RAVINDRA TRADING 2023-24 Annual Report Analysis

Thu, 21 Nov

RAVINDRA TRADING 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.

RAVINDRA TRADING Income Statement Analysis

• Operating income during the year fell 48.2% 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 24.0% in FY24 as against 5.3% in FY23.
• Depreciation charges increased by 18.0% and finance costs increased by 22.3% YoY, respectively.
• Other income declined by 53.3% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 6.6% in FY23 to 38.8% in FY24.

RAVINDRA TRADING Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,526	1,310	-48.2%
Other income	Rs m	332	155	-53.3%
Total Revenues	Rs m	2,858	1,464	-48.8%
Gross profit	Rs m	135	-315	NA
Depreciation	Rs m	113	134	18.0%
Interest	Rs m	135	165	22.3%
Profit before tax	Rs m	218	-459	NA
Tax	Rs m	51	50	-1.5%
Profit after tax	Rs m	167	-509	NA
Gross profit margin	%	5.3	-24.0
Effective tax rate	%	23.3	-10.9
Net profit margin	%	6.6	-38.8

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RAVINDRA TRADING Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 918 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -32.0%.
• Long-term debt stood at Rs 1 billion as compared to Rs 1 billion during FY23, a growth of 3.7%.
• Current assets fell 52% and stood at Rs 1 billion, while fixed assets rose 30% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 5 billion during FY23, thereby witnessing a fall of 11%.

RAVINDRA TRADING Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,119	1,454	30.0
Current Liabilities	Rs m	1,350	918	-32.0
Long-term Debt	Rs m	1,016	1,053	3.7
Total Liabilities	Rs m	4,554	4,042	-11.2
Current assets	Rs m	2,306	1,109	-51.9
Fixed Assets	Rs m	2,248	2,932	30.4
Total Assets	Rs m	4,554	4,042	-11.2

RAVINDRA TRADING Cash Flow Statement Analysis

• RAVINDRA TRADING's cash flow from operating activities (CFO) during FY24 stood at Rs 609 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -812 million, an improvement of 173.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 224 million, an improvement of 126% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 21 million from the Rs 66 million net cash flows seen during FY23.

RAVINDRA TRADING 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	1,215	609	-49.9%
Cash Flow from Investing Activities	Rs m	-298	-812	-
Cash Flow from Financing Activities	Rs m	-851	224	-
Net Cash Flow	Rs m	66	21	-68.7%

Current Valuations for RAVINDRA TRADING

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.3, an decline from the EPS of Rs 1.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 113.9, stands at -36.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 14.0 times, while the price to sales ratio stands at 13.4 times.
• The company's price to cash flow (P/CF) ratio stood at -34.9 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	18.4	8.5
TTM Earnings per share	Rs	1.2	-3.3
Diluted earnings per share	Rs	0.9	-2.8
Price to Cash Flow	x	27.1	-34.9
TTM P/E ratio	x	50.4	-36.4
Price / Book Value ratio	x	7.2	9.0
Market Cap	Rs m	8,060	13,086
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for RAVINDRA TRADING

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.7x 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 -1.8x during FY24, from 2.6x 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 -35.0% during FY24, from 15.0% 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 -11.7% during FY24, from 16.5% 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 -8.5% 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	1.7	1.2
Debtors’ Days	Days	186	176
Interest coverage	x	2.6	-1.8
Debt to equity ratio	x	0.9	0.7
Return on assets	%	6.6	-8.5
Return on equity	%	15.0	-35.0
Return on capital employed	%	16.5	-11.7

To see how RAVINDRA TRADING has performed over the last 5 years, please visit here.

RAVINDRA TRADING Share Price Performance

Over the last one year, RAVINDRA TRADING share price has moved up from Rs 60.3 to Rs 113.9, registering a gain of Rs 53.7 or around 89.0%.

Overall, the S&P BSE SENSEX is up 17.4% over the year.

(To know more, check out historical annual results for RAVINDRA TRADING and quarterly results for RAVINDRA TRADING)