VENUS REMEDIES 2023-24 Annual Report Analysis

Fri, 23 Aug

VENUS REMEDIES 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.

VENUS REMEDIES Income Statement Analysis

• Operating income during the year rose 3.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 1.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.6% in FY24 as against 10.8% in FY23.
• Depreciation charges decreased by 20.9% and finance costs decreased by 100.0% YoY, respectively.
• Other income grew by 9.6% YoY.
• Net profit for the year grew by 14.8% YoY.
• Net profit margins during the year grew from 4.8% in FY23 to 5.3% in FY24.

VENUS REMEDIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,555	5,752	3.5%
Other income	Rs m	103	113	9.6%
Total Revenues	Rs m	5,658	5,865	3.7%
Gross profit	Rs m	602	609	1.1%
Depreciation	Rs m	323	256	-20.9%
Interest	Rs m	3	0	-100.0%
Profit before tax	Rs m	379	467	23.0%
Tax	Rs m	114	162	42.1%
Profit after tax	Rs m	266	305	14.8%
Gross profit margin	%	10.8	10.6
Effective tax rate	%	30.0	34.6
Net profit margin	%	4.8	5.3

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VENUS REMEDIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 728 million as compared to Rs 826 million in FY23, thereby witnessing an decrease of -11.8%.
• Long-term debt down at Rs 387 million as compared to Rs 387 million during FY23, a fall of 0.0%.
• Current assets rose 12% and stood at Rs 4 billion, while fixed assets rose 1% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 7%.

VENUS REMEDIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	4,603	5,086	10.5
Current Liabilities	Rs m	826	728	-11.8
Long-term Debt	Rs m	387	387	0.0
Total Liabilities	Rs m	6,011	6,413	6.7
Current assets	Rs m	3,230	3,610	11.8
Fixed Assets	Rs m	2,781	2,803	0.8
Total Assets	Rs m	6,011	6,413	6.7

VENUS REMEDIES Cash Flow Statement Analysis

• VENUS REMEDIES's cash flow from operating activities (CFO) during FY24 stood at Rs 354 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -69 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 0 million, an improvement of 100% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 284 million from the Rs -220 million net cash flows seen during FY23.

VENUS REMEDIES 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	366	354	-3.4%
Cash Flow from Investing Activities	Rs m	-508	-69	-
Cash Flow from Financing Activities	Rs m	-6	0	-
Net Cash Flow	Rs m	-220	284	-

Current Valuations for VENUS REMEDIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.8, an improvement from the EPS of Rs 19.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 360.0, stands at 16.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.8 times.
• The company's price to cash flow (P/CF) ratio stood at 7.1 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	415.5	430.2
TTM Earnings per share	Rs	19.9	22.8
Diluted earnings per share	Rs	19.9	22.8
Price to Cash Flow	x	3.7	7.1
TTM P/E ratio	x	8.1	16.9
Price / Book Value ratio	x	0.8	0.8
Market Cap	Rs m	3,501	3,960
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for VENUS REMEDIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 5.0x during FY24, from 3.9x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 6.0% during FY24, from 5.8% 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 8.5% during FY24, from 7.7% 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 4.8% during FY24, from 4.5% 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	3.9	5.0
Debtors’ Days	Days	504	568
Interest coverage	x	130.0	0.0
Debt to equity ratio	x	0.1	0.1
Return on assets	%	4.5	4.8
Return on equity	%	5.8	6.0
Return on capital employed	%	7.7	8.5

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

VENUS REMEDIES Share Price Performance

Over the last one year, VENUS REMEDIES share price has moved up from Rs 239.1 to Rs 360.0, registering a gain of Rs 120.9 or around 50.5%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 42,183.3 (up 0.3%). Over the last one year it has moved up from 28,099.5 to 42,183.3, a gain of 14,084 points (up 50.1%).

Overall, the S&P BSE SENSEX is up 24.4% over the year.

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