SHREE TIRUPATI BALAJEE FIBC 2023-24 Annual Report Analysis

Wed, 30 Oct

SHREE TIRUPATI BALAJEE FIBC 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.

SHREE TIRUPATI BALAJEE FIBC Income Statement Analysis

• Operating income during the year fell 8.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 47.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.2% in FY24 as against 8.8% in FY23.
• Depreciation charges increased by 117.4% and finance costs increased by 72.0% YoY, respectively.
• Other income grew by 6041.5% YoY.
• Net profit for the year grew by 50.5% YoY.
• Net profit margins during the year grew from 5.3% in FY23 to 8.8% in FY24.

SHREE TIRUPATI BALAJEE FIBC Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,762	1,611	-8.6%
Other income	Rs m	0	25	6,041.5%
Total Revenues	Rs m	1,763	1,636	-7.2%
Gross profit	Rs m	155	229	47.6%
Depreciation	Rs m	12	26	117.4%
Interest	Rs m	31	53	72.0%
Profit before tax	Rs m	113	176	55.3%
Tax	Rs m	20	35	78.4%
Profit after tax	Rs m	94	141	50.5%
Gross profit margin	%	8.8	14.2
Effective tax rate	%	17.2	19.8
Net profit margin	%	5.3	8.8

Don't Miss: Key Information for Long-term Investors

SHREE TIRUPATI BALAJEE FIBC Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 663 million as compared to Rs 357 million in FY23, thereby witnessing an increase of 85.9%.
• Long-term debt down at Rs 125 million as compared to Rs 164 million during FY23, a fall of 23.5%.
• Current assets rose 46% and stood at Rs 1 billion, while fixed assets rose 13% and stood at Rs 467 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 35%.

SHREE TIRUPATI BALAJEE FIBC Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	641	775	21.0
Current Liabilities	Rs m	357	663	85.9
Long-term Debt	Rs m	164	125	-23.5
Total Liabilities	Rs m	1,181	1,591	34.8
Current assets	Rs m	768	1,124	46.3
Fixed Assets	Rs m	413	467	13.2
Total Assets	Rs m	1,181	1,591	34.8

SHREE TIRUPATI BALAJEE FIBC Cash Flow Statement Analysis

• SHREE TIRUPATI BALAJEE FIBC's cash flow from operating activities (CFO) during FY24 stood at Rs -134 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -67 million, an improvement of 137.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 199 million, an improvement of 628% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -2 million from the Rs -18 million net cash flows seen during FY23.

SHREE TIRUPATI BALAJEE FIBC 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	48	-134	-
Cash Flow from Investing Activities	Rs m	-28	-67	-
Cash Flow from Financing Activities	Rs m	-38	199	-
Net Cash Flow	Rs m	-18	-2	-

Current Valuations for SHREE TIRUPATI BALAJEE FIBC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.9, an improvement from the EPS of Rs 9.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 928.0, stands at 66.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.1 times, while the price to sales ratio stands at 5.8 times.
• The company's price to cash flow (P/CF) ratio stood at 19.8 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	174.0	159.0
TTM Earnings per share	Rs	9.3	13.9
Diluted earnings per share	Rs	9.3	13.9
Price to Cash Flow	x	0.0	19.8
TTM P/E ratio	x	0.0	66.6
Price / Book Value ratio	x	1.8	4.2
Market Cap	Rs m	1,165	3,292
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SHREE TIRUPATI BALAJEE FIBC

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY24, from 2.2x 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 4.3x during FY24, from 4.7x 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 18.2% during FY24, from 14.6% 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 25.4% during FY24, from 17.9% 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 12.2% during FY24, from 10.6% 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	2.2	1.7
Debtors’ Days	Days	338	706
Interest coverage	x	4.7	4.3
Debt to equity ratio	x	0.3	0.2
Return on assets	%	10.6	12.2
Return on equity	%	14.6	18.2
Return on capital employed	%	17.9	25.4

To see how SHREE TIRUPATI BALAJEE FIBC has performed over the last 5 years, please visit here.

SHREE TIRUPATI BALAJEE FIBC Share Price Performance

Over the last one year, SHREE TIRUPATI BALAJEE FIBC share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 0.5% over the year.

(To know more, check out historical annual results for SHREE TIRUPATI BALAJEE FIBC and quarterly results for SHREE TIRUPATI BALAJEE FIBC)