TRIBHOVANDAS BHIMJI 2023-24 Annual Report Analysis

Wed, 14 Aug

TRIBHOVANDAS BHIMJI 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.

TRIBHOVANDAS BHIMJI Income Statement Analysis

• Operating income during the year fell 4.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.3% in FY24 as against 5.2% in FY23.
• Depreciation charges decreased by 3.2% and finance costs increased by 7.1% YoY, respectively.
• Other income grew by 15.6% YoY.
• Net profit for the year grew by 35.4% YoY.
• Net profit margins during the year grew from 1.7% in FY23 to 2.4% in FY24.

TRIBHOVANDAS BHIMJI Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	23,936	22,989	-4.0%
Other income	Rs m	52	61	15.6%
Total Revenues	Rs m	23,989	23,050	-3.9%
Gross profit	Rs m	1,241	1,458	17.5%
Depreciation	Rs m	245	237	-3.2%
Interest	Rs m	529	566	7.1%
Profit before tax	Rs m	520	716	37.6%
Tax	Rs m	119	172	44.8%
Profit after tax	Rs m	402	544	35.4%
Gross profit margin	%	5.2	6.3
Effective tax rate	%	22.8	24.0
Net profit margin	%	1.7	2.4

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TRIBHOVANDAS BHIMJI Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 8 billion as compared to Rs 8 billion in FY23, thereby witnessing an decrease of -7.2%.
• Long-term debt stood at Rs 6 million as compared to Rs 6 million during FY23, a growth of 3.7%.
• Current assets fell 1% and stood at Rs 13 billion, while fixed assets rose 5% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 15 billion during FY23, thereby witnessing a growth of 0%.

TRIBHOVANDAS BHIMJI Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,604	6,015	7.3
Current Liabilities	Rs m	8,383	7,779	-7.2
Long-term Debt	Rs m	6	6	3.7
Total Liabilities	Rs m	15,302	15,312	0.1
Current assets	Rs m	13,000	12,889	-0.9
Fixed Assets	Rs m	2,302	2,423	5.2
Total Assets	Rs m	15,302	15,312	0.1

TRIBHOVANDAS BHIMJI Cash Flow Statement Analysis

• TRIBHOVANDAS BHIMJI's cash flow from operating activities (CFO) during FY24 stood at Rs 397 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -66 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -292 million, an improvement of 66% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 39 million from the Rs -2 million net cash flows seen during FY23.

TRIBHOVANDAS BHIMJI 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	932	397	-57.4%
Cash Flow from Investing Activities	Rs m	-66	-66	-
Cash Flow from Financing Activities	Rs m	-867	-292	-
Net Cash Flow	Rs m	-2	39	-

Current Valuations for TRIBHOVANDAS BHIMJI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs 6.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 164.8, stands at 18.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.5 times.
• The company's price to cash flow (P/CF) ratio stood at 8.7 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	358.7	344.5
TTM Earnings per share	Rs	6.0	8.2
Diluted earnings per share	Rs	6.0	8.2
Price to Cash Flow	x	6.3	8.7
TTM P/E ratio	x	10.1	18.3
Price / Book Value ratio	x	0.8	1.1
Market Cap	Rs m	4,554	6,804
Dividends per share (Unadj.)	Rs	1.8	1.8

Ratio Analysis for TRIBHOVANDAS BHIMJI

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.7x 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 2.3x during FY24, from 2.0x 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 9.0% during FY24, from 7.2% 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 21.3% during FY24, from 18.7% 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 7.3% during FY24, from 6.1% 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	1.6	1.7
Debtors’ Days	Days	2	26
Interest coverage	x	2.0	2.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.1	7.3
Return on equity	%	7.2	9.0
Return on capital employed	%	18.7	21.3

To see how TRIBHOVANDAS BHIMJI has performed over the last 5 years, please visit here.

TRIBHOVANDAS BHIMJI Share Price Performance

Over the last one year, TRIBHOVANDAS BHIMJI share price has moved up from Rs 93.5 to Rs 164.8, registering a gain of Rs 71.3 or around 76.2%.

Overall, the S&P BSE SENSEX is up 20.9% over the year.

(To know more, check out historical annual results for TRIBHOVANDAS BHIMJI and quarterly results for TRIBHOVANDAS BHIMJI)