RUCHI INFRA. 2023-24 Annual Report Analysis

Wed, 28 Aug

RUCHI INFRA. 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.

RUCHI INFRA. Income Statement Analysis

• Operating income during the year fell 0.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 15.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 44.3% in FY24 as against 38.1% in FY23.
• Depreciation charges decreased by 5.5% and finance costs decreased by 32.9% YoY, respectively.
• Other income grew by 146.1% YoY.
• Net profit for the year grew by 1008.1% YoY.
• Net profit margins during the year grew from 2.0% in FY23 to 22.0% in FY24.

RUCHI INFRA. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	643	638	-0.7%
Other income	Rs m	29	71	146.1%
Total Revenues	Rs m	672	709	5.5%
Gross profit	Rs m	245	283	15.5%
Depreciation	Rs m	156	148	-5.5%
Interest	Rs m	89	60	-32.9%
Profit before tax	Rs m	28	146	421.9%
Tax	Rs m	15	6	-62.7%
Profit after tax	Rs m	13	140	1,008.1%
Gross profit margin	%	38.1	44.3
Effective tax rate	%	54.7	3.9
Net profit margin	%	2.0	22.0

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RUCHI INFRA. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 262 million as compared to Rs 460 million in FY23, thereby witnessing an decrease of -42.9%.
• Long-term debt down at Rs 781 million as compared to Rs 824 million during FY23, a fall of 5.3%.
• Current assets fell 13% and stood at Rs 462 million, while fixed assets rose 3% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 3 billion as against Rs 3 billion during FY23, thereby witnessing a growth of 1%.

RUCHI INFRA. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,658	1,893	14.2
Current Liabilities	Rs m	460	262	-42.9
Long-term Debt	Rs m	824	781	-5.3
Total Liabilities	Rs m	3,175	3,195	0.6
Current assets	Rs m	533	462	-13.5
Fixed Assets	Rs m	2,633	2,725	3.5
Total Assets	Rs m	3,175	3,195	0.6

RUCHI INFRA. Cash Flow Statement Analysis

• RUCHI INFRA.'s cash flow from operating activities (CFO) during FY24 stood at Rs 200 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 25 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -233 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -8 million from the Rs -63 million net cash flows seen during FY23.

RUCHI INFRA. 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	251	200	-20.2%
Cash Flow from Investing Activities	Rs m	-172	25	-
Cash Flow from Financing Activities	Rs m	-142	-233	-
Net Cash Flow	Rs m	-63	-8	-

Current Valuations for RUCHI INFRA.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.6, an improvement from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 18.4, stands at 38.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 6.5 times.
• The company's price to cash flow (P/CF) ratio stood at 10.6 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	3.0	2.8
TTM Earnings per share	Rs	0.1	0.6
Diluted earnings per share	Rs	0.1	0.6
Price to Cash Flow	x	11.2	10.6
TTM P/E ratio	x	148.9	38.3
Price / Book Value ratio	x	1.3	1.6
Market Cap	Rs m	2,195	3,044
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for RUCHI INFRA.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.2x 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 3.4x during FY24, from 1.3x 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 improved and stood at 7.4% during FY24, from 0.8% 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 7.7% during FY24, from 4.7% 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 6.3% during FY24, from 3.2% 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	1.2	1.8
Debtors’ Days	Days	795	767
Interest coverage	x	1.3	3.4
Debt to equity ratio	x	0.5	0.4
Return on assets	%	3.2	6.3
Return on equity	%	0.8	7.4
Return on capital employed	%	4.7	7.7

To see how RUCHI INFRA. has performed over the last 5 years, please visit here.

RUCHI INFRA. Share Price Performance

Over the last one year, RUCHI INFRA. share price has moved up from Rs 9.0 to Rs 18.4, registering a gain of Rs 9.4 or around 103.9%.

Overall, the S&P BSE SENSEX is up 26.1% over the year.

(To know more, check out historical annual results for RUCHI INFRA. and quarterly results for RUCHI INFRA.)