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BAAZAR STYLE RETAIL LTD. 2023-24 Annual Report Analysis

Wed, 11 Sep

BAAZAR STYLE RETAIL LTD. 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.

BAAZAR STYLE RETAIL LTD. Income Statement Analysis

• Operating income during the year rose 23.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 40.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.6% in FY24 as against 12.9% in FY23.
• Depreciation charges increased by 20.1% and finance costs increased by 19.5% YoY, respectively.
• Other income grew by 53.3% YoY.
• Net profit for the year grew by 330.1% YoY.
• Net profit margins during the year grew from 0.6% in FY23 to 2.3% in FY24.

BAAZAR STYLE RETAIL LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,879	9,729	23.5%
Other income	Rs m	65	99	53.3%
Total Revenues	Rs m	7,944	9,828	23.7%
Gross profit	Rs m	1,015	1,422	40.1%
Depreciation	Rs m	612	735	20.1%
Interest	Rs m	414	494	19.5%
Profit before tax	Rs m	54	292	440.5%
Tax	Rs m	3	73	2,285.9%
Profit after tax	Rs m	51	219	330.1%
Gross profit margin	%	12.9	14.6
Effective tax rate	%	5.6	24.9
Net profit margin	%	0.6	2.3

For Investors: Our Big Prediction

BAAZAR STYLE RETAIL LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 56.8%.
• Long-term debt stood at Rs 291 million as compared to Rs 181 million during FY23, a growth of 60.8%.
• Current assets rose 39% and stood at Rs 5 billion, while fixed assets rose 29% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 33%.

BAAZAR STYLE RETAIL LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,936	2,151	11.1
Current Liabilities	Rs m	3,098	4,857	56.8
Long-term Debt	Rs m	181	291	60.8
Total Liabilities	Rs m	8,671	11,561	33.3
Current assets	Rs m	3,653	5,093	39.4
Fixed Assets	Rs m	5,018	6,468	28.9
Total Assets	Rs m	8,671	11,561	33.3

BAAZAR STYLE RETAIL LTD. Cash Flow Statement Analysis

• BAAZAR STYLE RETAIL LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 239.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -845 million, an improvement of 96.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -181 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 89 million from the Rs -178 million net cash flows seen during FY23.

BAAZAR STYLE RETAIL LTD. 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	329	1,116	239.2%
Cash Flow from Investing Activities	Rs m	-430	-845	-
Cash Flow from Financing Activities	Rs m	-77	-181	-
Net Cash Flow	Rs m	-178	89	-

Current Valuations for BAAZAR STYLE RETAIL LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.1, an improvement from the EPS of Rs 1.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 363.5, stands at 123.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.6 times, while the price to sales ratio stands at 2.6 times.
• The company's price to cash flow (P/CF) ratio stood at 28.4 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	225.6	139.3
TTM Earnings per share	Rs	1.5	3.1
Diluted earnings per share	Rs	0.7	2.9
Price to Cash Flow	x	0.0	28.4
TTM P/E ratio	x	0.0	123.6
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	27,123
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BAAZAR STYLE RETAIL LTD.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.2x 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 1.6x during FY24, from 1.1x 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 10.2% during FY24, from 2.6% 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 32.2% during FY24, from 22.1% 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 6.2% during FY24, from 5.4% 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	1.2	1.0
Debtors’ Days	Days	0	0
Interest coverage	x	1.1	1.6
Debt to equity ratio	x	0.1	0.1
Return on assets	%	5.4	6.2
Return on equity	%	2.6	10.2
Return on capital employed	%	22.1	32.2

To see how BAAZAR STYLE RETAIL LTD. has performed over the last 5 years, please visit here.

BAAZAR STYLE RETAIL LTD. Share Price Performance

Over the last one year, BAAZAR STYLE RETAIL LTD. share price has moved up from Rs 0.0 to Rs 363.5, registering a gain of Rs 363.5 or around 0.0%.

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

(To know more, check out historical annual results for BAAZAR STYLE RETAIL LTD. and quarterly results for BAAZAR STYLE RETAIL LTD.)