SUPER SALES 2023-24 Annual Report Analysis

Thu, 11 Jul

SUPER SALES 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.

SUPER SALES Income Statement Analysis

• Operating income during the year rose 14.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 11.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.7% in FY24 as against 13.8% in FY23.
• Depreciation charges increased by 15.9% and finance costs increased by 75.3% YoY, respectively.
• Other income grew by 56.5% YoY.
• Net profit for the year declined by 30.0% YoY.
• Net profit margins during the year declined from 7.7% in FY23 to 4.7% in FY24.

SUPER SALES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,678	4,192	14.0%
Other income	Rs m	69	108	56.5%
Total Revenues	Rs m	3,747	4,300	14.8%
Gross profit	Rs m	507	447	-11.8%
Depreciation	Rs m	191	221	15.9%
Interest	Rs m	44	78	75.3%
Profit before tax	Rs m	341	256	-24.8%
Tax	Rs m	57	58	1.1%
Profit after tax	Rs m	284	199	-30.0%
Gross profit margin	%	13.8	10.7
Effective tax rate	%	16.7	22.5
Net profit margin	%	7.7	4.7

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SUPER SALES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -0.8%.
• Current assets fell 2% and stood at Rs 2 billion, while fixed assets rose 35% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 24%.

SUPER SALES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,344	5,577	28.4
Current Liabilities	Rs m	1,286	1,276	-0.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	5,822	7,204	23.7
Current assets	Rs m	1,817	1,783	-1.9
Fixed Assets	Rs m	4,004	5,421	35.4
Total Assets	Rs m	5,822	7,204	23.7

SUPER SALES Cash Flow Statement Analysis

• SUPER SALES's cash flow from operating activities (CFO) during FY24 stood at Rs 336 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -371 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -73 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -108 million from the Rs 108 million net cash flows seen during FY23.

SUPER SALES 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	647	336	-48.1%
Cash Flow from Investing Activities	Rs m	-485	-371	-
Cash Flow from Financing Activities	Rs m	-54	-73	-
Net Cash Flow	Rs m	108	-108	-

Current Valuations for SUPER SALES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 64.7, an decline from the EPS of Rs 92.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,833.0, stands at 28.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 8.9 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	1,198.0	1,365.4
TTM Earnings per share	Rs	92.4	64.7
Diluted earnings per share	Rs	92.4	64.7
Price to Cash Flow	x	5.0	8.9
TTM P/E ratio	x	8.3	28.3
Price / Book Value ratio	x	0.6	0.7
Market Cap	Rs m	2,626	3,733
Dividends per share (Unadj.)	Rs	7.0	7.0

Ratio Analysis for SUPER SALES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.4x during FY24, from 1.4x 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 4.3x during FY24, from 8.7x 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 3.6% during FY24, from 6.5% 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 6.0% during FY24, from 8.9% 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 3.8% during FY24, from 5.6% 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	1.4	1.4
Debtors’ Days	Days	664	534
Interest coverage	x	8.7	4.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.6	3.8
Return on equity	%	6.5	3.6
Return on capital employed	%	8.9	6.0

To see how SUPER SALES has performed over the last 5 years, please visit here.

SUPER SALES Share Price Performance

Over the last one year, SUPER SALES share price has moved up from Rs 1,074.9 to Rs 1,833.0, registering a gain of Rs 758.1 or around 70.5%.

Overall, the S&P BSE SENSEX is up 21.9% over the year.

(To know more, check out historical annual results for SUPER SALES and quarterly results for SUPER SALES)