REL.INDUS.INFRAS 2023-24 Annual Report Analysis

Wed, 22 May

REL.INDUS.INFRAS 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.

REL.INDUS.INFRAS Income Statement Analysis

• Operating income during the year fell 15.0% 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 stood at 6.4% in FY24 as against 22.7% in FY23.
• Depreciation charges decreased by 55.7% increased by 0.0% YoY, respectively.
• Other income grew by 91.0% YoY.
• Net profit for the year declined by 24.2% YoY.
• Net profit margins during the year declined from 31.3% in FY23 to 27.9% in FY24.

REL.INDUS.INFRAS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	561	477	-15.0%
Other income	Rs m	129	246	91.0%
Total Revenues	Rs m	690	723	4.8%
Gross profit	Rs m	127	-30	NA
Depreciation	Rs m	59	26	-55.7%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	197	190	-4.0%
Tax	Rs m	22	56	159.1%
Profit after tax	Rs m	176	133	-24.2%
Gross profit margin	%	22.7	-6.4
Effective tax rate	%	11.0	29.7
Net profit margin	%	31.3	27.9

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REL.INDUS.INFRAS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 433 million as compared to Rs 330 million in FY23, thereby witnessing an increase of 30.9%.
• Current assets rose 8% and stood at Rs 2 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 5 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 12%.

REL.INDUS.INFRAS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,312	4,714	9.3
Current Liabilities	Rs m	330	433	30.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,799	5,366	11.8
Current assets	Rs m	2,118	2,287	8.0
Fixed Assets	Rs m	2,681	3,079	14.8
Total Assets	Rs m	4,799	5,366	11.8

REL.INDUS.INFRAS Cash Flow Statement Analysis

• REL.INDUS.INFRAS's cash flow from operating activities (CFO) during FY24 stood at Rs 20 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 33 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -54 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -1 million from the Rs -4 million net cash flows seen during FY23.

REL.INDUS.INFRAS 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	228	20	-91.1%
Cash Flow from Investing Activities	Rs m	-186	33	-
Cash Flow from Financing Activities	Rs m	-46	-54	-
Net Cash Flow	Rs m	-4	-1	-

Current Valuations for REL.INDUS.INFRAS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.8, an decline from the EPS of Rs 11.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,231.0, stands at 182.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 39.0 times.
• The company's price to cash flow (P/CF) ratio stood at 113.2 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	37.2	31.6
TTM Earnings per share	Rs	11.6	8.8
Diluted earnings per share	Rs	11.6	8.8
Price to Cash Flow	x	50.4	113.2
TTM P/E ratio	x	75.8	182.0
Price / Book Value ratio	x	3.5	3.8
Market Cap	Rs m	14,907	18,023
Dividends per share (Unadj.)	Rs	3.5	3.5

Ratio Analysis for REL.INDUS.INFRAS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 5.3x during FY24, from 6.4x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 2.8% during FY24, from 4.1% 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 declined and down at 4.0% during FY24, from 4.6% 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 2.5% during FY24, from 3.7% 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	6.4	5.3
Debtors’ Days	Days	237	252
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.7	2.5
Return on equity	%	4.1	2.8
Return on capital employed	%	4.6	4.0

To see how REL.INDUS.INFRAS has performed over the last 5 years, please visit here.

REL.INDUS.INFRAS Share Price Performance

Over the last one year, REL.INDUS.INFRAS share price has moved up from Rs 894.4 to Rs 1,231.0, registering a gain of Rs 336.6 or around 37.6%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,014.1 (up 1.7%). Over the last one year it has moved up from 3,698.1 to 8,014.1, a gain of 4,316 points (up 116.7%).

Overall, the S&P BSE SENSEX is up 20.6% over the year.

(To know more, check out historical annual results for REL.INDUS.INFRAS and quarterly results for REL.INDUS.INFRAS)