RAJESH EXPORTS 2023-24 Annual Report Analysis

Mon, 23 Sep

RAJESH EXPORTS 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.

RAJESH EXPORTS Income Statement Analysis

• Operating income during the year fell 17.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 79.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.1% in FY24 as against 0.5% in FY23.
• Depreciation charges decreased by 35.9% and finance costs increased by 71.6% YoY, respectively.
• Other income grew by 899.2% YoY.
• Net profit for the year declined by 76.6% YoY.
• Net profit margins during the year declined from 0.4% in FY23 to 0.1% in FY24.

RAJESH EXPORTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,396,895	2,806,764	-17.4%
Other income	Rs m	242	2,420	899.2%
Total Revenues	Rs m	3,397,137	2,809,183	-17.3%
Gross profit	Rs m	16,358	3,283	-79.9%
Depreciation	Rs m	1,006	644	-35.9%
Interest	Rs m	810	1,389	71.6%
Profit before tax	Rs m	14,785	3,669	-75.2%
Tax	Rs m	462	314	-32.0%
Profit after tax	Rs m	14,323	3,355	-76.6%
Gross profit margin	%	0.5	0.1
Effective tax rate	%	3.1	8.6
Net profit margin	%	0.4	0.1

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RAJESH EXPORTS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 67 billion as compared to Rs 80 billion in FY23, thereby witnessing an decrease of -16.6%.
• Current assets fell 4% and stood at Rs 186 billion, while fixed assets rose 2% and stood at Rs 34 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 221 billion as against Rs 229 billion during FY23, thereby witnessing a fall of 4%.

RAJESH EXPORTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	147,236	152,469	3.6
Current Liabilities	Rs m	80,392	67,053	-16.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	228,747	220,718	-3.5
Current assets	Rs m	194,977	186,406	-4.4
Fixed Assets	Rs m	33,769	34,312	1.6
Total Assets	Rs m	228,747	220,718	-3.5

RAJESH EXPORTS Cash Flow Statement Analysis

• RAJESH EXPORTS'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 -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 2 billion from the Rs 3 billion net cash flows seen during FY23.

RAJESH EXPORTS 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	4,633	3,161	-31.8%
Cash Flow from Investing Activities	Rs m	-8,488	-1,177	-
Cash Flow from Financing Activities	Rs m	-1,858	-2,080	-
Net Cash Flow	Rs m	2,876	1,768	-38.5%

Current Valuations for RAJESH EXPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.4, an decline from the EPS of Rs 48.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 290.7, stands at 225.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.0 times.
• The company's price to cash flow (P/CF) ratio stood at 34.3 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	11,504.8	9,506.1
TTM Earnings per share	Rs	48.5	11.4
Diluted earnings per share	Rs	48.5	11.4
Price to Cash Flow	x	11.7	34.3
TTM P/E ratio	x	12.6	225.7
Price / Book Value ratio	x	1.5	0.9
Market Cap	Rs m	228,007	137,038
Dividends per share (Unadj.)	Rs	1.0	0.0

Ratio Analysis for RAJESH EXPORTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.8x during FY24, from 2.4x 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 deteriorated and stood at 3.6x during FY24, from 19.3x 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 declined and down at 2.2% during FY24, from 9.7% 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 3.3% during FY24, from 10.6% 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 6.6% 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	2.4	2.8
Debtors’ Days	Days	111	147
Interest coverage	x	19.3	3.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.6	2.1
Return on equity	%	9.7	2.2
Return on capital employed	%	10.6	3.3

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

RAJESH EXPORTS Share Price Performance

Over the last one year, RAJESH EXPORTS share price has moved down from Rs 510.5 to Rs 290.7, registering a loss of Rs 219.8 or around 43.1%.

Overall, the S&P BSE SENSEX is up 27.1% over the year.

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