VAIBHAV GLOBAL 2024-25 Annual Report Analysis

Thu, 24 Jul

VAIBHAV GLOBAL has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

VAIBHAV GLOBAL Income Statement Analysis

• Operating income during the year rose 11.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 11.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.6% in FY25 as against 8.6% in FY24.
• Depreciation charges increased by 9.4% and finance costs increased by 27.6% YoY, respectively.
• Other income grew by 5.3% YoY.
• Net profit for the year grew by 20.8% YoY.
• Net profit margins during the year grew from 4.2% in FY24 to 4.5% in FY25.

VAIBHAV GLOBAL Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	30,410	33,796	11.1%
Other income	Rs m	266	280	5.3%
Total Revenues	Rs m	30,676	34,076	11.1%
Gross profit	Rs m	2,604	2,892	11.1%
Depreciation	Rs m	934	1,022	9.4%
Interest	Rs m	117	149	27.6%
Profit before tax	Rs m	1,820	2,002	10.0%
Tax	Rs m	552	470	-14.8%
Profit after tax	Rs m	1,267	1,531	20.8%
Gross profit margin	%	8.6	8.6
Effective tax rate	%	30.3	23.5
Net profit margin	%	4.2	4.5

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VAIBHAV GLOBAL Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 6 billion as compared to Rs 5 billion in FY24, thereby witnessing an increase of 11.7%.
• Current assets rose 14% and stood at Rs 14 billion, while fixed assets fell 6% and stood at Rs 6 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 20 billion as against Rs 19 billion during FY24, thereby witnessing a growth of 7%.

VAIBHAV GLOBAL Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	12,422	13,428	8.1
Current Liabilities	Rs m	5,239	5,854	11.7
Long-term Debt	Rs m	14	0	-100.0
Total Liabilities	Rs m	18,583	19,925	7.2
Current assets	Rs m	12,188	13,882	13.9
Fixed Assets	Rs m	6,396	6,036	-5.6
Total Assets	Rs m	18,583	19,925	7.2

VAIBHAV GLOBAL Cash Flow Statement Analysis

• VAIBHAV GLOBAL's cash flow from operating activities (CFO) during FY25 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -71 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -1 billion, an improvement of 9% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs 297 million from the Rs -491 million net cash flows seen during FY24.

VAIBHAV GLOBAL Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	2,768	1,648	-40.5%
Cash Flow from Investing Activities	Rs m	-1,839	-71	-
Cash Flow from Financing Activities	Rs m	-1,431	-1,299	-
Net Cash Flow	Rs m	-491	297	-

Current Valuations for VAIBHAV GLOBAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.2, an improvement from the EPS of Rs 7.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 239.2, stands at 26.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 20.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	183.7	203.5
TTM Earnings per share	Rs	7.7	9.2
Diluted earnings per share	Rs	7.6	9.2
Price to Cash Flow	x	27.6	20.9
TTM P/E ratio	x	47.9	26.0
Price / Book Value ratio	x	5.4	4.0
Market Cap	Rs m	67,687	53,447
Dividends per share (Unadj.)	Rs	6.0	6.0

Ratio Analysis for VAIBHAV GLOBAL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.4x during FY25, from 2.3x during FY24. 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 14.4x during FY25, from 16.5x during FY24. 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 11.4% during FY25, from 10.2% during FY25. 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 16.0% during FY25, from 15.6% during FY24. 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 8.4% during FY25, from 7.5% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	2.3	2.4
Debtors’ Days	Days	376	349
Interest coverage	x	16.5	14.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.5	8.4
Return on equity	%	10.2	11.4
Return on capital employed	%	15.6	16.0

To see how VAIBHAV GLOBAL has performed over the last 5 years, please visit here.

VAIBHAV GLOBAL Share Price Performance

Over the last one year, VAIBHAV GLOBAL share price has moved down from Rs 319.4 to Rs 239.2, registering a loss of Rs 80.2 or around 25.1%.

Overall, the S&P BSE SENSEX is up 2.0% over the year.

(To know more, check out historical annual results for VAIBHAV GLOBAL and quarterly results for VAIBHAV GLOBAL)