WINDLAS BIOTECH 2023-24 Annual Report Analysis

Tue, 3 Sep

WINDLAS BIOTECH 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.

WINDLAS BIOTECH Income Statement Analysis

• Operating income during the year rose 23.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 29.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.4% in FY24 as against 11.7% in FY23.
• Depreciation charges increased by 8.7% and finance costs increased by 40.0% YoY, respectively.
• Other income grew by 35.2% YoY.
• Net profit for the year grew by 36.4% YoY.
• Net profit margins during the year grew from 8.3% in FY23 to 9.2% in FY24.

WINDLAS BIOTECH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,131	6,310	23.0%
Other income	Rs m	100	135	35.2%
Total Revenues	Rs m	5,230	6,444	23.2%
Gross profit	Rs m	602	781	29.7%
Depreciation	Rs m	124	134	8.7%
Interest	Rs m	8	11	40.0%
Profit before tax	Rs m	570	770	35.0%
Tax	Rs m	144	189	31.0%
Profit after tax	Rs m	426	581	36.4%
Gross profit margin	%	11.7	12.4
Effective tax rate	%	25.3	24.5
Net profit margin	%	8.3	9.2

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

WINDLAS BIOTECH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 41.3%.
• Current assets rose 22% and stood at Rs 4 billion, while fixed assets rose 12% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 19%.

WINDLAS BIOTECH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,995	4,454	11.5
Current Liabilities	Rs m	1,212	1,713	41.3
Long-term Debt	Rs m	1	0	-100.0
Total Liabilities	Rs m	5,270	6,256	18.7
Current assets	Rs m	3,535	4,312	22.0
Fixed Assets	Rs m	1,734	1,943	12.1
Total Assets	Rs m	5,270	6,256	18.7

WINDLAS BIOTECH Cash Flow Statement Analysis

• WINDLAS BIOTECH's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 78.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -921 million, an improvement of 552.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -153 million, an improvement of 65% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 16 million from the Rs 31 million net cash flows seen during FY23.

WINDLAS BIOTECH 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	610	1,089	78.6%
Cash Flow from Investing Activities	Rs m	-141	-921	-
Cash Flow from Financing Activities	Rs m	-437	-153	-
Net Cash Flow	Rs m	31	16	-50.1%

Current Valuations for WINDLAS BIOTECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.0, an improvement from the EPS of Rs 20.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 835.7, stands at 29.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.9 times, while the price to sales ratio stands at 2.8 times.
• The company's price to cash flow (P/CF) ratio stood at 11.9 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	245.1	303.3
TTM Earnings per share	Rs	20.4	28.0
Diluted earnings per share	Rs	20.4	27.8
Price to Cash Flow	x	8.6	11.9
TTM P/E ratio	x	11.0	29.3
Price / Book Value ratio	x	1.3	1.9
Market Cap	Rs m	5,055	8,490
Dividends per share (Unadj.)	Rs	4.0	5.5

Ratio Analysis for WINDLAS BIOTECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.5x during FY24, from 2.9x 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 70.8x during FY24, from 73.4x 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 13.1% during FY24, from 10.7% 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 17.5% during FY24, from 14.5% 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 9.5% during FY24, from 8.2% 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	2.9	2.5
Debtors’ Days	Days	83	79
Interest coverage	x	73.4	70.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.2	9.5
Return on equity	%	10.7	13.1
Return on capital employed	%	14.5	17.5

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

WINDLAS BIOTECH Share Price Performance

Over the last one year, WINDLAS BIOTECH share price has moved up from Rs 388.0 to Rs 835.7, registering a gain of Rs 447.8 or around 115.4%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 43,239.1 (up 0.6%). Over the last one year it has moved up from 27,726.0 to 43,239.1, a gain of 15,513 points (up 56.0%).

Overall, the S&P BSE SENSEX is up 26.8% over the year.

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