RAJASTHAN GASES LTD. 2023-24 Annual Report Analysis

Mon, 16 Dec

RAJASTHAN GASES LTD. 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.

RAJASTHAN GASES LTD. Income Statement Analysis

• Operating income during the year was NA on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2050.0% in FY24 as against 8244.4% in FY23.
• Depreciation charges increased by 0.0% and finance costs increased by 29.2% YoY, respectively.
• Other income grew by 0.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 0.0% in FY23 to 8316.0% in FY24.

RAJASTHAN GASES LTD. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	0	0	NA
Other income	Rs m	0	0	0.0%
Total Revenues	Rs m	0	0	NA
Gross profit	Rs m	-7	-1	NA
Depreciation	Rs m	0	0	0.0%
Interest	Rs m	3	4	29.2%
Profit before tax	Rs m	-10	-5	NA
Tax	Rs m	0	0	0.0
Profit after tax	Rs m	-10	-5	NA
Gross profit margin	%	8,244.4	2,050.0
Effective tax rate	%	0.0	0.0
Net profit margin	%	0.0	8,316.0

3 Tiny Giants: Small Caps Running Their Own Kingdoms

RAJASTHAN GASES LTD. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 0 million as compared to Rs 48 million in FY23, thereby witnessing an decrease of -99.7%.
• Current assets fell 53% and stood at Rs 3 million, while fixed assets rose 136% and stood at Rs 286 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 289 million as against Rs 128 million during FY23, thereby witnessing a growth of 126%.

RAJASTHAN GASES LTD. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2	289	14,643.4
Current Liabilities	Rs m	48	0	-99.7
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	128	289	126.3
Current assets	Rs m	7	3	-53.2
Fixed Assets	Rs m	121	286	136.5
Total Assets	Rs m	128	289	126.3

RAJASTHAN GASES LTD. Cash Flow Statement Analysis

• RAJASTHAN GASES LTD.'s cash flow from operating activities (CFO) during FY24 stood at Rs -10 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -160 million, an improvement of 127.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 166 million, an improvement of 215% 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.

RAJASTHAN GASES LTD. 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	21	-10	-
Cash Flow from Investing Activities	Rs m	-70	-160	-
Cash Flow from Financing Activities	Rs m	53	166	215.3%
Net Cash Flow	Rs m	3	-4	-

Current Valuations for RAJASTHAN GASES LTD.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.1, an improvement from the EPS of Rs -1.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 64.8, stands at -2,058.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 17.2 times, while the price to sales ratio stands at -83,032.4 times.
• The company's price to cash flow (P/CF) ratio stood at -170.5 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	0.0	0.0
TTM Earnings per share	Rs	-1.9	-0.1
Diluted earnings per share	Rs	-0.1	-0.1
Price to Cash Flow	x	-53.6	-170.5
TTM P/E ratio	x	-52.1	-2,058.8
Price / Book Value ratio	x	24.6	2.9
Market Cap	Rs m	48	851
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for RAJASTHAN GASES LTD.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 23.0x during FY24, from 0.1x 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 -0.3x during FY24, from -2.5x 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 -1.7% during FY24, from -527.1% 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 -0.4% during FY24, from -378.8% 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 -0.4% during FY24, from -5.8% 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	0.1	23.0
Debtors’ Days	Days	0	0
Interest coverage	x	-2.5	-0.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-5.8	-0.4
Return on equity	%	-527.1	-1.7
Return on capital employed	%	-378.8	-0.4

To see how RAJASTHAN GASES LTD. has performed over the last 5 years, please visit here.

RAJASTHAN GASES LTD. Share Price Performance

Over the last one year, RAJASTHAN GASES LTD. share price has moved up from Rs 9.5 to Rs 64.8, registering a gain of Rs 55.3 or around 582.2%.

Overall, the S&P BSE SENSEX is up 17.5% over the year.

(To know more, check out historical annual results for RAJASTHAN GASES LTD. and quarterly results for RAJASTHAN GASES LTD.)