SURAJ ESTATE DEVELOPERS LTD. 2023-24 Annual Report Analysis

Tue, 15 Oct

SURAJ ESTATE DEVELOPERS 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.

SURAJ ESTATE DEVELOPERS LTD. Income Statement Analysis

• Operating income during the year rose 34.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 54.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 56.5% in FY24 as against 49.4% in FY23.
• Depreciation charges increased by 41.6% and finance costs increased by 29.4% YoY, respectively.
• Other income grew by 62.6% YoY.
• Net profit for the year grew by 110.5% YoY.
• Net profit margins during the year grew from 10.5% in FY23 to 16.4% in FY24.

SURAJ ESTATE DEVELOPERS LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,057	4,122	34.8%
Other income	Rs m	21	35	62.6%
Total Revenues	Rs m	3,079	4,157	35.0%
Gross profit	Rs m	1,510	2,329	54.3%
Depreciation	Rs m	26	37	41.6%
Interest	Rs m	1,074	1,389	29.4%
Profit before tax	Rs m	432	939	117.2%
Tax	Rs m	111	264	136.6%
Profit after tax	Rs m	321	675	110.5%
Gross profit margin	%	49.4	56.5
Effective tax rate	%	25.8	28.1
Net profit margin	%	10.5	16.4

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SURAJ ESTATE DEVELOPERS LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 5 billion as compared to Rs 6 billion in FY23, thereby witnessing an decrease of -10.1%.
• Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY23, a fall of 30.5%.
• Current assets rose 30% and stood at Rs 12 billion, while fixed assets rose 3% and stood at Rs 486 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 13 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 28%.

SURAJ ESTATE DEVELOPERS LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	714	5,162	623.0
Current Liabilities	Rs m	5,814	5,224	-10.1
Long-term Debt	Rs m	3,457	2,403	-30.5
Total Liabilities	Rs m	10,008	12,838	28.3
Current assets	Rs m	9,534	12,353	29.6
Fixed Assets	Rs m	473	486	2.6
Total Assets	Rs m	10,008	12,838	28.3

SURAJ ESTATE DEVELOPERS LTD. Cash Flow Statement Analysis

• SURAJ ESTATE DEVELOPERS LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs 90 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -897 million, an improvement of 230.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 702 million, an improvement of 145% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -105 million from the Rs 57 million net cash flows seen during FY23.

SURAJ ESTATE DEVELOPERS 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	1,897	90	-95.2%
Cash Flow from Investing Activities	Rs m	-271	-897	-
Cash Flow from Financing Activities	Rs m	-1,569	702	-
Net Cash Flow	Rs m	57	-105	-

Current Valuations for SURAJ ESTATE DEVELOPERS LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.7, an improvement from the EPS of Rs 10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 801.0, stands at 42.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.9 times, while the price to sales ratio stands at 8.3 times.
• The company's price to cash flow (P/CF) ratio stood at 18.7 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	96.3	96.2
TTM Earnings per share	Rs	10.1	15.7
Diluted earnings per share	Rs	7.2	15.2
Price to Cash Flow	x	0.0	18.7
TTM P/E ratio	x	0.0	42.8
Price / Book Value ratio	x	0.0	2.6
Market Cap	Rs m	0	13,308
Dividends per share (Unadj.)	Rs	0.0	1.0

Ratio Analysis for SURAJ ESTATE DEVELOPERS LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY24, from 1.6x 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 1.7x during FY24, from 1.4x 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 13.1% during FY24, from 44.9% 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 30.8% during FY24, from 36.1% 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 16.1% during FY24, from 13.9% 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	1.6	2.4
Debtors’ Days	Days	92	94
Interest coverage	x	1.4	1.7
Debt to equity ratio	x	4.8	0.5
Return on assets	%	13.9	16.1
Return on equity	%	44.9	13.1
Return on capital employed	%	36.1	30.8

To see how SURAJ ESTATE DEVELOPERS LTD. has performed over the last 5 years, please visit here.

SURAJ ESTATE DEVELOPERS LTD. Share Price Performance

Over the last one year, SURAJ ESTATE DEVELOPERS LTD. share price has moved up from Rs 0.0 to Rs 801.0, registering a gain of Rs 801.0 or around 0.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,421.3 (up 2.1%). Over the last one year it has moved up from 4,889.1 to 8,421.3, a gain of 3,532 points (up 72.2%).

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for SURAJ ESTATE DEVELOPERS LTD. and quarterly results for SURAJ ESTATE DEVELOPERS LTD.)