LLOYDS ENTERPRISES 2023-24 Annual Report Analysis

Tue, 18 Jun

LLOYDS ENTERPRISES 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.

LLOYDS ENTERPRISES Income Statement Analysis

• Operating income during the year rose 152.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 86.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.3% in FY24 as against 12.6% in FY23.
• Depreciation charges increased by 125.7% and finance costs increased by 33.6% YoY, respectively.
• Other income grew by 706.8% YoY.
• Net profit for the year grew by 288.2% YoY.
• Net profit margins during the year grew from 11.8% in FY23 to 18.2% in FY24.

LLOYDS ENTERPRISES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,803	9,584	152.0%
Other income	Rs m	168	1,353	706.8%
Total Revenues	Rs m	3,971	10,938	175.5%
Gross profit	Rs m	477	891	86.6%
Depreciation	Rs m	24	54	125.7%
Interest	Rs m	47	63	33.6%
Profit before tax	Rs m	574	2,128	270.5%
Tax	Rs m	124	380	206.2%
Profit after tax	Rs m	450	1,748	288.2%
Gross profit margin	%	12.6	9.3
Effective tax rate	%	21.6	17.8
Net profit margin	%	11.8	18.2

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LLOYDS ENTERPRISES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 80.1%.
• Long-term debt stood at Rs 47 million as compared to Rs 4 million during FY23, a growth of 989.7%.
• Current assets rose 124% and stood at Rs 8 billion, while fixed assets rose 70% and stood at Rs 16 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 24 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 85%.

LLOYDS ENTERPRISES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,110	16,616	64.4
Current Liabilities	Rs m	1,847	3,328	80.1
Long-term Debt	Rs m	4	47	989.7
Total Liabilities	Rs m	12,963	23,963	84.9
Current assets	Rs m	3,630	8,122	123.8
Fixed Assets	Rs m	9,333	15,841	69.7
Total Assets	Rs m	12,963	23,963	84.9

LLOYDS ENTERPRISES Cash Flow Statement Analysis

• LLOYDS ENTERPRISES'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 -2 billion, an improvement of 150.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 3 billion, an improvement of 1,055% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs 137 million net cash flows seen during FY23.

LLOYDS ENTERPRISES 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	630	-200	-
Cash Flow from Investing Activities	Rs m	-719	-1,802	-
Cash Flow from Financing Activities	Rs m	226	2,611	1,055.1%
Net Cash Flow	Rs m	137	1,182	763.0%

Current Valuations for LLOYDS ENTERPRISES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.4, an improvement from the EPS of Rs 0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 34.4, stands at 25.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 4.6 times.
• The company's price to cash flow (P/CF) ratio stood at 19.4 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	7.5
TTM Earnings per share	Rs	0.4	1.4
Diluted earnings per share	Rs	0.4	1.4
Price to Cash Flow	x	19.1	19.4
TTM P/E ratio	x	20.1	25.0
Price / Book Value ratio	x	0.9	2.1
Market Cap	Rs m	9,166	34,888
Dividends per share (Unadj.)	Rs	0.1	0.1

Ratio Analysis for LLOYDS ENTERPRISES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY24, from 2.0x 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 34.8x during FY24, from 13.2x 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 10.5% during FY24, from 4.5% 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 improved and stood at 13.1% during FY24, from 6.1% 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 7.6% during FY24, from 3.8% 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	2.0	2.4
Debtors’ Days	Days	377	580
Interest coverage	x	13.2	34.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.8	7.6
Return on equity	%	4.5	10.5
Return on capital employed	%	6.1	13.1

To see how LLOYDS ENTERPRISES has performed over the last 5 years, please visit here.

LLOYDS ENTERPRISES Share Price Performance

Over the last one year, LLOYDS ENTERPRISES share price has moved up from Rs 16.4 to Rs 34.4, registering a gain of Rs 17.9 or around 109.1%.

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for LLOYDS ENTERPRISES and quarterly results for LLOYDS ENTERPRISES)