SHIV.BIMETAL 2023-24 Annual Report Analysis

Tue, 1 Oct

SHIV.BIMETAL 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.

SHIV.BIMETAL Income Statement Analysis

• Operating income during the year rose 8.2% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 0.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.5% in FY24 as against 23.4% in FY23.
• Depreciation charges increased by 14.3% and finance costs decreased by 30.0% YoY, respectively.
• Other income grew by 92.7% YoY.
• Net profit for the year grew by 6.5% YoY.
• Net profit margins during the year declined from 16.8% in FY23 to 16.6% in FY24.

SHIV.BIMETAL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,704	5,089	8.2%
Other income	Rs m	99	191	92.7%
Total Revenues	Rs m	4,803	5,281	9.9%
Gross profit	Rs m	1,100	1,096	-0.3%
Depreciation	Rs m	105	121	14.3%
Interest	Rs m	70	49	-30.0%
Profit before tax	Rs m	1,023	1,118	9.2%
Tax	Rs m	232	275	18.5%
Profit after tax	Rs m	791	843	6.5%
Gross profit margin	%	23.4	21.5
Effective tax rate	%	22.7	24.6
Net profit margin	%	16.8	16.6

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SHIV.BIMETAL Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 822 million as compared to Rs 953 million in FY23, thereby witnessing an decrease of -13.7%.
• Long-term debt down at Rs 123 million as compared to Rs 224 million during FY23, a fall of 45.1%.
• Current assets rose 16% and stood at Rs 3 billion, while fixed assets rose 9% and stood at Rs 1 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 4 billion during FY23, thereby witnessing a growth of 14%.

SHIV.BIMETAL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,655	3,415	28.6
Current Liabilities	Rs m	953	822	-13.7
Long-term Debt	Rs m	224	123	-45.1
Total Liabilities	Rs m	3,897	4,428	13.6
Current assets	Rs m	2,536	2,949	16.3
Fixed Assets	Rs m	1,361	1,478	8.6
Total Assets	Rs m	3,897	4,428	13.6

SHIV.BIMETAL Cash Flow Statement Analysis

• SHIV.BIMETAL's cash flow from operating activities (CFO) during FY24 stood at Rs 685 million, an improvement of 4.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -184 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -292 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 209 million from the Rs 68 million net cash flows seen during FY23.

SHIV.BIMETAL 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	658	685	4.1%
Cash Flow from Investing Activities	Rs m	-431	-184	-
Cash Flow from Financing Activities	Rs m	-185	-292	-
Net Cash Flow	Rs m	68	209	207.0%

Current Valuations for SHIV.BIMETAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.6, an improvement from the EPS of Rs 13.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 647.0, stands at 48.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.9 times, while the price to sales ratio stands at 7.3 times.
• The company's price to cash flow (P/CF) ratio stood at 35.8 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	81.7	88.4
TTM Earnings per share	Rs	13.7	14.6
Diluted earnings per share	Rs	13.7	14.6
Price to Cash Flow	x	32.9	35.8
TTM P/E ratio	x	37.8	48.2
Price / Book Value ratio	x	8.3	10.1
Market Cap	Rs m	22,024	34,503
Dividends per share (Unadj.)	Rs	1.2	1.7

Ratio Analysis for SHIV.BIMETAL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY24, from 2.7x 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 improved and stood at 23.7x during FY24, from 15.5x 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 declined and down at 24.7% during FY24, from 29.8% 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 declined and down at 33.0% during FY24, from 38.0% 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 20.1% during FY24, from 22.1% 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	2.7	3.6
Debtors’ Days	Days	723	816
Interest coverage	x	15.5	23.7
Debt to equity ratio	x	0.1	0.0
Return on assets	%	22.1	20.1
Return on equity	%	29.8	24.7
Return on capital employed	%	38.0	33.0

To see how SHIV.BIMETAL has performed over the last 5 years, please visit here.

SHIV.BIMETAL Share Price Performance

Over the last one year, SHIV.BIMETAL share price has moved up from Rs 532.3 to Rs 647.0, registering a gain of Rs 114.8 or around 21.6%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 34,545.6 (down 0.2%). Over the last one year it has moved up from 23,206.3 to 34,545.6, a gain of 11,339 points (up 48.9%).

Overall, the S&P BSE SENSEX is up 27.5% over the year.

(To know more, check out historical annual results for SHIV.BIMETAL and quarterly results for SHIV.BIMETAL)