SRI DIGVIJAY CEMENT 2023-24 Annual Report Analysis

Wed, 3 Jul

SRI DIGVIJAY CEMENT 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.

SRI DIGVIJAY CEMENT Income Statement Analysis

• Operating income during the year rose 9.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 44.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.4% in FY24 as against 13.9% in FY23.
• Depreciation charges decreased by 1.8% and finance costs increased by 58.4% YoY, respectively.
• Other income grew by 32.5% YoY.
• Net profit for the year grew by 51.1% YoY.
• Net profit margins during the year grew from 8.0% in FY23 to 11.1% in FY24.

SRI DIGVIJAY CEMENT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,267	7,921	9.0%
Other income	Rs m	70	93	32.5%
Total Revenues	Rs m	7,338	8,014	9.2%
Gross profit	Rs m	1,010	1,456	44.2%
Depreciation	Rs m	353	346	-1.8%
Interest	Rs m	13	21	58.4%
Profit before tax	Rs m	715	1,182	65.4%
Tax	Rs m	134	305	127.4%
Profit after tax	Rs m	581	878	51.1%
Gross profit margin	%	13.9	18.4
Effective tax rate	%	18.7	25.8
Net profit margin	%	8.0	11.1

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SRI DIGVIJAY CEMENT Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 10.5%.
• Current assets rose 7% and stood at Rs 3 billion, while fixed assets rose 24% 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 14%.

SRI DIGVIJAY CEMENT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,215	3,808	18.4
Current Liabilities	Rs m	1,248	1,379	10.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,683	5,350	14.2
Current assets	Rs m	2,576	2,746	6.6
Fixed Assets	Rs m	2,107	2,604	23.6
Total Assets	Rs m	4,683	5,350	14.2

SRI DIGVIJAY CEMENT Cash Flow Statement Analysis

• SRI DIGVIJAY CEMENT's cash flow from operating activities (CFO) during FY24 stood at Rs 957 million, an improvement of 10.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -610 million, an improvement of 66.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -341 million, an improvement of 32% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 6 million from the Rs -1 million net cash flows seen during FY23.

SRI DIGVIJAY CEMENT 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	863	957	10.9%
Cash Flow from Investing Activities	Rs m	-367	-610	-
Cash Flow from Financing Activities	Rs m	-498	-341	-
Net Cash Flow	Rs m	-1	6	-

Current Valuations for SRI DIGVIJAY CEMENT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.0, an improvement from the EPS of Rs 4.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 114.3, stands at 19.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 2.1 times.
• The company's price to cash flow (P/CF) ratio stood at 11.1 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	50.1	53.7
TTM Earnings per share	Rs	4.0	6.0
Diluted earnings per share	Rs	3.9	6.0
Price to Cash Flow	x	9.8	11.1
TTM P/E ratio	x	15.7	19.2
Price / Book Value ratio	x	3.0	3.6
Market Cap	Rs m	9,649	13,620
Dividends per share (Unadj.)	Rs	4.0	3.0

Ratio Analysis for SRI DIGVIJAY CEMENT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY24, from 2.1x 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 56.8x during FY24, from 54.5x 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 23.1% during FY24, from 18.1% 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 improved and stood at 31.6% during FY24, from 22.7% 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 16.8% during FY24, from 12.7% 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	2.1	2.0
Debtors’ Days	Days	109	148
Interest coverage	x	54.5	56.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.7	16.8
Return on equity	%	18.1	23.1
Return on capital employed	%	22.7	31.6

To see how SRI DIGVIJAY CEMENT has performed over the last 5 years, please visit here.

SRI DIGVIJAY CEMENT Share Price Performance

Over the last one year, SRI DIGVIJAY CEMENT share price has moved up from Rs 78.7 to Rs 114.3, registering a gain of Rs 35.6 or around 45.2%.

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for SRI DIGVIJAY CEMENT and quarterly results for SRI DIGVIJAY CEMENT)