RBZ JEWELLERS LTD. 2023-24 Annual Report Analysis

Mon, 14 Oct

RBZ 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.

RBZ JEWELLERS LTD. Income Statement Analysis

• Operating income during the year rose 13.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.8% in FY24 as against 13.1% in FY23.
• Depreciation charges decreased by 0.2% and finance costs decreased by 5.4% YoY, respectively.
• Other income declined by 77.4% YoY.
• Net profit for the year declined by 3.4% YoY.
• Net profit margins during the year declined from 7.8% in FY23 to 6.6% in FY24.

RBZ JEWELLERS LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,879	3,274	13.7%
Other income	Rs m	17	4	-77.4%
Total Revenues	Rs m	2,896	3,278	13.2%
Gross profit	Rs m	377	385	1.9%
Depreciation	Rs m	14	14	-0.2%
Interest	Rs m	83	79	-5.4%
Profit before tax	Rs m	298	296	-0.5%
Tax	Rs m	74	81	8.4%
Profit after tax	Rs m	223	216	-3.4%
Gross profit margin	%	13.1	11.8
Effective tax rate	%	25.0	27.2
Net profit margin	%	7.8	6.6

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

RBZ JEWELLERS LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 623 million as compared to Rs 960 million in FY23, thereby witnessing an decrease of -35.1%.
• Long-term debt down at Rs 200 million as compared to Rs 231 million during FY23, a fall of 13.6%.
• Current assets rose 40% and stood at Rs 3 billion, while fixed assets rose 11% and stood at Rs 291 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 36%.

RBZ JEWELLERS LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	925	2,075	124.4
Current Liabilities	Rs m	960	623	-35.1
Long-term Debt	Rs m	231	200	-13.6
Total Liabilities	Rs m	2,133	2,911	36.4
Current assets	Rs m	1,872	2,620	40.0
Fixed Assets	Rs m	262	291	11.0
Total Assets	Rs m	2,133	2,911	36.4

RBZ JEWELLERS LTD. Cash Flow Statement Analysis

• RBZ JEWELLERS LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -482 million, an improvement of 329.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -38 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 589 million, an improvement of 109% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 68 million from the Rs 58 million net cash flows seen during FY23.

RBZ 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	-112	-482	-
Cash Flow from Investing Activities	Rs m	-110	-38	-
Cash Flow from Financing Activities	Rs m	281	589	109.4%
Net Cash Flow	Rs m	58	68	16.9%

Current Valuations for RBZ JEWELLERS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an decline from the EPS of Rs 7.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 187.2, stands at 34.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 2.3 times.
• The company's price to cash flow (P/CF) ratio stood at 30.6 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	96.0	81.9
TTM Earnings per share	Rs	7.4	5.4
Diluted earnings per share	Rs	5.6	5.4
Price to Cash Flow	x	0.0	30.6
TTM P/E ratio	x	0.0	34.7
Price / Book Value ratio	x	0.0	3.4
Market Cap	Rs m	0	7,007
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for RBZ JEWELLERS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.2x during FY24, from 2.0x 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 4.8x during FY24, from 4.6x 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 10.4% during FY24, from 24.2% 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 16.5% 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 declined and down at 10.1% during FY24, from 14.4% 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	2.0	4.2
Debtors’ Days	Days	279	141
Interest coverage	x	4.6	4.8
Debt to equity ratio	x	0.3	0.1
Return on assets	%	14.4	10.1
Return on equity	%	24.2	10.4
Return on capital employed	%	33.0	16.5

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

RBZ JEWELLERS LTD. Share Price Performance

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