DE NORA INDIA 2023-24 Annual Report Analysis

Mon, 9 Sep

DE NORA 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.

DE NORA INDIA Income Statement Analysis

• Operating income during the year rose 0.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 28.9% in FY24 as against 33.6% in FY23.
• Depreciation charges decreased by 16.3% and finance costs increased by 115.7% YoY, respectively.
• Other income grew by 35.0% YoY.
• Net profit for the year declined by 6.3% YoY.
• Net profit margins during the year declined from 27.6% in FY23 to 25.8% in FY24.

DE NORA INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	736	738	0.3%
Other income	Rs m	39	52	35.0%
Total Revenues	Rs m	774	790	2.0%
Gross profit	Rs m	247	213	-13.8%
Depreciation	Rs m	14	11	-16.3%
Interest	Rs m	1	2	115.7%
Profit before tax	Rs m	272	252	-7.1%
Tax	Rs m	69	62	-9.6%
Profit after tax	Rs m	203	190	-6.3%
Gross profit margin	%	33.6	28.9
Effective tax rate	%	25.3	24.6
Net profit margin	%	27.6	25.8

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

DE NORA INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 70 million as compared to Rs 136 million in FY23, thereby witnessing an decrease of -48.7%.
• Current assets fell 2% and stood at Rs 1 billion, while fixed assets rose 14% and stood at Rs 250 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 1 billion during FY23, thereby witnessing a growth of 0%.

DE NORA INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,017	1,197	17.7
Current Liabilities	Rs m	136	70	-48.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	1,253	1,259	0.5
Current assets	Rs m	1,034	1,010	-2.3
Fixed Assets	Rs m	220	250	13.6
Total Assets	Rs m	1,253	1,259	0.5

DE NORA INDIA Cash Flow Statement Analysis

• DE NORA INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 161 million, an improvement of 12.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -136 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -11 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 14 million from the Rs -101 million net cash flows seen during FY23.

DE NORA 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	143	161	12.5%
Cash Flow from Investing Activities	Rs m	-238	-136	-
Cash Flow from Financing Activities	Rs m	-5	-11	-
Net Cash Flow	Rs m	-101	14	-

Current Valuations for DE NORA INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.8, an decline from the EPS of Rs 38.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,605.7, stands at 39.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 11.6 times.
• The company's price to cash flow (P/CF) ratio stood at 42.0 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	138.6	139.0
TTM Earnings per share	Rs	38.2	35.8
Diluted earnings per share	Rs	38.2	35.8
Price to Cash Flow	x	20.8	42.0
TTM P/E ratio	x	22.2	39.9
Price / Book Value ratio	x	3.7	7.1
Market Cap	Rs m	3,797	8,463
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for DE NORA INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 14.5x during FY24, from 7.6x 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 deteriorated and stood at 141.9x during FY24, from 328.1x 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 15.9% during FY24, from 19.9% 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 21.2% during FY24, from 26.8% 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 15.2% during FY24, from 16.2% 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	7.6	14.5
Debtors’ Days	Days	845	505
Interest coverage	x	328.1	141.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.2	15.2
Return on equity	%	19.9	15.9
Return on capital employed	%	26.8	21.2

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

DE NORA INDIA Share Price Performance

Over the last one year, DE NORA INDIA share price has moved down from Rs 1,737.0 to Rs 1,605.7, registering a loss of Rs 131.3 or around 7.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 70,951.0 (down 0.3%). Over the last one year it has moved up from 47,604.0 to 70,951.0, a gain of 23,347 points (up 49.0%).

Overall, the S&P BSE SENSEX is up 24.0% over the year.

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