TAJ GVK 2023-24 Annual Report Analysis

Wed, 24 Jul

TAJ GVK 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.

TAJ GVK Income Statement Analysis

• Operating income during the year rose 6.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 8.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 31.6% in FY24 as against 31.0% in FY23.
• Depreciation charges decreased by 4.5% and finance costs decreased by 16.1% YoY, respectively.
• Other income declined by 89.9% YoY.
• Net profit for the year declined by 6.8% YoY.
• Net profit margins during the year declined from 20.8% in FY23 to 18.2% in FY24.

TAJ GVK Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,836	4,080	6.4%
Other income	Rs m	288	29	-89.9%
Total Revenues	Rs m	4,124	4,109	-0.4%
Gross profit	Rs m	1,189	1,291	8.5%
Depreciation	Rs m	146	140	-4.5%
Interest	Rs m	154	129	-16.1%
Profit before tax	Rs m	1,177	1,051	-10.7%
Tax	Rs m	379	306	-19.1%
Profit after tax	Rs m	798	744	-6.8%
Gross profit margin	%	31.0	31.6
Effective tax rate	%	32.2	29.2
Net profit margin	%	20.8	18.2

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TAJ GVK Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 1 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 10.7%.
• Long-term debt down at Rs 288 million as compared to Rs 677 million during FY23, a fall of 57.5%.
• Current assets rose 21% and stood at Rs 2 billion, while fixed assets rose 5% and stood at Rs 7 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 8 billion during FY23, thereby witnessing a growth of 8%.

TAJ GVK Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,613	5,478	18.7
Current Liabilities	Rs m	1,242	1,375	10.7
Long-term Debt	Rs m	677	288	-57.5
Total Liabilities	Rs m	7,576	8,176	7.9
Current assets	Rs m	1,245	1,505	20.9
Fixed Assets	Rs m	6,331	6,671	5.4
Total Assets	Rs m	7,576	8,176	7.9

TAJ GVK Cash Flow Statement Analysis

• TAJ GVK's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 24.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -368 million, an improvement of 122.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -519 million, an improvement of 34% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 350 million from the Rs 42 million net cash flows seen during FY23.

TAJ GVK 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	999	1,238	24.0%
Cash Flow from Investing Activities	Rs m	-166	-368	-
Cash Flow from Financing Activities	Rs m	-791	-519	-
Net Cash Flow	Rs m	42	350	735.6%

Current Valuations for TAJ GVK

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.9, an decline from the EPS of Rs 12.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 329.0, stands at 27.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 5.1 times.
• The company's price to cash flow (P/CF) ratio stood at 21.3 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	61.2	65.1
TTM Earnings per share	Rs	12.7	11.9
Diluted earnings per share	Rs	12.7	11.9
Price to Cash Flow	x	12.5	21.3
TTM P/E ratio	x	14.7	27.7
Price / Book Value ratio	x	2.4	3.4
Market Cap	Rs m	11,189	18,795
Dividends per share (Unadj.)	Rs	1.0	1.5

Ratio Analysis for TAJ GVK

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY24, from 1.0x 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 9.1x during FY24, from 8.6x 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 declined and down at 13.6% during FY24, from 17.3% 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 20.5% during FY24, from 25.2% 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 declined and down at 10.7% during FY24, from 12.6% 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	1.0	1.1
Debtors’ Days	Days	220	171
Interest coverage	x	8.6	9.1
Debt to equity ratio	x	0.1	0.1
Return on assets	%	12.6	10.7
Return on equity	%	17.3	13.6
Return on capital employed	%	25.2	20.5

To see how TAJ GVK has performed over the last 5 years, please visit here.

TAJ GVK Share Price Performance

Over the last one year, TAJ GVK share price has moved up from Rs 267.0 to Rs 329.0, registering a gain of Rs 62.1 or around 23.2%.

Overall, the S&P BSE SENSEX is up 21.0% over the year.

(To know more, check out historical annual results for TAJ GVK and quarterly results for TAJ GVK)