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SHIVA CEMENT 2023-24 Annual Report Analysis

Wed, 28 Aug

SHIVA 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.

SHIVA CEMENT Income Statement Analysis

• Operating income during the year rose 5780100.0% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.2% in FY24 as against 671183.3% in FY23.
• Depreciation charges decreased by 46.6% and finance costs increased by 689.6% YoY, respectively.
• Other income declined by 31.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 1341171.7% in FY23 to 19.7% in FY24.

SHIVA CEMENT Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	0	3,468	5,780,100.0%
Other income	Rs m	35	24	-31.9%
Total Revenues	Rs m	35	3,492	9,951.1%
Gross profit	Rs m	-403	390	NA
Depreciation	Rs m	590	315	-46.6%
Interest	Rs m	129	1,015	689.6%
Profit before tax	Rs m	-1,086	-916	NA
Tax	Rs m	-282	-233	NA
Profit after tax	Rs m	-805	-683	NA
Gross profit margin	%	-671,183.3	11.2
Effective tax rate	%	25.9	25.4
Net profit margin	%	-1,341,171.7	-19.7

For Investors: Our Big Prediction

SHIVA CEMENT Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -10.3%.
• Long-term debt stood at Rs 14 billion as compared to Rs 11 billion during FY23, a growth of 21.7%.
• Current assets fell 30% and stood at Rs 1 billion, while fixed assets rose 17% and stood at Rs 13 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 14 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 10%.

SHIVA CEMENT Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-783	-1,468	NA
Current Liabilities	Rs m	3,112	2,791	-10.3
Long-term Debt	Rs m	11,476	13,965	21.7
Total Liabilities	Rs m	13,152	14,420	9.6
Current assets	Rs m	1,974	1,384	-29.9
Fixed Assets	Rs m	11,178	13,036	16.6
Total Assets	Rs m	13,152	14,420	9.6

SHIVA CEMENT Cash Flow Statement Analysis

• SHIVA CEMENT's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 82 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 72 million from the Rs -34 million net cash flows seen during FY23.

SHIVA 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	-1,095	2,526	-
Cash Flow from Investing Activities	Rs m	-3,421	-2,537	-
Cash Flow from Financing Activities	Rs m	4,482	82	-98.2%
Net Cash Flow	Rs m	-34	72	-

Current Valuations for SHIVA CEMENT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.5, an improvement from the EPS of Rs -4.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 50.5, stands at -17.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -10.2 times, while the price to sales ratio stands at 2.8 times.
• The company's price to cash flow (P/CF) ratio stood at -28.6 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	0.0	17.8
TTM Earnings per share	Rs	-4.1	-3.5
Diluted earnings per share	Rs	-2.7	-2.3
Price to Cash Flow	x	-64.4	-28.6
TTM P/E ratio	x	-17.2	-17.5
Price / Book Value ratio	x	-13.1	-7.2
Market Cap	Rs m	10,238	10,535
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SHIVA CEMENT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.5x during FY24, from 0.6x 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 0.1x during FY24, from -7.5x 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 46.6% during FY24, from 102.7% 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 0.8% during FY24, from -9.0% 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 improved and stood at 2.3% during FY24, from -5.1% 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	0.6	0.5
Debtors’ Days	Days	4,862,043	0
Interest coverage	x	-7.5	0.1
Debt to equity ratio	x	-14.7	-9.5
Return on assets	%	-5.1	2.3
Return on equity	%	102.7	46.6
Return on capital employed	%	-9.0	0.8

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

SHIVA CEMENT Share Price Performance

Over the last one year, SHIVA CEMENT share price has moved up from Rs 46.8 to Rs 50.5, registering a gain of Rs 3.7 or around 8.0%.

Overall, the S&P BSE SENSEX is up 26.1% over the year.

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