-3.9
Effective tax rate	%	-22.5	-17.1
Net profit margin	%	-181.5	-128.6

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

PARSVNATH DEV Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 46 billion as compared to Rs 42 billion in FY23, thereby witnessing an increase of 9.7%.
• Long-term debt down at Rs 16 billion as compared to Rs 20 billion during FY23, a fall of 16.0%.
• Current assets rose 1% and stood at Rs 39 billion, while fixed assets fell 16% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 59 billion as against Rs 63 billion during FY23, thereby witnessing a fall of 6%.

PARSVNATH DEV Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-11,028	-16,963	NA
Current Liabilities	Rs m	42,272	46,382	9.7
Long-term Debt	Rs m	19,537	16,411	-16.0
Total Liabilities	Rs m	62,846	59,360	-5.5
Current assets	Rs m	38,692	39,180	1.3
Fixed Assets	Rs m	24,154	20,180	-16.5
Total Assets	Rs m	62,846	59,360	-5.5

PARSVNATH DEV Cash Flow Statement Analysis

• PARSVNATH DEV's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -313 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion, an improvement of 34% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 169 million from the Rs -95 million net cash flows seen during FY23.

PARSVNATH DEV 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	3,743	2,614	-30.2%
Cash Flow from Investing Activities	Rs m	-587	-313	-
Cash Flow from Financing Activities	Rs m	-3,251	-2,138	-
Net Cash Flow	Rs m	-95	169	-

Current Valuations for PARSVNATH DEV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -13.7, an improvement from the EPS of Rs -18.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 17.0, stands at -1.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -0.4 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at -1.0 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	10.1	10.6
TTM Earnings per share	Rs	-18.4	-13.7
Diluted earnings per share	Rs	-18.4	-13.7
Price to Cash Flow	x	-0.4	-1.0
TTM P/E ratio	x	-0.3	-1.3
Price / Book Value ratio	x	-0.5	-0.3
Market Cap	Rs m	5,723	5,120
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PARSVNATH DEV

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY24, from 0.9x 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 -0.1x during FY24, from -0.7x 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 35.0% during FY24, from 72.5% 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 79.0% during FY24, from -30.5% 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 -2.2% during FY24, from -6.5% 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	0.9	0.8
Debtors’ Days	Days	2,155	1,605
Interest coverage	x	-0.7	-0.1
Debt to equity ratio	x	-1.8	-1.0
Return on assets	%	-6.5	-2.2
Return on equity	%	72.5	35.0
Return on capital employed	%	-30.5	79.0

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

PARSVNATH DEV Share Price Performance

Over the last one year, PARSVNATH DEV share price has moved up from Rs 10.6 to Rs 17.0, registering a gain of Rs 6.5 or around 60.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 7,601.4 (up 2.1%). Over the last one year it has moved up from 5,490.0 to 7,601.4, a gain of 2,111 points (up 38.5%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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