YASHO INDUSTRIES 2023-24 Annual Report Analysis

Wed, 17 Jul

YASHO INDUSTRIES 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.

YASHO INDUSTRIES Income Statement Analysis

• Operating income during the year fell 11.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.8% in FY24 as against 17.1% in FY23.
• Depreciation charges decreased by 21.3% and finance costs decreased by 4.6% YoY, respectively.
• Other income declined by 32.9% YoY.
• Net profit for the year declined by 14.6% YoY.
• Net profit margins during the year declined from 10.1% in FY23 to 9.8% in FY24.

YASHO INDUSTRIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	6,716	5,936	-11.6%
Other income	Rs m	110	74	-32.9%
Total Revenues	Rs m	6,826	6,010	-12.0%
Gross profit	Rs m	1,150	998	-13.2%
Depreciation	Rs m	198	156	-21.3%
Interest	Rs m	156	149	-4.6%
Profit before tax	Rs m	906	767	-15.3%
Tax	Rs m	227	188	-17.4%
Profit after tax	Rs m	679	579	-14.6%
Gross profit margin	%	17.1	16.8
Effective tax rate	%	25.1	24.5
Net profit margin	%	10.1	9.8

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YASHO INDUSTRIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 23.9%.
• Long-term debt stood at Rs 3 billion as compared to Rs 2 billion during FY23, a growth of 112.3%.
• Current assets fell 4% and stood at Rs 3 billion, while fixed assets rose 104% and stood at Rs 7 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 7 billion during FY23, thereby witnessing a growth of 50%.

YASHO INDUSTRIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,380	2,947	23.9
Current Liabilities	Rs m	2,420	2,999	23.9
Long-term Debt	Rs m	1,572	3,337	112.3
Total Liabilities	Rs m	6,731	10,115	50.3
Current assets	Rs m	3,351	3,214	-4.1
Fixed Assets	Rs m	3,380	6,900	104.2
Total Assets	Rs m	6,731	10,115	50.3

YASHO INDUSTRIES Cash Flow Statement Analysis

• YASHO INDUSTRIES's cash flow from operating activities (CFO) during FY24 stood at Rs 902 million, an improvement of 620.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 130.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 2 billion, an improvement of 76% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -4 million from the Rs 3 million net cash flows seen during FY23.

YASHO INDUSTRIES 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	125	902	620.3%
Cash Flow from Investing Activities	Rs m	-1,318	-3,041	-
Cash Flow from Financing Activities	Rs m	1,218	2,139	75.5%
Net Cash Flow	Rs m	3	-4	-

Current Valuations for YASHO INDUSTRIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 50.8, an decline from the EPS of Rs 59.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,838.2, stands at 36.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 3.5 times.
• The company's price to cash flow (P/CF) ratio stood at 30.2 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	589.1	520.7
TTM Earnings per share	Rs	59.5	50.8
Diluted earnings per share	Rs	59.5	50.8
Price to Cash Flow	x	19.5	30.2
TTM P/E ratio	x	25.2	36.2
Price / Book Value ratio	x	7.6	7.5
Market Cap	Rs m	18,022	22,249
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for YASHO INDUSTRIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY24, from 1.4x 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 6.2x during FY24, from 6.8x 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 19.7% during FY24, from 28.5% 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 14.6% during FY24, from 26.9% 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 7.2% during FY24, from 12.4% 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	1.4	1.1
Debtors’ Days	Days	559	738
Interest coverage	x	6.8	6.2
Debt to equity ratio	x	0.7	1.1
Return on assets	%	12.4	7.2
Return on equity	%	28.5	19.7
Return on capital employed	%	26.9	14.6

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

YASHO INDUSTRIES Share Price Performance

Over the last one year, YASHO INDUSTRIES share price has moved up from Rs 1,741.4 to Rs 1,838.2, registering a gain of Rs 96.8 or around 5.6%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

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