Dynacons Systems & Solutions Ltd.

Market Capital

₹885 Cr.

P/E

21.43

Share Price

₹ 700.0 4.6 (0.66%)

Dynacons Systems & Solutions Ltd.
Overview
Financials
Benchmarking
Shareholding

Dynacons Systems & Solutions Ltd.

Dynacons Systems & Solutions Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

Price

₹ 700.0 4.6 (0.66%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

Dynacons Systems & Solutions Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	172.54	119.68	187.21	126.56	85.95	64.94	78.94	69.29	65.79	71.78
TTM EPS CAGR	133.6	100.32	71.2	54.59	46.38	54.2	53.74	49.74	47.45	47.18
Sales CAGR	40.88	33.95	46.71	31.84	30.36	31.31	33.23	30.75	31.83	29.9
PAT Margin (Abs Growth)	1.65	2.2	2.42	2.49	3.18	3.39	3.42	3.5	3.41	3.28
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PE CAGR	12.61	8.93	67.01	46.76	25.95	6.4	16.59	14.22	12.27	16.56
CFO CAGR	-198.29	20.29	45.13	34.26	—	19.88	—	19.32	10.02	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

BALANCE SHEET

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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	34.48	33.66	49.69	53.96	69.42	98.02	122	180	299	402
Non Current Assets	9.06	3.90	5.91	5.60	2.64	2.45	3.92	7.40	8.47	9.41
Net Block	4.83	3.02	3.46	3.03	2.85	2.50	3.74	6.39	6.09	6.73
Capital Work in Progress	0	0	0	0	0	0	0	0	0	0
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	1.51	0.01	0.01	0.06	0.06	0.06	0.06	0.44	0.56	0.55
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Current Assets	24.43	29.24	43.30	48.01	66.51	95.47	118	173	290	393
Inventory	5.45	7.44	6.62	9.19	13.81	16.79	8.72	42.47	70.91	36.63
Accounts Receivable	14.79	15.52	30.35	29.46	39.54	57.68	84.00	102	176	301
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	4.08	6.10	6.25	9.24	8.85	17.63	16.61	22.71	35.32	45.79
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Liabilities	34.48	33.66	49.69	53.96	69.42	98.02	122	180	299	402
Shareholders Funds	16.22	15.96	16.87	20.42	23.14	30.73	36.19	49.45	67.86	105
Share Capital	5.92	5.92	5.92	6.38	6.91	9.17	9.17	10.13	11.28	12.69
Reserves	10.30	10.03	10.95	12.65	15.10	21.56	27.02	37.52	55.59	90.90
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Non Current Liabilities	1.71	1.10	1.50	1.53	1.51	1.40	2.86	7.30	15.57	20.84
Secured Loans	0.18	0.15	0.63	0.67	0.50	0.30	0.18	0.44	9.76	14.58
Unsecured Loans	—	—	—	—	—	—	—	3.17	2.25	1.38
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Current Liabilities	16.54	16.61	31.33	32.00	44.76	65.88	82.97	124	215	276
Accounts Payable	0.98	1.93	7.59	7.91	5.84	25.39	42.75	79.76	161	219
Short Term Loans	13.44	12.62	20.09	19.23	34.80	34.63	34.82	34.29	46.52	45.72
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(in Rs. Cr.)	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	53.22	53.92	69.64	101	123	181	299	402
Non Current Assets	27.86	5.55	2.59	2.40	3.87	7.35	8.42	9.36
Net Block	13.35	3.03	2.85	2.50	3.74	6.39	6.09	6.73
Capital Work in Progress	10.92	0	0	0	0	0	0	0
Intangible Assets Under Development	—	—	—	—	—	—	—	—
Long Term Investments	5.01	0.01	0.01	0.01	0.01	0.39	0.51	0.50
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Current Assets	23.94	48.02	66.78	98.41	119	173	291	393
Inventory	6.06	9.19	13.81	16.79	8.72	42.47	70.91	36.63
Accounts Receivable	14.51	29.46	39.54	59.61	84.00	102	176	301
Short Term Investments	0	—	—	—	—	—	—	—
Cash & Bank Balances	1.78	9.25	9.13	18.73	17.44	22.94	35.45	45.86
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Liabilities	53.22	53.92	69.64	101	123	181	299	402
Shareholders Funds	35.46	20.39	23.31	31.90	37.03	49.59	67.97	105
Share Capital	29.69	6.38	6.91	9.17	9.17	10.13	11.28	12.69
Reserves	5.76	12.61	15.27	22.73	27.85	37.67	55.70	91.10
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Non Current Liabilities	11.36	1.53	1.51	1.40	2.86	7.30	15.57	20.84
Secured Loans	9.94	0.67	0.50	0.30	0.18	0.44	9.76	14.58
Unsecured Loans	—	—	—	—	—	3.17	2.25	1.38
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Current Liabilities	6.41	32.00	44.81	67.61	83.04	124	215	277
Accounts Payable	4.89	7.91	5.89	27.12	42.82	79.88	161	219
Short Term Loans	—	19.23	34.80	34.63	34.82	34.29	46.52	45.72
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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	34.48	33.66	49.69	53.96	69.42	98.02	122	180	299	402
Non Current Assets	9.06	3.90	5.91	5.60	2.64	2.45	3.92	7.40	8.47	9.41
Gross Block	7.43	4.55	5.61	5.60	4.03	4.27	6.54	9.26	8.83	9.06
Less: Accumulated Depreciation	2.60	1.53	2.15	2.57	1.18	1.77	2.80	2.87	2.75	2.33
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	4.83	3.02	3.46	3.03	2.85	2.50	3.74	6.39	6.09	6.73
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	0	0	0	0	0	0	0	0	0	0
Long Term Investments	1.51	0.01	0.01	0.06	0.06	0.06	0.06	0.44	0.56	0.55
Long Term Loans & Advances	3.71	1.39	2.92	2.86	—	—	—	—	—	—
Other Non Current Assets	0	0	0	0	0	—	0	0.32	1.43	1.68
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Current Assets	24.43	29.24	43.30	48.01	66.51	95.47	118	173	290	393
Inventory	5.45	7.44	6.62	9.19	13.81	16.79	8.72	42.47	70.91	36.63
Accounts Receivable	14.79	15.52	30.35	29.46	39.54	57.68	84.00	102	176	301
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	4.08	6.10	6.25	9.24	8.85	17.63	16.61	22.71	35.32	45.79
Other Current Assets	—	—	—	—	—	—	—	—	—	—
Short Term Loans and Advances	0.10	0.18	0.07	0.11	4.32	3.37	8.91	6.09	8.55	9.78
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Liabilities	34.48	33.66	49.69	53.96	69.42	98.02	122	180	299	402
Shareholders Funds	16.22	15.96	16.87	20.42	23.14	30.73	36.19	49.45	67.86	105
Share Capital	5.92	5.92	5.92	6.38	6.91	9.17	9.17	10.13	11.28	12.69
Share Warrants	—	—	—	1.40	1.13	—	—	1.79	0.99	—
Reserves	10.30	10.03	10.95	12.65	15.10	21.56	27.02	37.52	55.59	90.90
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Non Current Liabilities	1.71	1.10	1.50	1.53	1.51	1.40	2.86	7.30	15.57	20.84
Secured Loans	0.18	0.15	0.63	0.67	0.50	0.30	0.18	0.44	9.76	14.58
Unsecured Loans	—	—	—	—	—	—	—	3.17	2.25	1.38
Deferred Tax Assets/Liabilities	0.99	0.52	0.48	0.35	0.26	0.11	-0.11	-0.25	-0.39	-0.44
Other Long Term Liabilities	0.40	0.19	0.08	0.04	0.07	0.07	1.69	2.50	1.78	2.71
Long Term Provisions	0.15	0.23	0.30	0.48	0.68	0.92	1.12	1.44	2.17	2.61
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Current Liabilities	16.54	16.61	31.33	32.00	44.76	65.88	82.97	124	215	276
Accounts Payable	0.98	1.93	7.59	7.91	5.84	25.39	42.75	79.76	161	219
Short Term Loans	13.44	12.62	20.09	19.23	34.80	34.63	34.82	34.29	46.52	45.72
Other Current Liabilities	2.13	2.07	3.65	4.86	4.13	5.86	5.41	9.52	8.08	11.71
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	—	—	—	—	—	—	—	—	—	—
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(in Rs. Cr.)	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	53.22	53.92	69.64	101	123	181	299	402
Non Current Assets	27.86	5.55	2.59	2.40	3.87	7.35	8.42	9.36
Gross Block	16.93	5.60	4.03	4.27	6.54	9.26	8.83	9.06
Less: Accumulated Depreciation	3.58	2.57	1.18	1.77	2.80	2.87	2.75	2.33
Less: Impairment of Assets	—	—	—	—	—	—	—	—
Net Block	13.35	3.03	2.85	2.50	3.74	6.39	6.09	6.73
Lease Adjustment A/c	—	—	—	—	—	—	—	—
Capital Work in Progress	10.92	0	0	0	0	0	0	0
Long Term Investments	5.01	0.01	0.01	0.01	0.01	0.39	0.51	0.50
Long Term Loans & Advances	—	2.86	—	—	—	—	—	—
Other Non Current Assets	—	0	0	—	0	0.32	1.43	1.68
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Current Assets	23.94	48.02	66.78	98.41	119	173	291	393
Inventory	6.06	9.19	13.81	16.79	8.72	42.47	70.91	36.63
Accounts Receivable	14.51	29.46	39.54	59.61	84.00	102	176	301
Short Term Investments	0	—	—	—	—	—	—	—
Cash & Bank Balances	1.78	9.25	9.13	18.73	17.44	22.94	35.45	45.86
Other Current Assets	—	—	—	—	—	—	—	—
Short Term Loans and Advances	1.59	0.11	4.31	3.27	9.02	6.18	8.60	9.78
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Liabilities	53.22	53.92	69.64	101	123	181	299	402
Shareholders Funds	35.46	20.39	23.31	31.90	37.03	49.59	67.97	105
Share Capital	29.69	6.38	6.91	9.17	9.17	10.13	11.28	12.69
Share Warrants	—	1.40	1.13	—	—	1.79	0.99	—
Reserves	5.76	12.61	15.27	22.73	27.85	37.67	55.70	91.10
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Non Current Liabilities	11.36	1.53	1.51	1.40	2.86	7.30	15.57	20.84
Secured Loans	9.94	0.67	0.50	0.30	0.18	0.44	9.76	14.58
Unsecured Loans	—	—	—	—	—	3.17	2.25	1.38
Deferred Tax Assets/Liabilities	1.43	0.35	0.26	0.11	-0.11	-0.25	-0.39	-0.44
Other Long Term Liabilities	—	0.04	0.07	0.07	1.69	2.50	1.78	2.71
Long Term Provisions	—	0.48	0.68	0.92	1.12	1.44	2.17	2.61
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Current Liabilities	6.41	32.00	44.81	67.61	83.04	124	215	277
Accounts Payable	4.89	7.91	5.89	27.12	42.82	79.88	161	219
Short Term Loans	—	19.23	34.80	34.63	34.82	34.29	46.52	45.72
Other Current Liabilities	0.81	4.86	4.13	5.86	5.41	9.52	8.08	11.71
Share Application Money	—	—	—	—	—	—	—	—
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Short Term Provisions	0.70	—	—	—	—	—	—	—
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Balance Sheet Snapshot

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Fund Flow Analysis

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Increase
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Total

*Data is as of latest FY end

Profit & Loss

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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	105	124	158	211	304	328	436	654	804	940
Operating Expenses	101	120	154	204	292	313	417	623	750	874
Raw Material	—	—	—	—	—	—	—	—	—	782
Employee Cost	4.61	7.41	11.28	20.78	24.48	22.38	23.94	27.57	30.76	31.98
Power & Fuel Cost	0.08	0.11	0.11	0.11	0.10	0.11	0.06	0.08	0.10	—
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Operating Profit	4.00	4.17	4.64	6.66	11.88	14.60	18.65	30.56	54.58	66.31
Other Income	0.43	0.52	0.54	0.83	1.18	2.24	1.87	1.87	2.30	2.55
Depreciation and Amortisation Expenses	1.21	0.62	0.61	0.76	0.72	1.03	1.26	1.36	1.36	1.41
Interest	2.19	2.75	2.91	3.90	6.03	7.76	7.17	9.02	10.91	10.29
Profit Before Tax	1.03	1.31	1.65	2.84	6.31	8.06	12.09	22.05	44.60	57.16
Tax	0.34	0.40	0.41	0.95	2.13	1.94	2.87	5.59	11.23	14.28
Net Profit	0.69	0.91	1.25	1.89	4.19	6.12	9.22	16.46	33.38	42.88
Number of shares(Crs)	0.59	0.59	0.64	0.69	0.92	0.92	0.92	1.13	1.27	—
Dividend Payout Ratio	0	0	0	0	0	7.50	5.49	3.43	1.90	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	58.95	158	214	311	329	436	654	804	940
Operating Expenses	55.25	154	207	298	314	417	623	750	874
Raw Material	—	—	—	—	—	—	—	—	782
Employee Cost	1.43	11.28	20.78	24.48	22.38	23.94	27.57	30.76	31.98
Power & Fuel Cost	0.04	0.11	0.11	0.10	0.11	0.06	0.08	0.10	—
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Operating Profit	3.70	4.60	6.88	12.97	14.63	18.57	30.53	54.67	66.36
Other Income	0.07	0.54	0.83	1.18	1.73	1.31	1.87	2.30	2.55
Depreciation and Amortisation Expenses	1.65	0.61	0.76	0.72	1.03	1.26	1.36	1.36	1.41
Interest	1.14	2.91	3.90	6.03	7.76	7.17	9.02	10.92	10.30
Profit Before Tax	0.98	1.62	3.05	7.39	7.57	11.45	22.02	44.68	57.21
Tax	0.26	0.41	0.96	2.22	1.85	2.92	5.59	11.23	14.28
Net Profit	0.72	1.21	2.10	5.17	5.71	8.54	16.43	33.45	42.93
Number of shares(Crs)	14.81	0.64	0.69	0.92	0.92	0.92	1.13	1.27	—
Dividend Payout Ratio	0	0	0	0	8.03	5.93	3.43	1.90	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	105	124	158	211	304	328	436	654	804	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	105	124	158	211	304	328	436	654	804	940
Operating Expenses	101	120	154	204	292	313	417	623	750	874
Raw Material	—	—	—	—	—	—	—	—	—	782
Increase/Decrease in Stock	-1.99	0.82	-2.57	-4.61	-2.98	8.07	-33.75	-28.44	34.27	47.41
Other Manufacturing Expenses	0.40	0.46	0.72	0.77	0.90	1.32	1.19	1.84	3.36	—
Employee Cost	4.61	7.41	11.28	20.78	24.48	22.38	23.94	27.57	30.76	31.98
Selling and Distribution Expenses	0.11	0.09	0.17	0.20	0.25	0.23	0.11	0.42	0.29	—
Power & Fuel Cost	0.08	0.11	0.11	0.11	0.10	0.11	0.06	0.08	0.10	—
General and Administration Expenses	1.51	1.75	2.18	3.64	4.67	5.36	3.02	4.18	7.20	—
Miscellaneous Expenses	0.28	0.13	0.30	0.32	0.26	0.30	0.86	0.95	0.89	—
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Operating Profit	4.00	4.17	4.64	6.66	11.88	14.60	18.65	30.56	54.58	66.31
Other Income	0.43	0.52	0.54	0.83	1.18	2.24	1.87	1.87	2.30	2.55
Interest	2.19	2.75	2.91	3.90	6.03	7.76	7.17	9.02	10.91	10.29
PBDT	2.24	1.94	2.26	3.60	7.03	9.08	13.35	23.41	45.97	58.57
Depreciation and Amortization	1.21	0.62	0.61	0.76	0.72	1.03	1.26	1.36	1.36	1.41
Profit Before Taxation & Exceptional Items	1.03	1.31	1.65	2.84	6.31	8.06	12.09	22.05	44.60	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	1.03	1.31	1.65	2.84	6.31	8.06	12.09	22.05	44.60	57.16
Provision for Taxs	0.34	0.40	0.41	0.95	2.13	1.94	2.87	5.59	11.23	14.28
Current Income Tax	0.40	0.44	0.55	1.04	2.29	2.16	3.01	5.74	11.28	—
Deferred Tax	-0.06	-0.04	-0.14	-0.10	-0.16	-0.22	-0.13	-0.14	-0.05	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	0.69	0.91	1.25	1.89	4.19	6.12	9.22	16.46	33.38	42.88
Extra items	—	—	—	—	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	0.69	0.91	1.25	1.89	4.19	6.12	9.22	16.46	33.38	42.88
Number of shares(Crs)	0.59	0.59	0.64	0.69	0.92	0.92	0.92	1.13	1.27	—
Dividend Payout Ratio	0	0	0	0	0	7.50	5.49	3.43	1.90	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	58.95	158	214	311	329	436	654	804	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—
Net Sales	58.95	158	214	311	329	436	654	804	940
Operating Expenses	55.25	154	207	298	314	417	623	750	874
Increase/Decrease in Stock	-0.11	-2.57	-4.61	-2.98	8.07	-33.75	-28.44	34.27	47.41
Raw Material	—	—	—	—	—	—	—	—	782
Other Manufacturing Expenses	0.02	0.72	0.83	0.95	1.33	1.19	1.84	3.36	—
Employee Cost	1.43	11.28	20.78	24.48	22.38	23.94	27.57	30.76	31.98
Selling and Distribution Expenses	0.25	0.17	0.20	0.25	0.23	0.11	0.42	0.29	—
Power & Fuel Cost	0.04	0.11	0.11	0.10	0.11	0.06	0.08	0.10	—
General and Administration Expenses	0.81	2.18	3.69	4.72	5.40	3.10	4.20	7.30	—
Miscellaneous Expenses	0.14	0.33	0.32	0.26	0.30	0.86	0.95	0.89	—
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Operating Profit	3.70	4.60	6.88	12.97	14.63	18.57	30.53	54.67	66.36
Other Income	0.07	0.54	0.83	1.18	1.73	1.31	1.87	2.30	2.55
Interest	1.14	2.91	3.90	6.03	7.76	7.17	9.02	10.92	10.30
PBDT	2.63	2.23	3.82	8.11	8.59	12.71	23.38	46.05	58.62
Depreciation and Amortization	1.65	0.61	0.76	0.72	1.03	1.26	1.36	1.36	1.41
Profit Before Taxation & Exceptional Items	0.98	1.62	3.05	7.39	7.57	11.45	22.02	44.68	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—
Profit Before Tax	0.98	1.62	3.05	7.39	7.57	11.45	22.02	44.68	57.21
Provision for Taxs	0.26	0.41	0.96	2.22	1.85	2.92	5.59	11.23	14.28
Current Income Tax	0.19	0.55	1.05	2.38	2.07	3.05	5.74	11.28	—
Deferred Tax	0.07	-0.14	-0.10	-0.16	-0.22	-0.13	-0.14	-0.05	—
Other taxes	0	0	0	0	0	0	0	0	—
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Profit After Tax	0.72	1.21	2.10	5.17	5.71	8.54	16.43	33.45	42.93
Extra items	—	—	—	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—
Net Profit	0.72	1.21	2.10	5.17	5.71	8.54	16.43	33.45	42.93
Number of shares(Crs)	14.81	0.64	0.69	0.92	0.92	0.92	1.13	1.27	—
Dividend Payout Ratio	0	0	0	0	8.03	5.93	3.43	1.90	—

*TTM Values as of Jun 2023

CASH FLOW

Standalone
Consolidated

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	5.56	3.19	-4.22	4.46	-13.19	2.44	4.02	9.12	-14.68	14.62
Profit Before Tax	0.84	1.03	1.31	1.65	2.84	6.31	8.06	12.09	22.05	44.60
Adjustments	2.81	3.15	3.14	3.34	4.30	5.87	8.08	7.77	10.37	12.61
OCF Before Working Capital	3.65	4.18	4.46	4.99	7.14	12.18	16.14	19.87	32.43	57.21
Working Capital Changes	2.48	0.02	-8.11	0.30	-19.20	-7.65	-10.08	-9.01	-43.79	-39.16
Taxes Paid	-0.57	-1.00	-0.57	-0.83	-1.12	-2.09	-2.03	-1.73	-3.32	-3.44
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Cash from Investing Activity	-1.46	0.73	-1.06	-0.35	-0.58	-0.37	0.48	-2.27	-1.17	-0.30
Net Fixed Assets Purchased	-1.46	-0.77	-1.06	-0.30	-0.58	-0.37	-0.05	-2.52	-1.17	-0.30
Fixed Assets Purchased	-2.02	-0.81	-1.06	-0.41	-0.58	-0.41	-0.05	-2.52	-2.42	-0.30
Fixed Assets Sold	0.56	0.04	—	0.11	—	0.04	—	—	1.25	—
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Investment Purchased	—	—	—	-0.05	—	—	—	-0.30	—	—
Investment Sold	—	1.50	—	—	—	—	—	—	—	—
Interest Recieved	—	—	—	—	—	—	—	—	—	—
Dividends Recieved	—	—	—	—	—	—	-0.53	-0.55	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	-1.83	-1.90	5.43	-1.13	12.65	-2.12	-8.21	-0.45	13.63	-5.37
Proceeds From Shares	—	—	—	0.91	—	—	—	—	—	—
Net Long Term Borrowings	0	-0.02	0.48	0.04	-0.18	-0.19	-0.13	6.87	8.40	3.95
Proceeds From Borrowings	—	—	0.48	0.04	—	—	—	3.44	8.40	3.95
Repayment From Borrowings	—	-0.02	—	—	-0.18	-0.19	-0.13	3.44	—	—
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Interest Paid	-1.58	-1.94	-2.52	-2.61	-3.54	-5.15	-7.58	-7.06	-8.93	-10.87
Dividend Paid	—	—	—	—	—	—	-0.46	-0.46	-0.51	-0.52
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Net Cash Flow	2.28	2.02	0.15	2.99	-1.12	-0.04	-3.71	6.40	-2.22	8.94
Opening Cash & Cash Equivalents	1.80	4.08	6.10	6.25	7.96	6.85	6.81	3.10	9.50	7.28
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	4.08	6.10	6.25	9.24	6.85	6.81	3.10	9.50	7.28	16.22
Net Capex (est)	1.46	0.77	1.06	0.30	0.58	0.37	0.05	2.52	1.17	0.30
Free Cash Flow (est)	4.10	2.43	-5.28	4.16	-13.76	2.08	3.97	6.60	-15.85	14.31

(in Rs. Cr.)	Mar 2009	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	-0.01	4.14	4.42	-12.92	4.04	4.29	9.07	-13.36	13.13
Profit Before Tax	0.52	0.98	1.62	3.05	7.39	7.57	11.45	22.02	44.68
Adjustments	2.44	2.68	3.34	4.30	6.66	8.68	8.32	10.38	12.62
OCF Before Working Capital	2.96	3.66	4.96	7.36	14.05	16.25	19.78	32.40	57.30
Working Capital Changes	-2.84	0.62	0.29	-19.16	-7.92	-9.92	-8.97	-42.44	-40.73
Taxes Paid	-0.14	-0.14	-0.83	-1.12	-2.09	-2.03	-1.73	-3.32	-3.44
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Cash from Investing Activity	-1.94	-4.77	-0.30	-0.58	-0.37	-0.05	-2.82	-1.17	-0.30
Net Fixed Assets Purchased	0	0	-0.30	-0.58	-0.37	-0.05	-2.52	-1.17	-0.30
Fixed Assets Purchased	—	—	-0.41	-0.58	-0.41	-0.05	-2.52	-2.42	-0.30
Fixed Assets Sold	—	—	0.11	—	0.04	—	—	1.25	—
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Investment Purchased	—	—	—	—	—	—	-0.30	—	—
Investment Sold	—	—	—	—	—	—	—	—	—
Interest Recieved	—	—	—	—	—	—	—	—	—
Dividends Recieved	—	—	—	—	0.01	0.07	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	3.74	0.47	-1.13	12.65	-2.89	-8.21	-0.45	13.63	-5.37
Proceeds From Shares	—	—	0.91	—	—	—	—	—	—
Net Long Term Borrowings	0	0	0.04	-0.18	-0.19	-0.13	6.87	8.40	3.95
Proceeds From Borrowings	—	—	0.04	—	—	—	3.44	8.40	3.95
Repayment From Borrowings	—	—	—	-0.18	-0.19	-0.13	3.44	—	—
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Interest Paid	—	—	-2.61	-3.54	-5.93	-7.58	-7.06	-8.93	-10.87
Dividend Paid	—	—	—	—	—	-0.46	-0.46	-0.51	-0.52
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Net Cash Flow	1.79	-0.16	3.00	-0.85	0.78	-3.97	5.80	-0.90	7.46
Opening Cash & Cash Equivalents	0.15	1.94	6.25	7.98	7.12	7.91	3.94	9.73	8.84
Effect of FX	0	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	1.94	1.78	9.25	7.12	7.91	3.94	9.73	8.84	16.29
Net Capex (est)	0	0	0.30	0.58	0.37	0.05	2.52	1.17	0.30
Free Cash Flow (est)	-0.01	4.14	4.13	-13.50	3.67	4.25	6.55	-14.53	12.83

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	1.15	1.31	1.17	1.21	1.18	1.19	1.32	1.06	1.02	1.29
Liquid Assets (Crs)	18.97	21.80	36.68	38.81	52.71	78.67	110	131	220	356
Current Liabilities (Crs)	16.54	16.61	31.33	32.00	44.76	65.88	82.97	124	215	276
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Current Ratio	1.48	1.76	1.38	1.50	1.49	1.45	1.42	1.40	1.35	1.42
Current Assets (Crs)	24.43	29.24	43.30	48.01	66.51	95.47	118	173	290	393
Current Liabilities (Crs)	16.54	16.61	31.33	32.00	44.76	65.88	82.97	124	215	276
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Interest Coverage Ratio	1.49	1.47	1.48	1.57	1.73	2.05	2.04	2.69	3.45	5.09
EBIT (Crs)	2.56	3.22	4.07	4.57	6.74	12.34	15.82	19.26	31.07	55.52
Interest Expenses (Crs)	1.72	2.19	2.75	2.91	3.90	6.03	7.76	7.17	9.02	10.91
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Fixed Asset Turnover	10.41	23.06	22.13	28.27	52.34	71.17	50.15	47.06	74.04	88.77
Net Sales (Crs)	77.32	105	124	158	211	304	328	436	654	804
Fixed Assets (Crs)	7.43	4.55	5.61	5.60	4.03	4.27	6.54	9.26	8.83	9.06
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Cash Conversion Cycle	-13.64	-7.30	-111.20	-131.64	-30.94	-137.76	-401.03	762	1,651	-1888.05
Inventory Days	25.44	22.43	20.67	18.23	19.92	18.39	14.20	21.43	31.64	24.41
Days Receivable	64.11	52.71	67.41	68.96	59.76	58.41	78.84	77.82	77.46	108
Days Payable	103	82.44	199	219	111	215	494	-662.50	-1541.79	2,021
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Debt to Equity Ratio	0.86	0.81	1.24	0.98	1.53	1.15	0.97	0.82	0.91	0.63
Total Debt (Crs)	13.89	12.94	20.87	20.10	35.47	35.43	35.21	40.46	61.74	65.43
Shareholders Equity (Crs)	16.22	15.96	16.87	20.42	23.14	30.73	36.19	49.45	67.86	105
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Free Cash Flow/Sales (%)	5.30	2.31	-4.25	2.63	-6.53	0.68	1.21	1.51	-2.42	1.78
Free Cash Flow(est) (Crs)	4.10	2.43	-5.28	4.16	-13.76	2.08	3.97	6.60	-15.85	14.31
Net Sales (Crs)	77.32	105	124	158	211	304	328	436	654	804
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Profitability Ratios
Op Profit Margin (%)	4.82	4.22	3.78	3.27	3.56	4.30	5.14	4.71	4.96	7.07
Operating Profit (Crs)	3.73	4.43	4.69	5.17	7.50	13.06	16.84	20.52	32.42	56.88
Net Sales (Crs)	77.32	105	124	158	211	304	328	436	654	804
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Net Profit Margin (%)	0.75	0.66	0.73	0.79	0.90	1.38	1.87	2.12	2.52	4.15
Net Profit (Crs)	0.58	0.69	0.91	1.25	1.89	4.19	6.12	9.22	16.46	33.38
Net Sales (Crs)	77.32	105	124	158	211	304	328	436	654	804
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ROCE (%)	14.25	18.89	22.15	20.80	27.32	38.40	40.50	33.95	37.24	44.27
EBIT (Crs)	2.56	3.22	4.07	4.57	6.74	12.34	15.82	19.26	31.07	55.52
Capital Employed (Crs)	17.93	17.05	18.36	21.95	24.66	32.14	39.06	56.74	83.42	125
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Return on Assets (%)	1.68	2.04	1.84	2.31	2.72	4.27	5.01	5.11	5.51	8.31
Net Profit (Crs)	0.58	0.69	0.91	1.25	1.89	4.19	6.12	9.22	16.46	33.38
Total Assets (Crs)	34.48	33.66	49.69	53.96	69.42	98.02	122	180	299	402
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ROIC (%)	17.83	19.47	26.83	31.00	24.97	51.24	46.04	39.49	45.85	50.37
Op Profit after Taxes (Crs)	1.54	1.86	2.46	3.04	3.93	7.40	10.31	13.26	21.80	39.83
Invested Capital (Crs)	8.63	9.55	9.18	9.80	15.75	14.45	22.39	33.59	47.54	79.06
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ROE (%)	3.57	4.31	5.41	6.10	8.17	13.62	16.90	18.65	24.26	31.92
Net Profit Margin (%)	0.75	0.66	0.73	0.79	0.90	1.38	1.87	2.12	2.52	4.15
Asset Turnover ratio	2.24	3.12	2.50	2.93	3.04	3.10	2.69	2.42	2.19	2.00
Equity Multiplier	2.12	2.11	2.95	2.64	3.00	3.19	3.37	3.65	4.40	3.84
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Adjusted EPS	0.98	1.16	1.54	1.95	2.74	4.56	6.67	9.10	14.59	26.30
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Valuation Ratios
P/E	2.71	7.58	8.77	9.72	13.01	6.03	2.15	8.23	14.43	11.85
Price to Book	0.10	0.33	0.47	0.64	1.12	0.82	0.36	1.59	3.55	3.82
EV/EBITDA	3.05	2.72	4.82	4.44	6.83	3.29	1.89	4.56	8.14	7.30
Dividend Yield (%)	0	0	0	0	0	0	3.48	0.67	0.24	0.16
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	Mar 2010	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	2.79	1.21	1.18	1.21	1.33	1.06	1.02	1.29
Liquid Assets (Crs)	17.88	38.83	52.97	81.62	110	131	220	357
Current Liabilities (Crs)	6.41	32.00	44.81	67.61	83.04	124	215	277
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Current Ratio	3.74	1.50	1.49	1.46	1.44	1.40	1.35	1.42
Current Assets (Crs)	23.94	48.02	66.78	98.41	119	173	291	393
Current Liabilities (Crs)	6.41	32.00	44.81	67.61	83.04	124	215	277
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Interest Coverage Ratio	1.86	1.56	1.78	2.22	1.97	2.60	3.44	5.09
EBIT (Crs)	2.12	4.53	6.96	13.42	15.33	18.63	31.04	55.60
Interest Expenses (Crs)	1.14	2.91	3.90	6.03	7.76	7.17	9.02	10.92
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Fixed Asset Turnover	3.48	28.27	53.11	72.81	50.28	47.06	74.04	88.81
Net Sales (Crs)	58.95	158	214	311	329	436	654	804
Fixed Assets (Crs)	16.93	5.60	4.03	4.27	6.54	9.26	8.83	9.06
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Cash Conversion Cycle	-190.32	-112.53	-32.21	-150.13	-412.93	763	1,652	-1889.18
Inventory Days	37.21	17.59	19.64	17.97	14.16	21.43	31.64	24.40
Days Receivable	76.61	50.70	58.90	58.23	79.70	77.82	77.46	108
Days Payable	304	181	111	226	507	-663.53	-1542.71	2,022
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Debt to Equity Ratio	0.28	0.99	1.52	1.11	0.95	0.82	0.91	0.62
Total Debt (Crs)	9.94	20.10	35.47	35.43	35.21	40.46	61.74	65.43
Shareholders Equity (Crs)	35.46	20.39	23.31	31.90	37.03	49.59	67.97	105
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Free Cash Flow/Sales (%)	7.03	2.61	-6.31	1.18	1.29	1.50	-2.22	1.59
Free Cash Flow(est) (Crs)	4.14	4.13	-13.50	3.67	4.25	6.55	-14.53	12.83
Net Sales (Crs)	58.95	158	214	311	329	436	654	804
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Profitability Ratios
Op Profit Margin (%)	6.40	3.25	3.61	4.55	4.97	4.56	4.95	7.08
Operating Profit (Crs)	3.77	5.14	7.72	14.15	16.36	19.89	32.40	56.97
Net Sales (Crs)	58.95	158	214	311	329	436	654	804
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Net Profit Margin (%)	1.22	0.76	0.98	1.66	1.74	1.96	2.51	4.16
Net Profit (Crs)	0.72	1.21	2.10	5.17	5.71	8.54	16.43	33.45
Net Sales (Crs)	58.95	158	214	311	329	436	654	804
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ROCE (%)	4.53	20.67	28.02	40.31	38.43	32.74	37.16	44.27
EBIT (Crs)	2.12	4.53	6.96	13.42	15.33	18.63	31.04	55.60
Capital Employed (Crs)	46.82	21.92	24.83	33.30	39.89	56.89	83.54	126
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Return on Assets (%)	1.35	2.25	3.01	5.12	4.65	4.73	5.50	8.32
Net Profit (Crs)	0.72	1.21	2.10	5.17	5.71	8.54	16.43	33.45
Total Assets (Crs)	53.22	53.92	69.64	101	123	181	299	402
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ROIC (%)	3.77	30.50	26.77	58.83	45.78	38.46	45.75	50.37
Op Profit after Taxes (Crs)	1.51	2.99	4.20	8.57	10.27	12.90	21.77	39.91
Invested Capital (Crs)	40.03	9.80	15.69	14.56	22.44	33.56	47.58	79.23
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ROE (%)	2.03	5.94	8.99	16.21	15.43	17.22	24.17	31.93
Net Profit Margin (%)	1.22	0.76	0.98	1.66	1.74	1.96	2.51	4.16
Asset Turnover ratio	1.11	2.94	3.07	3.08	2.68	2.41	2.19	2.00
Equity Multiplier	1.50	2.64	2.99	3.16	3.32	3.64	4.39	3.84
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Adjusted EPS	0.49	1.90	3.03	5.64	6.23	8.43	14.57	26.36
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Valuation Ratios
P/E	17.69	10.01	11.73	4.88	2.30	8.89	14.46	11.83
Price to Book	0.36	0.64	1.11	0.79	0.36	1.59	3.55	3.81
EV/EBITDA	5.54	4.47	6.60	2.96	1.89	4.70	8.14	7.29
Dividend Yield (%)	0	0	0	0	3.48	0.67	0.24	0.16
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Quarterly Results

Standalone
Consolidated

(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	131	146	139	160	209	160	246	172	226	296
Operating Expenses	125	140	133	153	197	151	231	160	208	275
Increase/Decrease in Stock	-37.64	14.65	-16.94	0.53	-26.68	4.44	14.82	6.04	8.98	17.58
Raw Material	153	118	142	144	213	137	206	143	187	246
Employee Cost	6.50	6.46	6.57	6.74	7.80	7.31	7.33	7.74	8.39	8.53
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	6.19	6.04	6.42	6.10	11.92	8.73	14.98	12.44	18.38	20.51
Other Income	0.20	0.41	0.70	0.42	0.35	0.48	0.35	0.62	0.85	0.73
Interest	1.45	1.96	2.57	1.85	2.56	2.82	2.80	2.62	2.63	2.25
PBDT	4.94	4.49	4.54	4.67	9.71	6.39	12.54	10.44	16.60	18.99
Depreciation and Amortization	0.52	0.37	0.30	0.17	0.52	0.34	0.34	0.34	0.35	0.38
Profit Before Tax	4.43	4.12	4.24	4.50	9.19	6.05	12.20	10.10	16.25	18.61
Tax	1.29	0.88	0.91	1.06	2.74	1.53	3.08	2.55	4.07	4.58
Profit After Tax	3.14	3.24	3.33	3.44	6.45	4.53	9.12	7.56	12.17	14.04
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	3.14	3.24	3.33	3.44	6.45	4.53	9.12	7.56	12.17	14.04
Quarterly Ratios
EPS	3.09	3.20	3.28	3.05	5.72	4.01	7.18	5.95	9.59	11.06
Operating Profit Margin	4.73	4.13	4.61	3.82	5.70	5.47	6.09	7.24	8.12	6.94
Net Profit Margin	2.40	2.22	2.39	2.16	3.08	2.84	3.70	4.39	5.38	4.75
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(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	131	146	139	160	209	160	246	172	227	296
Operating Expenses	125	140	133	153	197	151	231	160	208	275
Increase/Decrease in Stock	-37.64	14.65	-16.94	0.53	-26.68	4.44	14.82	6.04	8.98	17.58
Raw Material	153	118	142	144	213	137	206	143	187	246
Employee Cost	6.50	6.46	6.57	6.74	7.80	7.31	7.33	7.74	8.39	8.53
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	6.10	6.04	6.41	6.09	11.90	8.73	14.95	12.41	18.52	20.48
Other Income	0.20	0.41	0.70	0.42	0.35	0.48	0.35	0.62	0.85	0.73
Interest	1.45	1.96	2.57	1.85	2.56	2.82	2.80	2.62	2.63	2.25
PBDT	4.85	4.49	4.54	4.66	9.69	6.39	12.50	10.41	16.74	18.96
Depreciation and Amortization	0.52	0.37	0.30	0.17	0.52	0.34	0.34	0.34	0.35	0.38
Profit Before Tax	4.33	4.12	4.24	4.50	9.17	6.05	12.17	10.07	16.39	18.58
Tax	1.34	0.88	0.91	1.06	2.74	1.53	3.08	2.55	4.08	4.58
Profit After Tax	3.00	3.24	3.33	3.44	6.42	4.53	9.09	7.52	12.32	14.01
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	3.00	3.24	3.33	3.44	6.42	4.53	9.09	7.52	12.32	14.01
Quarterly Ratios
EPS	2.96	3.20	3.28	3.05	5.70	4.01	7.16	5.93	9.70	11.03
Operating Profit Margin	4.66	4.13	4.61	3.82	5.69	5.47	6.07	7.22	8.17	6.93
Net Profit Margin	2.29	2.22	2.39	2.16	3.07	2.83	3.69	4.38	5.43	4.74
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Reverse DCF

Earnings

(Cr)

Discount Rate (%)

5 YEAR

Terminal Multiple

Implied Growth Rate over a 5 year period*

10 YEAR

Terminal Multiple

Implied Growth Rate over a 10 year period*

20 YEAR

Terminal Multiple

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

Data feed provided by Accord Fintech