WEALTH FIRST PORTFOLIO MANAGERS 2023-24 Annual Report Analysis

Wed, 23 Oct

WEALTH FIRST PORTFOLIO MANAGERS 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.

WEALTH FIRST PORTFOLIO MANAGERS Income Statement Analysis

• Operating income during the year rose 130.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 131.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.9% in FY24 as against 4.9% in FY23.
• Depreciation charges decreased by 23.9% and finance costs decreased by 32.2% YoY, respectively.
• Other income grew by 2167.5% YoY.
• Net profit for the year grew by 208.5% YoY.
• Net profit margins during the year grew from 3.6% in FY23 to 4.8% in FY24.

WEALTH FIRST PORTFOLIO MANAGERS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,824	8,817	130.6%
Other income	Rs m	6	126	2,167.5%
Total Revenues	Rs m	3,830	8,944	133.5%
Gross profit	Rs m	187	432	131.3%
Depreciation	Rs m	5	4	-23.9%
Interest	Rs m	1	1	-32.2%
Profit before tax	Rs m	187	554	196.7%
Tax	Rs m	48	127	163.0%
Profit after tax	Rs m	138	427	208.5%
Gross profit margin	%	4.9	4.9
Effective tax rate	%	25.9	23.0
Net profit margin	%	3.6	4.8

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WEALTH FIRST PORTFOLIO MANAGERS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 187 million as compared to Rs 78 million in FY23, thereby witnessing an increase of 139.0%.
• Current assets rose 124% and stood at Rs 807 million, while fixed assets rose 16% and stood at Rs 568 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 1 billion as against Rs 850 million during FY23, thereby witnessing a growth of 62%.

WEALTH FIRST PORTFOLIO MANAGERS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	767	1,183	54.3
Current Liabilities	Rs m	78	187	139.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	850	1,375	61.7
Current assets	Rs m	360	807	124.1
Fixed Assets	Rs m	490	568	15.9
Total Assets	Rs m	850	1,375	61.7

WEALTH FIRST PORTFOLIO MANAGERS Cash Flow Statement Analysis

• WEALTH FIRST PORTFOLIO MANAGERS 's cash flow from operating activities (CFO) during FY24 stood at Rs 155 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -96 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -37 million, an improvement of 15% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 22 million from the Rs -29 million net cash flows seen during FY23.

WEALTH FIRST PORTFOLIO MANAGERS 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	204	155	-24.0%
Cash Flow from Investing Activities	Rs m	-189	-96	-
Cash Flow from Financing Activities	Rs m	-43	-37	-
Net Cash Flow	Rs m	-29	22	-

Current Valuations for WEALTH FIRST PORTFOLIO MANAGERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 40.0, an improvement from the EPS of Rs 13.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,570.0, stands at 31.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 14.1 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 38.9 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	358.7	827.1
TTM Earnings per share	Rs	13.0	40.0
Diluted earnings per share	Rs	13.0	40.1
Price to Cash Flow	x	0.0	38.9
TTM P/E ratio	x	0.0	31.5
Price / Book Value ratio	x	4.1	0.0
Market Cap	Rs m	3,161	16,728
Dividends per share (Unadj.)	Rs	3.0	7.0

Ratio Analysis for WEALTH FIRST PORTFOLIO MANAGERS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.3x during FY24, from 4.6x 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 940.3x during FY24, from 215.7x 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 36.1% during FY24, from 18.0% 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 46.9% during FY24, from 24.5% 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 31.1% during FY24, from 16.4% 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	4.6	4.3
Debtors’ Days	Days	3,205	1,989
Interest coverage	x	215.7	940.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.4	31.1
Return on equity	%	18.0	36.1
Return on capital employed	%	24.5	46.9

To see how WEALTH FIRST PORTFOLIO MANAGERS has performed over the last 5 years, please visit here.

WEALTH FIRST PORTFOLIO MANAGERS Share Price Performance

Over the last one year, WEALTH FIRST PORTFOLIO MANAGERS share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is down 0.0% over the year.

(To know more, check out historical annual results for WEALTH FIRST PORTFOLIO MANAGERS and quarterly results for WEALTH FIRST PORTFOLIO MANAGERS )