MULTIBASE INDIA 2023-24 Annual Report Analysis

Thu, 28 Nov

MULTIBASE INDIA 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.

MULTIBASE INDIA Income Statement Analysis

• Operating income during the year fell 10.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.9% in FY24 as against 13.4% in FY23.
• Depreciation charges increased by 1.1% and finance costs increased by 19.2% YoY, respectively.
• Other income grew by 69.3% YoY.
• Net profit for the year grew by 13.9% YoY.
• Net profit margins during the year grew from 13.6% in FY23 to 17.2% in FY24.

MULTIBASE INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	722	647	-10.4%
Other income	Rs m	46	78	69.3%
Total Revenues	Rs m	768	725	-5.6%
Gross profit	Rs m	97	84	-13.6%
Depreciation	Rs m	10	10	1.1%
Interest	Rs m	1	1	19.2%
Profit before tax	Rs m	132	150	13.9%
Tax	Rs m	34	38	13.8%
Profit after tax	Rs m	98	112	13.9%
Gross profit margin	%	13.4	12.9
Effective tax rate	%	25.6	25.6
Net profit margin	%	13.6	17.2

Get savings of Rs 6,050: Join our small cap research service today!

MULTIBASE INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 114 million as compared to Rs 123 million in FY23, thereby witnessing an decrease of -6.9%.
• Current assets rose 5% and stood at Rs 1 billion, while fixed assets rose 9% and stood at Rs 162 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 6%.

MULTIBASE INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,259	1,346	6.8
Current Liabilities	Rs m	123	114	-6.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,438	1,521	5.8
Current assets	Rs m	1,289	1,359	5.4
Fixed Assets	Rs m	148	162	9.4
Total Assets	Rs m	1,438	1,521	5.8

MULTIBASE INDIA Cash Flow Statement Analysis

• MULTIBASE INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 45 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 43 million, an improvement of 55.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -25 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 63 million from the Rs 102 million net cash flows seen during FY23.

MULTIBASE INDIA 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	87	45	-47.9%
Cash Flow from Investing Activities	Rs m	27	43	55.4%
Cash Flow from Financing Activities	Rs m	-12	-25	-
Net Cash Flow	Rs m	102	63	-38.6%

Current Valuations for MULTIBASE INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.8, an improvement from the EPS of Rs 7.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 465.4, stands at 39.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 9.1 times.
• The company's price to cash flow (P/CF) ratio stood at 24.3 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	57.2	51.3
TTM Earnings per share	Rs	7.8	8.8
Diluted earnings per share	Rs	7.8	8.8
Price to Cash Flow	x	20.3	24.3
TTM P/E ratio	x	22.4	39.4
Price / Book Value ratio	x	2.1	2.2
Market Cap	Rs m	2,619	2,953
Dividends per share (Unadj.)	Rs	2.0	3.0

Ratio Analysis for MULTIBASE INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 11.9x during FY24, from 10.5x 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 deteriorated and stood at 121.9x during FY24, from 127.6x 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 8.3% during FY24, from 7.8% 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 11.2% during FY24, from 10.5% 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 7.4% during FY24, from 6.9% 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	10.5	11.9
Debtors’ Days	Days	577	508
Interest coverage	x	127.6	121.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.9	7.4
Return on equity	%	7.8	8.3
Return on capital employed	%	10.5	11.2

To see how MULTIBASE INDIA has performed over the last 5 years, please visit here.

MULTIBASE INDIA Share Price Performance

Over the last one year, MULTIBASE INDIA share price has moved up from Rs 224.6 to Rs 465.4, registering a gain of Rs 240.8 or around 107.2%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 26,793.9 (up 1.0%). Over the last one year it has moved up from 20,125.9 to 26,793.9, a gain of 6,668 points (up 33.1%).

Overall, the S&P BSE SENSEX is up 20.4% over the year.

(To know more, check out historical annual results for MULTIBASE INDIA and quarterly results for MULTIBASE INDIA)