UNITECH 2023-24 Annual Report Analysis

Thu, 28 Nov

UNITECH 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.

UNITECH Income Statement Analysis

• Operating income during the year rose 17.7% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 160.1% in FY24 as against 6.6% in FY23.
• Depreciation charges decreased by 1.0% and finance costs decreased by 2.4% YoY, respectively.
• Other income declined by 55.9% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 765.3% in FY23 to 797.7% in FY24.

UNITECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,055	4,773	17.7%
Other income	Rs m	864	382	-55.9%
Total Revenues	Rs m	4,920	5,154	4.8%
Gross profit	Rs m	-266	-7,640	NA
Depreciation	Rs m	62	62	-1.0%
Interest	Rs m	31,674	30,909	-2.4%
Profit before tax	Rs m	-31,138	-38,229	NA
Tax	Rs m	-105	-156	NA
Profit after tax	Rs m	-31,033	-38,073	NA
Gross profit margin	%	-6.6	-160.1
Effective tax rate	%	0.3	0.4
Net profit margin	%	-765.3	-797.7

Get savings of Rs 6,050: Join our small cap research service today!

UNITECH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 313 billion as compared to Rs 278 billion in FY23, thereby witnessing an increase of 12.5%.
• Long-term debt down at Rs 395 million as compared to Rs 395 million during FY23, a fall of 0.0%.
• Current assets fell 1% and stood at Rs 235 billion, while fixed assets rose 0% and stood at Rs 28 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 264 billion as against Rs 268 billion during FY23, thereby witnessing a fall of 1%.

UNITECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-8,544	-41,947	NA
Current Liabilities	Rs m	277,734	312,509	12.5
Long-term Debt	Rs m	395	395	0.0
Total Liabilities	Rs m	267,857	263,962	-1.5
Current assets	Rs m	238,599	235,028	-1.5
Fixed Assets	Rs m	27,394	27,511	0.4
Total Assets	Rs m	267,857	263,962	-1.5

UNITECH Cash Flow Statement Analysis

• UNITECH's cash flow from operating activities (CFO) during FY24 stood at Rs 151 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 131 million, an improvement of 221.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -103 million, an improvement of 58% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 179 million from the Rs 2 billion net cash flows seen during FY23.

UNITECH 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	2,510	151	-94.0%
Cash Flow from Investing Activities	Rs m	41	131	221.7%
Cash Flow from Financing Activities	Rs m	-246	-103	-
Net Cash Flow	Rs m	2,305	179	-92.2%

Current Valuations for UNITECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -14.6, an decline from the EPS of Rs -11.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 9.2, stands at -0.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -0.6 times, while the price to sales ratio stands at 5.0 times.
• The company's price to cash flow (P/CF) ratio stood at -0.7 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	1.5	1.8
TTM Earnings per share	Rs	-11.9	-14.6
Diluted earnings per share	Rs	-11.9	-14.6
Price to Cash Flow	x	-0.1	-0.7
TTM P/E ratio	x	-0.1	-0.6
Price / Book Value ratio	x	-0.6	-0.7
Market Cap	Rs m	4,879	27,523
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for UNITECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY24, from 0.9x 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 -0.2x during FY24, from 0.0x 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 declined and down at 90.8% during FY24, from 363.2% 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 17.6% during FY24, from -6.6% 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 -2.7% during FY24, from 0.2% 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	0.9	0.8
Debtors’ Days	Days	6,372	5,213
Interest coverage	x	0.0	-0.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.2	-2.7
Return on equity	%	363.2	90.8
Return on capital employed	%	-6.6	17.6

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

UNITECH Share Price Performance

Over the last one year, UNITECH share price has moved up from Rs 5.8 to Rs 9.2, registering a gain of Rs 3.4 or around 59.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,081.6 (up 1.0%). Over the last one year it has moved up from 5,597.5 to 8,081.6, a gain of 2,484 points (up 44.4%).

Overall, the S&P BSE SENSEX is up 21.5% over the year.

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