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PN GADGIL JEWELLERS LTD. 2023-24 Annual Report Analysis

Thu, 19 Sep

PN GADGIL JEWELLERS LTD. 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.

PN GADGIL JEWELLERS LTD. Income Statement Analysis

• Operating income during the year rose 35.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 118.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.4% in FY24 as against 2.8% in FY23.
• Depreciation charges increased by 7.7% and finance costs increased by 30.6% YoY, respectively.
• Other income declined by 84.2% YoY.
• Net profit for the year grew by 64.7% YoY.
• Net profit margins during the year grew from 2.1% in FY23 to 2.5% in FY24.

PN GADGIL JEWELLERS LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	45,075	61,109	35.6%
Other income	Rs m	518	82	-84.2%
Total Revenues	Rs m	45,593	61,191	34.2%
Gross profit	Rs m	1,242	2,709	118.1%
Depreciation	Rs m	215	232	7.7%
Interest	Rs m	364	475	30.6%
Profit before tax	Rs m	1,181	2,084	76.5%
Tax	Rs m	244	540	121.6%
Profit after tax	Rs m	937	1,543	64.7%
Gross profit margin	%	2.8	4.4
Effective tax rate	%	20.6	25.9
Net profit margin	%	2.1	2.5

For Investors: Our Big Prediction

PN GADGIL JEWELLERS LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 8 billion as compared to Rs 6 billion in FY23, thereby witnessing an increase of 39.7%.
• Long-term debt down at Rs 919 million as compared to Rs 942 million during FY23, a fall of 2.4%.
• Current assets rose 44% and stood at Rs 12 billion, while fixed assets rose 15% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 38%.

PN GADGIL JEWELLERS LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,735	5,344	43.1
Current Liabilities	Rs m	5,590	7,809	39.7
Long-term Debt	Rs m	942	919	-2.4
Total Liabilities	Rs m	10,626	14,650	37.9
Current assets	Rs m	8,388	12,072	43.9
Fixed Assets	Rs m	2,238	2,577	15.2
Total Assets	Rs m	10,626	14,650	37.9

PN GADGIL JEWELLERS LTD. Cash Flow Statement Analysis

• PN GADGIL JEWELLERS LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 63 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -488 million, an improvement of 8.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 510 million, an improvement of 193% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 85 million from the Rs 52 million net cash flows seen during FY23.

PN GADGIL JEWELLERS LTD. 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	1,048	63	-94.0%
Cash Flow from Investing Activities	Rs m	-450	-488	-
Cash Flow from Financing Activities	Rs m	-546	510	-
Net Cash Flow	Rs m	52	85	64.6%

Current Valuations for PN GADGIL JEWELLERS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an decline from the EPS of Rs 17.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 707.6, stands at 62.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 18.0 times, while the price to sales ratio stands at 1.4 times.
• The company's price to cash flow (P/CF) ratio stood at 54.1 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	816.6	517.9
TTM Earnings per share	Rs	17.0	13.1
Diluted earnings per share	Rs	6.9	11.4
Price to Cash Flow	x	0.0	54.1
TTM P/E ratio	x	0.0	62.2
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	96,027
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for PN GADGIL JEWELLERS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY24, from 1.5x 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 5.4x during FY24, from 4.2x 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 28.9% during FY24, from 25.1% 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 40.8% during FY24, from 33.0% 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 13.8% during FY24, from 12.2% 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	1.5	1.5
Debtors’ Days	Days	3	2
Interest coverage	x	4.2	5.4
Debt to equity ratio	x	0.3	0.2
Return on assets	%	12.2	13.8
Return on equity	%	25.1	28.9
Return on capital employed	%	33.0	40.8

To see how PN GADGIL JEWELLERS LTD. has performed over the last 5 years, please visit here.

PN GADGIL JEWELLERS LTD. Share Price Performance

Over the last one year, PN GADGIL JEWELLERS LTD. share price has moved up from Rs 0.0 to Rs 707.6, registering a gain of Rs 707.6 or around 0.0%.

Overall, the S&P BSE SENSEX is up 23.0% over the year.

(To know more, check out historical annual results for PN GADGIL JEWELLERS LTD. and quarterly results for PN GADGIL JEWELLERS LTD.)