UDAY JEWELLERY INDUSTRIES LIMITED

Financials Uday Jewellery Industries Limited

Equities

UDAYJEW6

INE551B01012

Apparel & Accessories

Delayed Bombay S.E. Other stock markets 08:07:35 03/06/2024 BST			5-day change	1st Jan Change
149.8 ^INR	+1.90%		-4.95%	-25.39%

05-28	Uday Jewellery Industries Limited Reports Earnings Results for the Full Year Ended March 31, 2024	CI
02-14	Uday Jewellery Industries Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	CI

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	688.9	1,458	1,885	2,476	2,095	2,177
Enterprise Value (EV) ¹	737.8	1,573	1,986	2,590	2,368	2,470
P/E ratio	24.6 x	51 x	27 x	42.8 x	36.7 x	22.9 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.96 x	1.99 x	2.05 x	2.65 x	1.72 x	1.23 x
EV / Revenue	1.03 x	2.14 x	2.17 x	2.77 x	1.95 x	1.4 x
EV / EBITDA	20.8 x	31.9 x	19.8 x	34.1 x	29.4 x	18.4 x
EV / FCF	-9.3 x	-15.1 x	-59.3 x	-115 x	-14.2 x	-43.9 x
FCF Yield	-10.8%	-6.62%	-1.69%	-0.87%	-7.04%	-2.28%
Price to Book	2.32 x	4.01 x	4.01 x	4.69 x	3.58 x	3.2 x
Nbr of stocks (in thousands)	16,864	19,443	22,022	22,022	22,022	22,022
Reference price ²	40.85	75.00	85.60	112.4	95.15	98.85
Announcement Date	17/09/18	30/08/19	04/09/20	04/09/21	02/09/22	28/08/23

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	715.5	734.1	917.4	933.3	1,215	1,767
EBITDA ¹	35.41	49.33	100.4	75.92	80.51	134.6
EBIT ¹	33.69	47.5	98.53	74.01	78.6	132
Operating Margin	4.71%	6.47%	10.74%	7.93%	6.47%	7.47%
Earnings before Tax (EBT) ¹	30.05	40.32	93.99	78.2	77.93	128.4
Net income ¹	23.8	30.93	69.37	58.02	57.14	95.02
Net margin	3.33%	4.21%	7.56%	6.22%	4.7%	5.38%
EPS ²	1.658	1.470	3.170	2.630	2.590	4.310
Free Cash Flow ¹	-79.33	-104.1	-33.48	-22.5	-166.6	-56.28
FCF margin	-11.09%	-14.18%	-3.65%	-2.41%	-13.71%	-3.18%
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	17/09/18	30/08/19	04/09/20	04/09/21	02/09/22	28/08/23

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	48.9	114	101	114	272	293
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.381 x	2.32 x	1.009 x	1.496 x	3.383 x	2.179 x
Free Cash Flow ¹	-79.3	-104	-33.5	-22.5	-167	-56.3
ROE (net income / shareholders' equity)	10.7%	9.37%	16.6%	11.6%	10.3%	15%
ROA (Net income/ Total Assets)	6.75%	6.88%	11.4%	7.37%	6.35%	8.51%
Assets ¹	352.5	449.7	606.5	787.6	900.1	1,116
Book Value Per Share ²	17.60	18.70	21.30	24.00	26.60	30.90
Cash Flow per Share ²	1.230	0.0300	0.0400	0.7500	0.0200	1.760
Capex ¹	2.61	0.56	0.65	0.55	8	27.4
Capex / Sales	0.36%	0.08%	0.07%	0.06%	0.66%	1.55%
Announcement Date	17/09/18	30/08/19	04/09/20	04/09/21	02/09/22	28/08/23

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Jewelry

	1st Jan change	Capi.
UDAY JEWELLERY INDUSTRIES LIMITED	-25.39%	38.8M
TITAN COMPANY LIMITED	-11.45%	34.49B
PANDORA A/S	+20.29%	13.24B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-14.46%	12.82B
LAO FENG XIANG CO., LTD.	+9.00%	4.11B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	+10.03%	2.52B
CHOW TAI SENG JEWELLERY CO., LTD.	+10.21%	2.51B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-4.10%	1.53B
DR CORPORATION LIMITED	-23.09%	1.25B
RAJESH EXPORTS LIMITED	-20.83%	1.05B

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Financials Uday Jewellery Industries Limited

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