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SWIGGY LTD. 2023-24 Annual Report Analysis

Tue, 19 Nov

SWIGGY 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.

SWIGGY LTD. Income Statement Analysis

• Operating income during the year rose 36.1% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 20.0% in FY24 as against 51.8% in FY23.
• Depreciation charges increased by 47.2% and finance costs increased by 22.7% YoY, respectively.
• Other income declined by 14.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 50.6% in FY23 to 20.9% in FY24.

SWIGGY LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	82,646	112,474	36.1%
Other income	Rs m	4,499	3,870	-14.0%
Total Revenues	Rs m	87,145	116,343	33.5%
Gross profit	Rs m	-42,852	-22,452	NA
Depreciation	Rs m	2,858	4,206	47.2%
Interest	Rs m	582	714	22.7%
Profit before tax	Rs m	-41,793	-23,502	NA
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	-41,793	-23,502	NA
Gross profit margin	%	-51.8	-20.0
Effective tax rate	%	0.0	0.0
Net profit margin	%	-50.6	-20.9

For Investors: Our Big Prediction

SWIGGY LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 21 billion as compared to Rs 17 billion in FY23, thereby witnessing an increase of 23.7%.
• Long-term debt stood at Rs 960 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets fell 14% and stood at Rs 67 billion, while fixed assets rose 10% and stood at Rs 38 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 105 billion as against Rs 113 billion during FY23, thereby witnessing a fall of 7%.

SWIGGY LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	81,237	63,056	-22.4
Current Liabilities	Rs m	17,035	21,068	23.7
Long-term Debt	Rs m	0	960	0.0
Total Liabilities	Rs m	112,806	105,294	-6.7
Current assets	Rs m	78,227	67,366	-13.9
Fixed Assets	Rs m	34,579	37,928	9.7
Total Assets	Rs m	112,806	105,294	-6.7

SWIGGY LTD. Cash Flow Statement Analysis

• SWIGGY LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -13 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 15 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion, an improvement of 28% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 366 million from the Rs -3 billion net cash flows seen during FY23.

SWIGGY 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	-40,599	-13,127	-
Cash Flow from Investing Activities	Rs m	39,678	14,585	-63.2%
Cash Flow from Financing Activities	Rs m	-1,715	-1,228	-
Net Cash Flow	Rs m	-2,636	366	-

Current Valuations for SWIGGY LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -781.6, an improvement from the EPS of Rs -1,572.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 425.4, stands at -40.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 15.1 times, while the price to sales ratio stands at 0.1 times.
• The company's price to cash flow (P/CF) ratio stood at -49.3 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	3,110.5	3,740.4
TTM Earnings per share	Rs	-1,572.9	-781.6
Diluted earnings per share	Rs	-18.7	-10.5
Price to Cash Flow	x	0.0	-49.3
TTM P/E ratio	x	0.0	-40.5
Price / Book Value ratio	x	0.0	0.0
Market Cap	Rs m	0	952,235
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SWIGGY LTD.

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.2x during FY24, from 4.6x 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 -31.9x during FY24, from -70.8x 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 -37.3% during FY24, from -51.4% 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 -35.6% during FY24, from -50.7% 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 -21.6% during FY24, from -36.5% 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	4.6	3.2
Debtors’ Days	Days	47	31
Interest coverage	x	-70.8	-31.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-36.5	-21.6
Return on equity	%	-51.4	-37.3
Return on capital employed	%	-50.7	-35.6

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

SWIGGY LTD. Share Price Performance

Over the last one year, SWIGGY LTD. share price has moved up from Rs 0.0 to Rs 425.4, registering a gain of Rs 425.4 or around 0.0%.

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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