TASTY BITE 2023-24 Annual Report Analysis

Tue, 23 Jul

TASTY BITE 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.

TASTY BITE Income Statement Analysis

• Operating income during the year rose 13.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 16.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.7% in FY24 as against 13.4% in FY23.
• Depreciation charges increased by 7.6% and finance costs decreased by 26.2% YoY, respectively.
• Other income grew by 29.9% YoY.
• Net profit for the year grew by 37.4% YoY.
• Net profit margins during the year grew from 6.4% in FY23 to 7.7% in FY24.

TASTY BITE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,757	5,403	13.6%
Other income	Rs m	138	179	29.9%
Total Revenues	Rs m	4,894	5,582	14.1%
Gross profit	Rs m	640	742	16.0%
Depreciation	Rs m	275	296	7.6%
Interest	Rs m	95	70	-26.2%
Profit before tax	Rs m	408	555	36.2%
Tax	Rs m	106	140	32.8%
Profit after tax	Rs m	302	415	37.4%
Gross profit margin	%	13.4	13.7
Effective tax rate	%	25.9	25.2
Net profit margin	%	6.4	7.7

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TASTY BITE Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 818 million as compared to Rs 1 billion in FY23, thereby witnessing an decrease of -34.7%.
• Long-term debt down at Rs 260 million as compared to Rs 334 million during FY23, a fall of 21.9%.
• Current assets fell 3% and stood at Rs 2 billion, while fixed assets fell 4% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 4 billion as against Rs 5 billion during FY23, thereby witnessing a fall of 3%.

TASTY BITE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,435	2,866	17.7
Current Liabilities	Rs m	1,253	818	-34.7
Long-term Debt	Rs m	334	260	-21.9
Total Liabilities	Rs m	4,572	4,427	-3.2
Current assets	Rs m	1,851	1,802	-2.6
Fixed Assets	Rs m	2,721	2,625	-3.5
Total Assets	Rs m	4,572	4,427	-3.2

TASTY BITE Cash Flow Statement Analysis

• TASTY BITE's cash flow from operating activities (CFO) during FY24 stood at Rs 668 million, an improvement of 9.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -161 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -557 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -50 million from the Rs 95 million net cash flows seen during FY23.

TASTY BITE 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	611	668	9.4%
Cash Flow from Investing Activities	Rs m	-337	-161	-
Cash Flow from Financing Activities	Rs m	-178	-557	-
Net Cash Flow	Rs m	95	-50	-

Current Valuations for TASTY BITE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 161.5, an improvement from the EPS of Rs 117.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 10,097.7, stands at 62.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.0 times, while the price to sales ratio stands at 4.8 times.
• The company's price to cash flow (P/CF) ratio stood at 50.3 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	1,850.8	2,102.4
TTM Earnings per share	Rs	117.5	161.5
Diluted earnings per share	Rs	117.7	161.8
Price to Cash Flow	x	35.7	50.3
TTM P/E ratio	x	68.2	62.4
Price / Book Value ratio	x	11.8	12.5
Market Cap	Rs m	28,682	35,778
Dividends per share (Unadj.)	Rs	2.0	2.0

Ratio Analysis for TASTY BITE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 1.5x 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 improved and stood at 8.9x during FY24, from 5.3x 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 14.5% during FY24, from 12.4% 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 20.0% during FY24, from 18.2% 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 improved and stood at 11.0% during FY24, from 8.7% 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	1.5	2.2
Debtors’ Days	Days	45	40
Interest coverage	x	5.3	8.9
Debt to equity ratio	x	0.1	0.1
Return on assets	%	8.7	11.0
Return on equity	%	12.4	14.5
Return on capital employed	%	18.2	20.0

To see how TASTY BITE has performed over the last 5 years, please visit here.

TASTY BITE Share Price Performance

Over the last one year, TASTY BITE share price has moved down from Rs 13,476.6 to Rs 10,097.7, registering a loss of Rs 3,379.0 or around 25.1%.

Overall, the S&P BSE SENSEX is up 19.7% over the year.

(To know more, check out historical annual results for TASTY BITE and quarterly results for TASTY BITE)