Orient Beverages Ltd.

Market Capital

₹36 Cr.

P/E

8.46

Share Price

₹ 168.5 0.4 (0.24%)

Orient Beverages Ltd.
Overview
Financials
Benchmarking
Shareholding

Orient Beverages Ltd.

Orient Beverages Ltd.
Overview
Financials
Benchmarking
Shareholding

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

Price

₹ 168.5 0.4 (0.24%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

Orient Beverages Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	73.69	57.6	43.17	24.72	14.46	6.18	4.85	8.66	6.61	33.85
TTM EPS CAGR	22.45	—	—	33.97	11.62	48.45	16.43	52.78	13.36	13.96
Sales CAGR	34.59	56.22	21.72	11.16	16.23	16.97	16.9	19.59	20.45	19.9
PAT Margin (Abs Growth)	18.45	0.61	-1.97	-1.08	0.28	-3.1	0.47	-4.13	-2.75	-4.4
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PE CAGR	38.92	—	—	-6.18	1.23	-28.09	-10.64	-29.12	-6.12	17.27
CFO CAGR	-120.34	-35.63	-41.68	-26.37	7.94	—	—	20.14	—	-6.31

* 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	37.84	51.11	58.76	66.57	74.23	77.05	82.85	85.22	96.80	109
Non Current Assets	14.53	23.71	28.13	29.23	30.03	31.99	31.66	30.87	43.88	49.58
Net Block	7.69	8.45	14.17	13.44	13.58	14.39	14.05	12.82	21.40	28.07
Capital Work in Progress	0.16	5.03	0.61	1.14	1.61	1.97	2.29	2.55	2.73	0.03
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	4.77	3.99	3.11	2.96	3.00	4.17	3.79	3.54	3.54	3.54
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Current Assets	23.65	27.81	31.69	37.72	44.65	45.59	51.75	55.19	54.33	59.50
Inventory	2.36	3.01	4.05	4.69	5.02	4.99	6.36	6.12	8.36	11.10
Accounts Receivable	3.24	3.64	5.30	6.39	6.98	4.49	5.64	4.95	5.01	7.38
Short Term Investments	—	—	—	0.58	0.07	0.13	0.40	0.70	0.41	1.32
Cash & Bank Balances	0.82	1.37	1.97	1.73	3.82	2.91	1.60	2.93	2.72	3.38
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Liabilities	37.84	51.11	58.76	66.57	74.23	77.05	82.85	85.22	96.80	109
Shareholders Funds	17.28	17.31	18.73	18.88	19.85	21.69	22.70	15.28	17.22	19.19
Share Capital	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16
Reserves	15.11	15.14	16.57	16.72	17.69	19.53	20.54	13.11	15.06	17.03
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Non Current Liabilities	10.99	11.69	13.11	17.72	21.83	18.84	18.08	18.21	22.92	26.34
Secured Loans	5.96	6.42	8.57	12.32	13.60	11.97	12.13	12.13	14.10	—
Unsecured Loans	—	0.30	0.17	0.12	2.27	1.17	—	0.60	0.19	18.11
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Current Liabilities	9.56	22.11	26.92	29.97	32.54	36.52	42.07	51.73	56.66	63.55
Accounts Payable	2.12	3.02	3.47	4.45	4.98	6.76	8.96	8.74	14.09	12.01
Short Term Loans	2.11	5.31	11.92	13.70	13.42	14.14	16.64	26.83	27.66	41.52
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(in Rs. Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	66.57	75.43	79.74	86.20	88.82	101	120
Non Current Assets	29.13	30.46	32.94	35.00	34.31	47.10	56.44
Net Block	13.44	13.58	16.08	15.78	16.13	24.51	32.91
Capital Work in Progress	1.14	1.61	1.97	3.94	2.60	2.75	2.43
Intangible Assets Under Development	—	—	—	—	—	—	—
Long Term Investments	2.86	2.90	2.85	2.48	2.23	2.23	2.23
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Current Assets	37.82	45.43	47.35	52.11	55.82	55.84	63.66
Inventory	4.69	5.02	5.21	6.91	6.82	9.42	12.70
Accounts Receivable	6.39	6.98	6.85	5.90	5.78	6.36	9.75
Short Term Investments	0.58	0.07	0.13	0.40	0.70	0.41	1.32
Cash & Bank Balances	1.83	4.63	3.26	2.02	3.29	3.32	3.80
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Liabilities	66.57	75.43	79.74	86.20	88.82	101	120
Shareholders Funds	18.88	19.85	21.93	21.94	13.85	14.85	17.69
Share Capital	2.16	2.16	2.16	2.16	2.16	2.16	2.16
Reserves	16.72	17.69	19.76	19.78	11.69	12.68	15.53
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Non Current Liabilities	17.72	21.83	18.82	18.58	18.58	22.92	29.76
Secured Loans	12.32	13.60	11.97	12.99	12.97	14.68	—
Unsecured Loans	0.12	2.27	1.17	—	0.60	0.19	21.53
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Current Liabilities	29.97	33.74	38.99	45.68	56.39	63.18	72.65
Accounts Payable	4.45	4.98	7.84	10.24	10.79	17.75	17.23
Short Term Loans	13.70	13.42	15.13	18.43	28.78	29.59	44
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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	37.84	51.11	58.76	66.57	74.23	77.05	82.85	85.22	96.80	109
Non Current Assets	14.53	23.71	28.13	29.23	30.03	31.99	31.66	30.87	43.88	49.58
Gross Block	15.67	17.09	23.61	22.26	23.37	25.23	26.19	26.25	35.62	—
Less: Accumulated Depreciation	7.99	8.64	9.44	8.81	9.79	10.83	12.14	13.43	14.22	—
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	7.69	8.45	14.17	13.44	13.58	14.39	14.05	12.82	21.40	28.07
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	0.16	5.03	0.61	1.14	1.61	1.97	2.29	2.55	2.73	0.03
Long Term Investments	4.77	3.99	3.11	2.96	3.00	4.17	3.79	3.54	3.54	3.54
Long Term Loans & Advances	1.57	5.82	9.18	10.77	11.39	10.93	10.97	10.97	14.80	—
Other Non Current Assets	0	—	0	0.53	0	0	—	—	—	14.54
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Current Assets	23.65	27.81	31.69	37.72	44.65	45.59	51.75	55.19	54.33	59.50
Inventory	2.36	3.01	4.05	4.69	5.02	4.99	6.36	6.12	8.36	11.10
Accounts Receivable	3.24	3.64	5.30	6.39	6.98	4.49	5.64	4.95	5.01	7.38
Short Term Investments	—	—	—	0.58	0.07	0.13	0.40	0.70	0.41	1.32
Cash & Bank Balances	0.82	1.37	1.97	1.73	3.82	2.91	1.60	2.93	2.72	3.38
Other Current Assets	0.09	0.29	0.37	0.13	0.18	0.07	0.08	0.10	0.12	8.85
Short Term Loans and Advances	17.12	19.50	20.01	24.20	28.57	33.00	37.69	40.39	37.71	27.01
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Liabilities	37.84	51.11	58.76	66.57	74.23	77.05	82.85	85.22	96.80	109
Shareholders Funds	17.28	17.31	18.73	18.88	19.85	21.69	22.70	15.28	17.22	19.19
Share Capital	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16	2.16
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	15.11	15.14	16.57	16.72	17.69	19.53	20.54	13.11	15.06	17.03
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Non Current Liabilities	10.99	11.69	13.11	17.72	21.83	18.84	18.08	18.21	22.92	26.34
Secured Loans	5.96	6.42	8.57	12.32	13.60	11.97	12.13	12.13	14.10	—
Unsecured Loans	—	0.30	0.17	0.12	2.27	1.17	—	0.60	0.19	18.11
Deferred Tax Assets/Liabilities	-0.34	-0.42	-1.06	-0.38	-0.46	-0.52	-0.56	-0.84	-1.41	—
Other Long Term Liabilities	4.97	4.89	4.55	4.84	5.32	5.57	5.59	5.67	9.47	—
Long Term Provisions	0.17	0.23	0.58	0.68	0.94	0.66	0.91	0.66	0.57	—
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Current Liabilities	9.56	22.11	26.92	29.97	32.54	36.52	42.07	51.73	56.66	63.55
Accounts Payable	2.12	3.02	3.47	4.45	4.98	6.76	8.96	8.74	14.09	12.01
Short Term Loans	2.11	5.31	11.92	13.70	13.42	14.14	16.64	26.83	27.66	41.52
Other Current Liabilities	5.02	13.38	11.03	11.11	13.55	13.57	14.72	14.41	13.15	—
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	0.32	0.39	0.49	0.70	0.59	2.05	1.74	1.75	1.77	0.90
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(in Rs. Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	66.57	75.43	79.74	86.20	88.82	101	120
Non Current Assets	29.13	30.46	32.94	35.00	34.31	47.10	56.44
Gross Block	22.26	23.66	27.38	28.52	30.22	39.32	—
Less: Accumulated Depreciation	8.81	10.08	11.30	12.73	14.09	14.81	—
Less: Impairment of Assets	—	—	—	—	—	—	—
Net Block	13.44	13.58	16.08	15.78	16.13	24.51	32.91
Lease Adjustment A/c	—	—	—	—	—	—	—
Capital Work in Progress	1.14	1.61	1.97	3.94	2.60	2.75	2.43
Long Term Investments	2.86	2.90	2.85	2.48	2.23	2.23	2.23
Long Term Loans & Advances	10.77	11.39	10.93	11.17	11.18	14.90	—
Other Non Current Assets	0.53	0.52	0.55	0.72	0.72	0.72	14.54
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Current Assets	37.82	45.43	47.35	52.11	55.82	55.84	63.66
Inventory	4.69	5.02	5.21	6.91	6.82	9.42	12.70
Accounts Receivable	6.39	6.98	6.85	5.90	5.78	6.36	9.75
Short Term Investments	0.58	0.07	0.13	0.40	0.70	0.41	1.32
Cash & Bank Balances	1.83	4.63	3.26	2.02	3.29	3.32	3.80
Other Current Assets	0.13	0.19	0.09	0.44	0.31	0.39	9.29
Short Term Loans and Advances	24.20	28.54	31.81	36.45	38.93	35.95	25.17
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Liabilities	66.57	75.43	79.74	86.20	88.82	101	120
Shareholders Funds	18.88	19.85	21.93	21.94	13.85	14.85	17.69
Share Capital	2.16	2.16	2.16	2.16	2.16	2.16	2.16
Share Warrants	—	—	—	—	—	—	—
Reserves	16.72	17.69	19.76	19.78	11.69	12.68	15.53
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Non Current Liabilities	17.72	21.83	18.82	18.58	18.58	22.92	29.76
Secured Loans	12.32	13.60	11.97	12.99	12.97	14.68	—
Unsecured Loans	0.12	2.27	1.17	—	0.60	0.19	21.53
Deferred Tax Assets/Liabilities	-0.38	-0.46	-0.54	-0.91	-1.32	-1.99	—
Other Long Term Liabilities	4.84	5.32	5.57	5.59	5.67	9.47	—
Long Term Provisions	0.68	0.94	0.66	0.91	0.66	0.57	—
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Current Liabilities	29.97	33.74	38.99	45.68	56.39	63.18	72.65
Accounts Payable	4.45	4.98	7.84	10.24	10.79	17.75	17.23
Short Term Loans	13.70	13.42	15.13	18.43	28.78	29.59	44
Other Current Liabilities	11.11	14.75	13.88	15.22	15.02	14.02	—
Share Application Money	—	—	—	—	—	—	—
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Short Term Provisions	0.70	0.59	2.14	1.79	1.79	1.82	0.90
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Balance Sheet Snapshot

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Fund Flow Analysis

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Total

*Data is as of latest FY end

Profit & Loss

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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	TTM
Sales	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39	103
Operating Expenses	19.45	25.79	33.34	41.15	49.42	64.70	74.34	48.95	68.12	99.65
Raw Material	7.29	7.84	9.63	11.83	11.58	16.17	19.72	9.89	18.06	24.50
Carbon Di Oxide	0.02	0.10	0.24	0.52	0.26	0	0	0	0
Others	5.31	5.54	6.61	7.90	8.02	16.17	19.72	9.89	18.06
BOPP Films	0.03	0.03	0.05	0.09	0.07	0	0	0	0
Paper & Board	0	0	0	0	0	0	0	0	0
Paper & Board Packaging	1.08	1.11	1.30	1.71	1.74	0	0	0	0
Caps & Closures	0.85	1.05	1.43	1.62	1.48	0	0	0	0
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Employee Cost	3.36	4.50	7.29	9.60	12.03	14.68	16.80	14.62	14.83	16.48
Power & Fuel Cost	1.26	1.58	1.74	3.51	3.60	3.83	4.25	3.42	3.27	—
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Operating Profit	2.54	1.70	2.09	2.55	3.03	4.57	3.64	-6.11	-1.72	3.27
Other Income	1.54	2.11	3.04	3.10	2.92	3.21	3.91	4.50	9.57	8.25
Depreciation and Amortisation Expenses	1.11	0.89	1.11	1.24	1.33	1.39	1.44	1.47	1.45	2.44
Interest	1.25	2.05	2.53	3.14	3.34	3.58	3.89	4.61	5.26	6.84
Profit Before Tax	1.72	0.87	1.49	1.27	1.28	2.80	2.22	-7.69	1.13	2.24
Tax	0.46	0.67	-0.15	0.88	0.09	0.66	0.80	-0.31	-0.63	-0.36
Net Profit	1.26	0.19	1.64	0.39	1.18	2.14	1.41	-7.39	1.76	2.60
Number of shares(Crs)	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	—
Dividend Payout Ratio	8.56	56.50	10.57	44.28	14.61	8.09	7.65	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Sales	43.70	53.21	77.27	84.23	46.38	73.82	123
Operating Expenses	41.15	50.16	72.14	81.30	52.67	75.83	117
Raw Material	16.38	19.37	29.22	31.51	15.55	31.11	43.99
Employee Cost	9.60	12.07	15.01	17.51	15.33	15.83	18.29
Power & Fuel Cost	3.51	3.60	4.11	4.84	4.21	4.49	—
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Operating Profit	2.55	3.04	5.13	2.93	-6.29	-2.01	6.85
Other Income	3.10	2.91	3.15	3.82	4.46	9.46	8.16
Depreciation and Amortisation Expenses	1.24	1.33	1.56	1.56	1.58	1.64	2.69
Interest	3.14	3.35	3.62	4.24	5.06	5.72	7.61
Profit Before Tax	1.27	1.28	3.09	0.95	-8.47	0.08	4.71
Tax	0.88	0.09	0.72	0.53	-0.42	-0.73	0.35
Net Profit	0.39	1.18	2.37	0.41	-8.05	0.81	4.36
Number of shares(Crs)	0.22	0.22	0.22	0.22	0.22	0.22	—
Dividend Payout Ratio	44.28	14.61	7.28	26.18	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Gross Sales	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39	—
Less: Excise Duty	2.18	2.68	3.48	3.97	1.09	—	—	—	—	—
Net Sales	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39	103
Operating Expenses	19.45	25.79	33.34	41.15	49.42	64.70	74.34	48.95	68.12	99.65
Raw Material	7.29	7.84	9.63	11.83	11.58	16.17	19.72	9.89	18.06	24.50
Carbon Di Oxide	0.02	0.10	0.24	0.52	0.26	0	0	0	0
Others	5.31	5.54	6.61	7.90	8.02	16.17	19.72	9.89	18.06
BOPP Films	0.03	0.03	0.05	0.09	0.07	0	0	0	0
Paper & Board	0	0	0	0	0	0	0	0	0
Paper & Board Packaging	1.08	1.11	1.30	1.71	1.74	0	0	0	0
Caps & Closures	0.85	1.05	1.43	1.62	1.48	0	0	0	0
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Increase/Decrease in Stock	-0.13	-0.09	-0.09	-0.06	-0.04	0.04	-0.02	-0.05	-0.05	-0.60
Other Manufacturing Expenses	3.15	4.46	4.57	5.48	6.13	7.68	10.57	6.08	9.40	—
Employee Cost	3.36	4.50	7.29	9.60	12.03	14.68	16.80	14.62	14.83	16.48
Selling and Distribution Expenses	1.01	1.51	4.58	4.07	5.23	8.04	9.78	7.44	10.91	—
Power & Fuel Cost	1.26	1.58	1.74	3.51	3.60	3.83	4.25	3.42	3.27	—
General and Administration Expenses	1.58	1.70	1.95	2.14	3.05	3.35	3.14	2.35	2.83	—
Miscellaneous Expenses	0.12	1.21	0.46	0.04	0.04	0.26	0.19	0.30	0.11	—
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Operating Profit	2.54	1.70	2.09	2.55	3.03	4.57	3.64	-6.11	-1.72	3.27
Other Income	1.54	2.11	3.04	3.10	2.92	3.21	3.91	4.50	9.57	8.25
Interest	1.25	2.05	2.53	3.14	3.34	3.58	3.89	4.61	5.26	6.84
PBDT	2.83	1.76	2.60	2.51	2.60	4.19	3.66	-6.22	2.59	4.68
Depreciation and Amortization	1.11	0.89	1.11	1.24	1.33	1.39	1.44	1.47	1.45	2.44
Profit Before Taxation & Exceptional Items	1.72	0.87	1.49	1.27	1.28	2.80	2.22	-7.69	1.13	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	1.72	0.87	1.49	1.27	1.28	2.80	2.22	-7.69	1.13	2.24
Provision for Taxs	0.46	0.67	-0.15	0.88	0.09	0.66	0.80	-0.31	-0.63	-0.36
Current Income Tax	0.49	0.65	0.46	0.13	0.32	0.69	0.66	—	—	—
Deferred Tax	-0.03	-0.06	-0.64	0.70	-0.08	-0.02	0.02	-0.31	-0.63	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	1.26	0.19	1.64	0.39	1.18	2.14	1.41	-7.39	1.76	2.60
Extra items	-0.01	—	—	—	—	—	—	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	1.26	0.19	1.64	0.39	1.18	2.14	1.41	-7.39	1.76	2.60
Number of shares(Crs)	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	—
Dividend Payout Ratio	8.56	56.50	10.57	44.28	14.61	8.09	7.65	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Gross Sales	43.70	53.21	77.27	84.23	46.38	73.82	—
Less: Excise Duty	3.97	1.09	—	—	—	—	—
Net Sales	43.70	53.21	77.27	84.23	46.38	73.82	123
Operating Expenses	41.15	50.16	72.14	81.30	52.67	75.83	117
Increase/Decrease in Stock	-0.06	-0.04	0.04	-0.13	-0.10	-0.10	-0.41
Raw Material	16.38	19.37	29.22	31.51	15.55	31.11	43.99
Other Manufacturing Expenses	5.48	6.83	11.97	14.16	7.28	10.11	—
Employee Cost	9.60	12.07	15.01	17.51	15.33	15.83	18.29
Selling and Distribution Expenses	4.07	5.23	8.06	9.78	7.47	10.93	—
Power & Fuel Cost	3.51	3.60	4.11	4.84	4.21	4.49	—
General and Administration Expenses	2.14	3.07	3.47	3.44	2.58	3.21	—
Miscellaneous Expenses	0.04	0.04	0.26	0.19	0.35	0.25	—
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Operating Profit	2.55	3.04	5.13	2.93	-6.29	-2.01	6.85
Other Income	3.10	2.91	3.15	3.82	4.46	9.46	8.16
Interest	3.14	3.35	3.62	4.24	5.06	5.72	7.61
PBDT	2.51	2.60	4.66	2.51	-6.89	1.72	7.40
Depreciation and Amortization	1.24	1.33	1.56	1.56	1.58	1.64	2.69
Profit Before Taxation & Exceptional Items	1.27	1.28	3.09	0.95	-8.47	0.08	—
Exceptional Income / Expenses	—	—	—	—	—	—	—
Profit Before Tax	1.27	1.28	3.09	0.95	-8.47	0.08	4.71
Provision for Taxs	0.88	0.09	0.72	0.53	-0.42	-0.73	0.35
Current Income Tax	0.13	0.32	0.77	0.70	—	—	—
Deferred Tax	0.70	-0.08	-0.04	-0.31	-0.43	-0.73	—
Other taxes	0	0	0	0	0	0	—
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Profit After Tax	0.39	1.18	2.37	0.41	-8.05	0.81	4.36
Extra items	—	—	—	—	0	0	0
Minority Interest	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—
Net Profit	0.39	1.18	2.37	0.41	-8.05	0.81	4.36
Number of shares(Crs)	0.22	0.22	0.22	0.22	0.22	0.22	—
Dividend Payout Ratio	44.28	14.61	7.28	26.18	0	0	—

*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	0.34	-1.84	-6.19	1.01	4.68	9.44	2.65	-7.18	1.08	4.07
Profit Before Tax	1.71	0.87	1.49	1.27	1.28	2.80	2.22	-7.69	1.13	1.54
Adjustments	0.89	0.78	1.24	1.64	1.69	1.83	0.98	2.25	3.01	4.97
OCF Before Working Capital	2.61	1.65	2.73	2.91	2.97	4.63	3.20	-5.44	4.15	6.51
Working Capital Changes	-2.29	-3.50	-8.89	-1.53	1.77	4.83	-1.09	-1.19	-2.88	-2.51
Taxes Paid	0.02	0.01	-0.02	-0.37	-0.06	-0.02	0.54	-0.54	-0.19	0.07
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Cash from Investing Activity	0.77	-3.98	0.56	-3.23	-2.50	-4.88	-1.71	2.49	0.05	-9.67
Net Fixed Assets Purchased	-1.25	-6.55	-2.58	-1.52	-1.86	-2.66	-1.38	-0.67	-1.06	-14.42
Fixed Assets Purchased	-1.30	-6.81	-7.54	-1.53	-1.93	-2.93	-1.41	-0.74	-1.22	-17.98
Fixed Assets Sold	0.05	0.27	4.97	0.01	0.07	0.27	0.03	0.07	0.16	3.56
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Investment Purchased	—	-0.24	-0.01	-4.01	-1.96	-0.90	-0.31	-1.86	-9.53	—
Investment Sold	0.54	1.03	1.09	4.01	2.41	0.86	0.54	1.74	1.32	—
Interest Recieved	1.48	1.78	2.06	2.26	2.64	2.83	3.60	3.71	3.38	3.37
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	-0.10	—	-1.21	—	—	—	—
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Cash from Financing Activity	-0.79	6.37	6.22	2.47	-0.11	-5.49	-2.27	6.01	-1.32	6.34
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	-0.54	5.01	2.02	3.69	3.43	-2.73	-1.01	0.60	1.57	3.82
Proceeds From Borrowings	—	5.01	2.02	3.69	3.43	—	—	0.60	1.57	3.82
Repayment From Borrowings	-0.54	—	—	—	—	-2.73	-1.01	—	—	—
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Interest Paid	-1.21	-1.71	-2.21	-2.80	-3.05	-3.28	-3.56	-4.31	-5.21	-6.17
Dividend Paid	-0.13	-0.13	-0.21	-0.17	-0.17	-0.17	-0.17	-0.11	—	—
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Net Cash Flow	0.32	0.55	0.59	0.25	2.07	-0.93	-1.33	1.32	-0.20	0.74
Opening Cash & Cash Equivalents	0.51	0.82	1.37	1.45	1.69	3.77	2.84	1.51	2.83	2.64
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	0.82	1.37	1.97	1.69	3.77	2.84	1.51	2.83	2.64	3.38
Net Capex (est)	1.25	6.55	2.58	1.52	1.86	2.66	1.38	0.67	1.06	14.42
Free Cash Flow (est)	-0.91	-8.39	-8.76	-0.51	2.82	6.78	1.27	-7.85	0.02	-10.35

(in Rs. Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	1.01	5.03	7.45	3.57	-7.27	1.48	6.26
Profit Before Tax	1.27	1.28	3.09	0.95	-8.47	0.08	3.12
Adjustments	1.64	1.69	2.10	1.49	2.92	3.93	5.92
OCF Before Working Capital	2.91	2.97	5.19	2.43	-5.55	4.01	9.04
Working Capital Changes	-1.53	2.16	2.25	0.66	-1.12	-2.26	-1.86
Taxes Paid	-0.37	-0.10	0.02	0.48	-0.60	-0.27	-0.92
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Cash from Investing Activity	-3.13	-2.14	-4.35	-3.88	2.46	0.60	-14.56
Net Fixed Assets Purchased	-1.52	-1.86	-2.92	-3.19	-0.79	-10.24	-18.74
Fixed Assets Purchased	-1.53	-1.93	-3.18	-3.22	-2.53	-10.62	-22.40
Fixed Assets Sold	0.01	0.07	0.27	0.03	1.74	0.38	3.66
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Investment Purchased	-4.01	-1.96	-0.90	-0.31	-1.86	-0.44	—
Investment Sold	4.01	2.41	0.86	0.54	1.74	1.32	—
Interest Recieved	2.26	2.64	2.77	3.50	3.64	3.24	3.23
Dividends Recieved	—	—	—	—	—	—	—
Subsidiary Investments	—	—	-1.61	—	—	—	—
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Cash from Financing Activity	2.47	-0.11	-4.54	-0.90	6.07	-2.03	8.86
Proceeds From Shares	—	—	—	—	—	—	—
Net Long Term Borrowings	3.69	3.43	-2.73	-0.15	0.58	1.30	6.66
Proceeds From Borrowings	3.69	3.43	—	—	0.58	1.30	6.66
Repayment From Borrowings	—	—	-2.73	-0.15	—	—	—
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Interest Paid	-2.80	-3.05	-3.32	-3.84	-4.75	-5.67	-6.77
Dividend Paid	-0.17	-0.17	-0.17	-0.17	-0.11	—	—
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Net Cash Flow	0.35	2.78	-1.43	-1.21	1.26	0.05	0.56
Opening Cash & Cash Equivalents	1.45	1.79	4.57	3.14	1.93	3.19	3.24
Effect of FX	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	1.79	4.57	3.14	1.93	3.19	3.24	3.80
Net Capex (est)	1.52	1.86	2.92	3.19	0.79	10.24	18.74
Free Cash Flow (est)	-0.51	3.17	4.54	0.38	-8.06	-8.76	-12.48

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	2.38	2.23	1.12	1.03	1.10	1.22	1.11	1.08	0.95	0.81
Liquid Assets (Crs)	18.67	21.28	24.80	27.64	33.03	39.63	40.60	45.39	49.07	45.97
Current Liabilities (Crs)	7.84	9.56	22.11	26.92	29.97	32.54	36.52	42.07	51.73	56.66
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Current Ratio	2.61	2.47	1.26	1.18	1.26	1.37	1.25	1.23	1.07	0.96
Current Assets (Crs)	20.50	23.65	27.81	31.69	37.72	44.65	45.59	51.75	55.19	54.33
Current Liabilities (Crs)	7.84	9.56	22.11	26.92	29.97	32.54	36.52	42.07	51.73	56.66
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Interest Coverage Ratio	1.99	2.38	1.42	1.59	1.40	1.38	1.78	1.57	-0.67	1.22
EBIT (Crs)	2.14	2.97	2.91	4.02	4.41	4.62	6.38	6.11	-3.08	6.40
Interest Expenses (Crs)	1.07	1.25	2.05	2.53	3.14	3.34	3.58	3.89	4.61	5.26
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Fixed Asset Turnover	1.30	1.40	1.61	1.50	1.96	2.24	2.75	2.98	1.63	1.86
Net Sales (Crs)	19.09	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39
Fixed Assets (Crs)	14.72	15.67	17.09	23.61	22.26	23.37	25.23	26.19	26.25	35.62
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Cash Conversion Cycle	20.79	35.48	34.89	38.23	42.39	42.64	22.32	-46.67	-121.08	-88.50
Inventory Days	32.49	31.67	32.53	33.13	33.47	33.11	26.39	26.57	53.19	39.81
Days Receivable	40.73	46.81	41.63	41.90	44.74	45.57	30.21	23.70	45.10	27.37
Days Payable	52.43	43.00	39.27	36.81	35.82	36.05	34.28	96.94	219	156
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Debt to Equity Ratio	0.47	0.47	0.92	1.24	1.52	1.66	1.44	1.44	2.83	2.74
Total Debt (Crs)	7.52	8.07	15.99	23.30	28.73	33.01	31.23	32.81	43.23	47.12
Shareholders Equity (Crs)	16.15	17.28	17.31	18.73	18.88	19.85	21.69	22.70	15.28	17.22
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Free Cash Flow/Sales (%)	-10.07	-4.14	-30.51	-24.74	-1.18	5.38	9.79	1.63	-18.31	0.04
Free Cash Flow(est) (Crs)	-1.92	-0.91	-8.39	-8.76	-0.51	2.82	6.78	1.27	-7.85	0.02
Net Sales (Crs)	19.09	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39
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Profitability Ratios
Op Profit Margin (%)	16.89	18.55	13.85	14.47	12.92	11.34	11.22	9.68	-3.76	11.82
Operating Profit (Crs)	3.22	4.08	3.81	5.13	5.65	5.95	7.77	7.55	-1.61	7.85
Net Sales (Crs)	19.09	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39
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Net Profit Margin (%)	4.25	5.71	0.70	4.62	0.89	2.26	3.08	1.81	-17.24	2.66
Net Profit (Crs)	0.81	1.26	0.19	1.64	0.39	1.18	2.14	1.41	-7.39	1.76
Net Sales (Crs)	19.09	21.99	27.49	35.43	43.70	52.45	69.27	77.98	42.84	66.39
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ROCE (%)	7.58	10.50	10.05	12.61	12.04	11.08	15.75	14.97	-9.20	15.93
EBIT (Crs)	2.14	2.97	2.91	4.02	4.41	4.62	6.38	6.11	-3.08	6.40
Capital Employed (Crs)	28.21	28.27	29.00	31.84	36.60	41.69	40.53	40.78	33.49	40.14
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Return on Assets (%)	2.25	3.32	0.37	2.78	0.59	1.59	2.77	1.71	-8.67	1.82
Net Profit (Crs)	0.81	1.26	0.19	1.64	0.39	1.18	2.14	1.41	-7.39	1.76
Total Assets (Crs)	36.05	37.84	51.11	58.76	66.57	74.23	77.05	82.85	85.22	96.80
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ROIC (%)	2.90	4.96	1.00	6.11	1.90	6.73	10.77	5.74	-45.79	-25.89
Op Profit after Taxes (Crs)	0.58	1.05	0.18	1.07	0.40	1.58	2.43	1.40	-7.28	-4.94
Invested Capital (Crs)	19.89	21.11	17.81	17.59	21.14	23.48	22.52	24.43	15.90	19.07
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ROE (%)	5.02	7.27	1.11	8.73	2.07	5.96	9.85	6.23	-48.36	10.24
Net Profit Margin (%)	4.25	5.71	0.70	4.62	0.89	2.26	3.08	1.81	-17.24	2.66
Asset Turnover ratio	0.53	0.58	0.54	0.60	0.66	0.71	0.90	0.94	0.50	0.69
Equity Multiplier	2.23	2.19	2.95	3.14	3.53	3.74	3.55	3.65	5.58	5.62
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Adjusted EPS	3.75	5.84	0.88	7.57	1.81	5.48	9.89	6.54	-34.18	8.16
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Valuation Ratios
P/E	2.68	3.17	94.19	17.64	91.25	17.18	8.78	8.07	0	8.90
Price to Book	0.13	0.23	1.04	1.54	1.89	1.02	0.87	0.50	0.97	0.91
EV/EBITDA	2.85	2.76	8.57	9.79	11.09	8.33	6.06	5.65	-34.28	7.66
Dividend Yield (%)	0	2.70	0.60	0.60	0.49	0.85	0.92	0.95	0	0
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	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	1.11	1.20	1.08	0.99	0.87	0.73
Liquid Assets (Crs)	33.13	40.40	42.14	45.20	49.00	46.42
Current Liabilities (Crs)	29.97	33.74	38.99	45.68	56.39	63.18
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Current Ratio	1.26	1.35	1.21	1.14	0.99	0.88
Current Assets (Crs)	37.82	45.43	47.35	52.11	55.82	55.84
Current Liabilities (Crs)	29.97	33.74	38.99	45.68	56.39	63.18
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Interest Coverage Ratio	1.40	1.38	1.85	1.22	-0.67	1.01
EBIT (Crs)	4.41	4.63	6.72	5.18	-3.40	5.81
Interest Expenses (Crs)	3.14	3.35	3.62	4.24	5.06	5.72
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Fixed Asset Turnover	1.96	2.25	2.82	2.95	1.53	1.88
Net Sales (Crs)	43.70	53.21	77.27	84.23	46.38	73.82
Fixed Assets (Crs)	22.26	23.66	27.38	28.52	30.22	39.32
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Cash Conversion Cycle	44.57	42.09	23.41	-51.29	-148.46	-97.82
Inventory Days	35.91	32.65	24.17	26.26	54.03	40.14
Days Receivable	48.93	44.93	32.66	27.63	45.96	29.99
Days Payable	40.27	35.50	33.42	105	248	168
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Debt to Equity Ratio	1.52	1.66	1.47	1.62	3.34	3.36
Total Debt (Crs)	28.73	33.01	32.22	35.62	46.25	49.90
Shareholders Equity (Crs)	18.88	19.85	21.93	21.94	13.85	14.85
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Free Cash Flow/Sales (%)	-1.18	5.97	5.87	0.45	-17.38	-11.86
Free Cash Flow(est) (Crs)	-0.51	3.17	4.54	0.38	-8.06	-8.76
Net Sales (Crs)	43.70	53.21	77.27	84.23	46.38	73.82
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Profitability Ratios
Op Profit Margin (%)	12.92	11.19	10.72	8.01	-3.94	10.09
Operating Profit (Crs)	5.65	5.96	8.28	6.75	-1.83	7.45
Net Sales (Crs)	43.70	53.21	77.27	84.23	46.38	73.82
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Net Profit Margin (%)	0.89	2.22	3.07	0.49	-17.35	1.10
Net Profit (Crs)	0.39	1.18	2.37	0.41	-8.05	0.81
Net Sales (Crs)	43.70	53.21	77.27	84.23	46.38	73.82
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ROCE (%)	12.04	11.11	16.49	12.79	-10.50	15.37
EBIT (Crs)	4.41	4.63	6.72	5.18	-3.40	5.81
Capital Employed (Crs)	36.60	41.69	40.75	40.52	32.43	37.76
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Return on Assets (%)	0.59	1.57	2.98	0.48	-9.06	0.80
Net Profit (Crs)	0.39	1.18	2.37	0.41	-8.05	0.81
Total Assets (Crs)	66.57	75.43	79.74	86.20	88.82	101
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ROIC (%)	1.90	6.98	11.54	2.40	-47.94	-210.19
Op Profit after Taxes (Crs)	0.40	1.59	2.73	0.60	-7.48	-36.38
Invested Capital (Crs)	21.14	22.77	23.70	24.85	15.59	17.31
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ROE (%)	2.07	5.96	10.83	1.88	-58.07	5.47
Net Profit Margin (%)	0.89	2.22	3.07	0.49	-17.35	1.10
Asset Turnover ratio	0.66	0.71	0.97	0.98	0.52	0.73
Equity Multiplier	3.53	3.80	3.64	3.93	6.41	6.80
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Adjusted EPS	1.81	5.47	10.98	1.91	-37.22	3.75
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Valuation Ratios
P/E	91.25	17.18	7.90	27.61	0	19.34
Price to Book	1.89	1.02	0.86	0.52	1.08	1.06
EV/EBITDA	11.07	8.18	5.76	6.67	-31.65	8.36
Dividend Yield (%)	0.49	0.85	0.92	0.95	0	0
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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	14.54	10.01	16.02	21.28	19.09	24.98	23.16	22.55	25.57	31.64
Operating Expenses	15.78	11.68	16.59	20.17	19.72	23.97	22.40	22	25.75	29.50
Increase/Decrease in Stock	-0.15	0.14	-0.06	0.09	-0.23	-0.08	-0.25	-0.36	0.38	-0.37
Raw Material	4.20	1.58	4.51	5.91	6.06	7.27	5.97	5.31	6.58	6.64
Employee Cost	4.14	3.69	3.97	3.84	3.34	4.15	4.32	3.77	4.13	4.26
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	-1.24	-1.67	-0.57	1.11	-0.63	1.01	0.76	0.55	-0.18	2.14
Other Income	1.49	0.92	2.50	0.78	5.37	0.98	1.64	1.80	3.47	1.34
Interest	1.29	1.15	1.39	1.16	1.52	1.15	1.69	1.46	1.87	1.82
PBDT	-1.04	-1.90	0.54	0.73	3.22	0.84	0.71	0.89	1.42	1.66
Depreciation and Amortization	0.33	0.35	0.33	0.34	0.43	0.52	0.51	0.64	0.65	0.64
Profit Before Tax	-1.37	-2.25	0.21	0.39	2.79	0.32	0.20	0.25	0.77	1.02
Tax	-0.32	-0.08	-0.07	-0.08	-0.40	-0.16	-0.33	-0.01	0.08	-0.10
Profit After Tax	-1.05	-2.17	0.28	0.47	3.19	0.48	0.53	0.26	0.69	1.12
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	-1.05	-2.17	0.28	0.47	3.19	0.48	0.53	0.26	0.69	1.12
Quarterly Ratios
EPS	-4.86	-10.04	1.30	2.17	14.75	2.22	2.45	1.20	3.19	5.18
Operating Profit Margin	-8.53	-16.68	-3.56	5.22	-3.30	4.04	3.28	2.44	-0.70	6.76
Net Profit Margin	-7.22	-21.68	1.75	2.21	16.71	1.92	2.29	1.15	2.70	3.54
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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	16.01	11.18	17.95	23.52	21.17	29.05	27.82	26.98	30.37	38.24
Operating Expenses	17.49	12.93	18.56	22.41	21.98	27.93	25.93	25.81	29.92	34.90
Increase/Decrease in Stock	-0.16	0.26	-0.13	0	-0.23	-0.24	0	-0.44	0.07	-0.04
Raw Material	6.21	2.96	6.99	9.45	9.17	12.54	10.77	9.93	10.84	12.45
Employee Cost	4.30	3.86	4.17	4.08	3.73	4.41	4.60	4.07	4.92	4.70
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	-1.48	-1.75	-0.61	1.11	-0.81	1.12	1.89	1.17	0.45	3.34
Other Income	1.52	0.93	2.49	0.85	5.19	0.94	2.15	2.09	2.61	1.31
Interest	1.45	1.25	1.51	1.28	1.64	1.24	1.87	1.59	2.07	2.08
PBDT	-1.41	-2.07	0.37	0.68	2.74	0.82	2.17	1.67	0.99	2.57
Depreciation and Amortization	0.36	0.40	0.37	0.39	0.48	0.57	0.57	0.70	0.69	0.73
Profit Before Tax	-1.77	-2.47	0	0.29	2.26	0.25	1.60	0.97	0.30	1.84
Tax	-0.44	-0.11	-0.10	-0.10	-0.42	-0.16	-0.34	0.04	0.74	-0.09
Profit After Tax	-1.33	-2.36	0.10	0.39	2.68	0.41	1.94	0.93	-0.44	1.93
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	-1.33	-2.36	0.10	0.39	2.68	0.41	1.94	0.93	-0.44	1.93
Quarterly Ratios
EPS	-6.15	-10.92	0.46	1.80	12.40	1.90	8.97	4.30	-2.04	8.88
Operating Profit Margin	-9.24	-15.65	-3.40	4.72	-3.83	3.86	6.79	4.34	1.48	8.73
Net Profit Margin	-8.31	-21.11	0.56	1.66	12.66	1.41	6.97	3.45	-1.45	5.05
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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