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FILATEX FASHIONS 2023-24 Annual Report Analysis

Wed, 16 Oct

FILATEX FASHIONS 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.

FILATEX FASHIONS Income Statement Analysis

• Operating income during the year rose 7.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 22.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.5% in FY24 as against 9.1% in FY23.
• Depreciation charges increased by 33.3% and finance costs increased by 18.7% YoY, respectively.
• Other income declined by 28.0% YoY.
• Net profit for the year declined by 26.0% YoY.
• Net profit margins during the year declined from 7.3% in FY23 to 5.0% in FY24.

FILATEX FASHIONS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,641	1,764	7.5%
Other income	Rs m	36	26	-28.0%
Total Revenues	Rs m	1,678	1,790	6.7%
Gross profit	Rs m	149	116	-22.5%
Depreciation	Rs m	5	6	33.3%
Interest	Rs m	13	16	18.7%
Profit before tax	Rs m	168	120	-28.5%
Tax	Rs m	48	31	-34.8%
Profit after tax	Rs m	119	88	-26.0%
Gross profit margin	%	9.1	6.5
Effective tax rate	%	28.8	26.3
Net profit margin	%	7.3	5.0

For Investors: Our Big Prediction

FILATEX FASHIONS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 868 million as compared to Rs 862 million in FY23, thereby witnessing an increase of 0.8%.
• Long-term debt down at Rs 513 million as compared to Rs 651 million during FY23, a fall of 21.3%.
• Current assets rose 10% and stood at Rs 2 billion, while fixed assets rose 4,393% and stood at Rs 22 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 24 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 943%.

FILATEX FASHIONS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	830	23,024	2,673.8
Current Liabilities	Rs m	862	868	0.8
Long-term Debt	Rs m	651	513	-21.3
Total Liabilities	Rs m	2,341	24,407	942.5
Current assets	Rs m	1,843	2,019	9.5
Fixed Assets	Rs m	498	22,388	4,393.1
Total Assets	Rs m	2,341	24,407	942.5

FILATEX FASHIONS Cash Flow Statement Analysis

• FILATEX FASHIONS's cash flow from operating activities (CFO) during FY24 stood at Rs 98 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -22 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 22 billion, an improvement of 46,000% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -16 million from the Rs -55 million net cash flows seen during FY23.

FILATEX FASHIONS 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	-115	98	-
Cash Flow from Investing Activities	Rs m	13	-21,952	-
Cash Flow from Financing Activities	Rs m	47	21,837	45,999.8%
Net Cash Flow	Rs m	-55	-16	-

Current Valuations for FILATEX FASHIONS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 1.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1.0, stands at 94.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 56.5 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	17.0	1.1
TTM Earnings per share	Rs	1.2	0.1
Diluted earnings per share	Rs	0.0	0.0
Price to Cash Flow	x	190.6	56.5
TTM P/E ratio	x	194.3	94.1
Price / Book Value ratio	x	1.9	0.2
Market Cap	Rs m	1,556	5,334
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for FILATEX FASHIONS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 2.1x 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 8.5x during FY24, from 13.5x 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 0.4% during FY24, from 14.4% 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 declined and down at 0.6% during FY24, from 12.2% 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 0.4% during FY24, from 5.7% 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	2.1	2.3
Debtors’ Days	Days	3,123	3,164
Interest coverage	x	13.5	8.5
Debt to equity ratio	x	0.8	0.0
Return on assets	%	5.7	0.4
Return on equity	%	14.4	0.4
Return on capital employed	%	12.2	0.6

To see how FILATEX FASHIONS has performed over the last 5 years, please visit here.

FILATEX FASHIONS Share Price Performance

Over the last one year, FILATEX FASHIONS share price has moved down from Rs 2.8 to Rs 1.0, registering a loss of Rs 1.8 or around 63.9%.

Overall, the S&P BSE SENSEX is up 23.2% over the year.

(To know more, check out historical annual results for FILATEX FASHIONS and quarterly results for FILATEX FASHIONS)